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

Albany International (NYSE:AIN) issued an update on its FY 2024 earnings guidance on Monday morning. 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.

Albany International Stock Performance

AIN stock traded up $0.62 during midday 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 has a market cap of $2.75 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 2.26 and a beta of 1.26. The stock’s 50-day moving average price is $91.56 and its 200 day moving average price is $89.73. 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 1 year low of $78.20 and a 1 year high of $99.41.

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

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.26 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.04 annualized dividend and a dividend yield of 1.18%. Albany International’s payout ratio is presently 29.30%.

Wall Street Analysts Forecast Growth

AIN has been the topic of several research reports. Truist Financial boosted their target price on Albany International from $105.00 to $121.00 and gave the company a buy rating in a research note on Wednesday, January 10th. Bank of America reiterated an underperform rating and set a $95.00 price objective (down from $105.00) on shares of Albany International in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $110.50.

Albany International Company Profile

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.