Albany International Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Albany International Corp. filed its Q1 2024 10-Q, detailing financial performance and business segments.</b>

AI Summary

ALBANY INTERNATIONAL CORP /DE/ (AIN) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Albany International Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's primary business is in Broadwoven Fabric Mills, Man Made Fiber & Silk. Key segments include Machine Clothing and Engineered Composites. The report details financial performance and business operations for the specified period.

Why It Matters

For investors and stakeholders tracking ALBANY INTERNATIONAL CORP /DE/, this filing contains several important signals. This 10-Q provides investors with the latest financial data and operational insights for Albany International Corp. for the first quarter of 2024. Understanding the performance of segments like Machine Clothing and Engineered Composites is crucial for assessing the company's overall health and future prospects.

Risk Assessment

Risk Level: medium — ALBANY INTERNATIONAL CORP /DE/ shows moderate risk based on this filing. The company operates in industries with potential for customer and product concentration risk, as indicated by mentions of 'SAFRAN Group' and 'US Government Contracts or Programs'.

Analyst Insight

Review the detailed segment performance within the 10-Q to understand revenue drivers and potential risks.

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing)
• 2024-04-29 — Filed As Of Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-01-01 — Prior Year Quarter Start Date (Q1 2023)

Key Players & Entities

• ALBANY INTERNATIONAL CORP /DE/ (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-04-29 (date) — Filed as of date
• 0000819793-24-000033 (filing) — Accession number
• 2221 (industry) — Standard Industrial Classification
• 140462060 (tax_id) — IRS number
• DE (state) — State of incorporation
• 10-Q (form_type) — Form type

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk due to significant reliance on a few customers, such as the SAFRAN Group, for its Engineered Composites segment.
• Product Concentration Risk [medium — market]: There is a risk associated with reliance on specific product types, including those related to US Government Contracts or Programs within the Engineered Composites segment.

Industry Context

Albany International Corp. operates in the manufacturing sector, specifically in broadwoven fabric mills and engineered materials.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and profitability of the Machine Clothing and Engineered Composites segments.
2. Review the identified risks related to customer and product concentration.
3. Compare Q1 2024 performance against Q1 2023 to identify year-over-year trends.

Year-Over-Year Comparison

This filing represents the Q1 2024 update, following previous filings which would include the full fiscal year 2023 and prior quarterly reports.

Key Financial Figures

• $0.001 — which registered Class A Common Stock, $0.001 par value per share AIN The New York St

Filing Documents

• ain-20240331.htm (10-Q) — 1163KB
• ain-20240331xex311.htm (EX-31.1) — 10KB
• ain-20240331xex312.htm (EX-31.2) — 10KB
• ain-20240331xex321.htm (EX-32.1) — 5KB
• 0000819793-24-000033.txt (&nbsp;) — 7933KB
• ain-20240331.xsd (EX-101.SCH) — 51KB
• ain-20240331_cal.xml (EX-101.CAL) — 87KB
• ain-20240331_def.xml (EX-101.DEF) — 298KB
• ain-20240331_lab.xml (EX-101.LAB) — 644KB
• ain-20240331_pre.xml (EX-101.PRE) — 493KB
• ain-20240331_htm.xml (XML) — 1319KB

Financial information

Part I Financial information Item 1.

Financial Statements

Financial Statements Consolidated statements of income – three months ended March 31, 2024 and 2023 1 Consolidated statements of comprehensive income/(loss) – three months ended March 31, 2024 and 2023 2 Consolidated balance sheets as of March 31, 2024 and December 31, 2023 3 Consolidated statements of cash flows – three months ended March 31, 2024 and 2023 4

Notes to consolidated financial statements

Notes to consolidated financial statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Forward-looking statements

Forward-looking statements 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

Other Information

Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 Index

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2024 2023 Net revenues $ 313,330 $ 269,096 Cost of goods sold 204,644 169,778 Gross profit 108,686 99,318 Selling, general, and administrative expenses 54,835 48,479 Technical and research expenses 12,665 10,277 Restructuring expenses, net 2,209 20 Operating income 38,977 40,542 Interest expense/(income), net 3,319 3,290 Other (income)/expense, net ( 2,982 ) ( 455 ) Income before income taxes 38,640 37,707 Income taxes 11,271 10,621 Net income 27,369 27,086 Net income attributable to the noncontrolling interest 78 197 Net income attributable to the Company $ 27,291 $ 26,889 Earnings per share attributable to Company shareholders - Basic $ 0.87 $ 0.86 Earnings per share attributable to Company shareholders - Diluted $ 0.87 $ 0.86 Shares of the Company used in computing earnings per share: Basic 31,209 31,131 Diluted 31,291 31,217 Dividends declared per Class A share $ 0.26 $ 0.25 The accompanying notes are an integral part of the consolidated financial statements 1 Index ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (in thousands) (unaudited) Three Months Ended March 31, 2024 2023 Net income $ 27,369 $ 27,086 Other comprehensive income/(loss), before tax: Foreign currency translation ( 11,831 ) 13,440 Amortization of pension liability adjustments: Prior service credit ( 38 ) ( 1,031 ) Net actuarial loss 178 346 Payments and amortization related to interest rate swaps included in earnings ( 4,038 ) ( 3,223 ) Derivative valuation adjustment 1,194 ( 662 ) Income taxes related to items of other comprehensive income/(loss): Amortization of prior service credit 11 315 Amortization of net actuarial loss ( 54 ) ( 105 ) Payments and amortization related to interest rate swaps included in earnings 1,022 815

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but do not require all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enh

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