Albany International Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Albany International Corp. filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ALBANY INTERNATIONAL CORP /DE/ (AIN) filed a Annual Report (10-K) with the SEC on February 26, 2024. Albany International Corp. filed its 2023 Form 10-K on February 26, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Broadwoven Fabric Mills, Man Made Fiber & Silk. Albany International Corp. is incorporated in Delaware. The company's headquarters are located at 216 Airport Drive, Rochester, NH.

Why It Matters

For investors and stakeholders tracking ALBANY INTERNATIONAL CORP /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Albany International Corp.'s financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — ALBANY INTERNATIONAL CORP /DE/ shows moderate risk based on this filing. The company operates in the Broadwoven Fabric Mills industry, which can be subject to market fluctuations and competitive pressures, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis in the 10-K to understand Albany International Corp.'s performance and outlook for 2024.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal Year End)
• 2024-02-26 — Filing Date (Filed as of Date)
• 001-10026 — SEC File Number (SEC File Number)
• 2221 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ALBANY INTERNATIONAL CORP /DE/ (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240226 (date) — Filed as of Date
• 0000819793 (company) — Central Index Key
• 2221 (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of Incorporation
• NH (state) — Business Address State
• 6033305850 (phone) — Business Phone

FAQ

Industry Context

Albany International Corp. operates within the broadwoven fabric mills sector, focusing on man-made fibers and silk. This industry is characterized by its role in supplying materials for various industrial and consumer applications.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies in the United States.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue trends, profitability, and balance sheet health.
2. Review the 'Risk Factors' section to understand potential challenges and their impact on the company.
3. Examine the Management's Discussion and Analysis (MD&A) for insights into the company's performance drivers and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for Albany International Corp. for the fiscal year 2023.

Key Financial Figures

• $0.001 — which registered Class A Common Stock, $0.001 par value per share AIN The New York St
• $40.6 million — Technical and research expenses totaled $40.6 million in 2023, $39.9 million in 2022, and $38
• $39.9 million — expenses totaled $40.6 million in 2023, $39.9 million in 2022, and $38.9 million in 2021. In
• $38.9 million — ion in 2023, $39.9 million in 2022, and $38.9 million in 2021. In 2023, these costs were 3.5
• $16.0 m — f total Company Net revenues, including $16.0 million, or 3.3 percent of Net revenues,
• $6.4 million — iated with customer-funded research was $6.4 million in 2023, $5.2 million in 2022, and $5.2
• $5.2 million — nded research was $6.4 million in 2023, $5.2 million in 2022, and $5.2 million in 2021. We

Filing Documents

• ain-20231231.htm (10-K) — 3322KB
• ain-20231231xex21.htm (EX-21) — 49KB
• ain-20231231xex23.htm (EX-23) — 3KB
• ain-20231231xex24.htm (EX-24) — 13KB
• ain-20231231xex31a.htm (EX-31.A) — 11KB
• ain-20231231xex31b.htm (EX-31.B) — 11KB
• ain-20231231xex32a.htm (EX-32.A) — 7KB
• ain-20231231xex97.htm (EX-97) — 44KB
• ain-20231231_g1.jpg (GRAPHIC) — 102KB
• 0000819793-24-000012.txt (&nbsp;) — 19741KB
• ain-20231231.xsd (EX-101.SCH) — 108KB
• ain-20231231_cal.xml (EX-101.CAL) — 183KB
• ain-20231231_def.xml (EX-101.DEF) — 692KB
• ain-20231231_lab.xml (EX-101.LAB) — 1425KB
• ain-20231231_pre.xml (EX-101.PRE) — 1054KB
• ain-20231231_htm.xml (XML) — 3878KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 114 Item 9A.

Controls and Procedures

Controls and Procedures 114 Item 9B. Other Information 115 PART III Item 10. Directors, Executive Officers and Corporate Governance 116 Item 11.

Executive Compensation

Executive Compensation 116 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 117 Item 13. Certain Relationships, Related Transactions and Director Independence 118 Item 14. Principal Accountant Fees and Services 118 PART IV Item 15. Exhibits and Financial Statement Schedules 119 2 Index

Forward-Looking Statements

Forward-Looking Statements This annual report and the documents incorporated or deemed to be incorporated by reference therein contain statements concerning our future results and performance and other matters that are "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements may be identified by the use of terminology such as "believe," "expect," "anticipate," "intend," "seek," "target," "approximately," "estimate," "plan," "project," "may," "will," "would," "should," "could," or the negative of such words or other comparable terminology in connection with a discussion of future operating or financial performance. The discussion of financial outlook, trends, strategy, plans, assumptions, or intentions may also include forward-looking statements. Readers should not place undue reliance on forward-looking statements, such as financial performance forecasts, which speak only as of the date they are first made. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties, and other important factors that could cause actual results to differ materially from those projected, anticipated, or implied, including, but not limited to: Conditions in the industries in which our Machine Clothing and Albany Engineered Composites segments compete, along with the general risks associated with macroeconomic conditions, including the lingering effects of the COVID-19 pandemic; Across the entire Company, increasing labor, raw material, energy, and logistic costs due to supply chain constraints and inflationary press

Business

Item 1. Business Albany International Corp. (the Registrant, the Company, Albany, we, us, or our) and its subsidiaries are engaged in two business segments. The Machine Clothing ("MC") segment supplies consumable permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, pulp, nonwovens, fiber cement and several other industrial applications. Within the pulp and paper industry these belts are referred to as "machine clothing" or "paper machine clothing." In other industries we serve the products we produce are generally referred to as "processing belts." We design, manufacture, and market paper machine clothing for each section of the paper machine and for every grade of paper. We manufacture and sell approximately twice as much paper machine clothing worldwide than any other company. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. The design and material composition of paper machine clothing can have a considerable effect on the quality of paper products produced and a meaningful effect on the energy and resource efficiency of the paper machines on which it is used. Principal paper machine clothing products include forming, pressing, and drying fabrics, and process belts. A forming fabric assists in paper sheet formation and conveys the very wet sheet through the forming section. Pressing fabrics are designed to carry the sheet through the press section, where water is pressed from the sheet as it passes through the press nip. In the drying section, drying fabrics manage air movement and hold the sheet against heated cylinders to enhance drying to a final moisture content between 4 percent to 9 percent, depending on the grade. Process belts are used in the press section to increase dryness and enhance sheet properties, as well as in other sections of the machine to improve runnability and enhance sheet qualiti

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View this 10-K filing on SEC EDGAR