Albany International (NYSE:AIN) Updates FY 2024 Earnings Guidance

Albany International (NYSE:AIN) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 3.550-4.050 for the period, compared to the consensus earnings per share estimate of 3.970. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. Albany International also updated its FY24 guidance to $3.55-4.05 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on AIN shares. Truist Financial upped their target price on Albany International from $105.00 to $121.00 and gave the stock a buy rating in a research report on Wednesday, January 10th. Bank of America restated an underperform rating and issued a $95.00 price objective (down previously from $105.00) on shares of Albany International in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $110.50.

Albany International Price Performance

Albany International stock traded up $0.62 during mid-day trading on Monday, hitting $88.30. The company’s stock had a trading volume of 161,251 shares, compared to its average volume of 138,946. The stock’s fifty day moving average price is $91.56 and its two-hundred day moving average price is $89.73. The stock has a market capitalization of $2.75 billion, a P/E ratio of 24.87, a P/E/G ratio of 2.26 and a beta of 1.26. The company has a quick ratio of 2.85, a current ratio of 3.53 and a debt-to-equity ratio of 0.47. Albany International has a twelve month low of $78.20 and a twelve month high of $99.41.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Tuesday, February 27th. The textile maker reported $1.22 EPS for the quarter, beating the consensus estimate of $0.84 by $0.38. Albany International had a net margin of 9.68% and a return on equity of 13.70%. The business had revenue of $323.60 million during the quarter, compared to the consensus estimate of $298.17 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. Research analysts forecast that Albany International will post 3.93 earnings per share for the current year.

Albany International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, March 14th. Albany International’s dividend payout ratio (DPR) is 29.30%.

About Albany International

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites businesses. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing for use in the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.