Albany International Corp. Files 10-Q for Period Ending June 30, 2024

TL;DR

Albany Intl 10-Q filed. Q2 2024 results out.

AI Summary

Albany International Corp. reported its financial results for the period ending June 30, 2024. The company's filing indicates financial activities and performance metrics relevant to its operations. Specific financial figures and operational details are contained within the full report.

Why It Matters

This 10-Q filing provides investors and stakeholders with a detailed look at Albany International Corp.'s financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the nature of the business and potential market fluctuations introduce inherent risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Quarterly Financials)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (Financial Performance)
• 2023-01-01 to 2023-06-30 — Prior Year-to-Date Period (Comparative Financials)

Key Players & Entities

• ALBANY INTERNATIONAL CORP /DE/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• 0000819793 (company) — CIK
• 216 AIRPORT DRIVE (address) — Business Address
• ROCHESTER (location) — Business City
• NH (location) — Business State
• 03867 (zip_code) — Business Zip
• Albany Safran Composites Llc (company) — Subsidiary/Joint Venture
• SAFRAN Group (company) — Customer/Partner

FAQ

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-20240630.htm (10-Q) — 1482KB
• ain-20240630xex101.htm (EX-10.1) — 1339KB
• ain-20240630xex311.htm (EX-31.1) — 10KB
• ain-20240630xex312.htm (EX-31.2) — 10KB
• ain-20240630xex321.htm (EX-32.1) — 5KB
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• 0000819793-24-000051.txt ( ) — 11526KB
• ain-20240630.xsd (EX-101.SCH) — 53KB
• ain-20240630_cal.xml (EX-101.CAL) — 88KB
• ain-20240630_def.xml (EX-101.DEF) — 302KB
• ain-20240630_lab.xml (EX-101.LAB) — 664KB
• ain-20240630_pre.xml (EX-101.PRE) — 510KB
• ain-20240630_htm.xml (XML) — 1731KB

Financial information

Part I Financial information Item 1.

Financial Statements

Financial Statements Consolidated statements of income – three and six months ended June 30, 2024 and 2023 1 Consolidated statements of comprehensive income/(loss) – three and six months ended June 30, 2024 and 2023 2 Consolidated balance sheets as of June 30, 2024 and December 31, 2023 3 Consolidated statements of cash flows – six months ended June 30, 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 23

Forward-looking statements

Forward-looking statements 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

Other Information

Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35 Index

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net revenues $ 331,994 $ 274,123 $ 645,324 $ 543,219 Cost of goods sold 219,611 171,419 424,255 341,197 Gross profit 112,383 102,704 221,069 202,022 Selling, general, and administrative expenses 55,515 46,760 110,350 95,239 Technical and research expenses 11,860 10,318 24,525 20,595 Restructuring expenses, net 2,103 125 4,312 145 Operating income 42,905 45,501 81,882 86,043 Interest expense/(income), net 2,950 3,106 6,269 6,396 Other (income)/expense, net 5,657 ( 4,511 ) 2,675 ( 4,966 ) Income before income taxes 34,298 46,906 72,938 84,613 Income tax expense 9,578 20,080 20,849 30,701 Net income 24,720 26,826 52,089 53,912 Net income attributable to the noncontrolling interest 96 154 174 351 Net income attributable to the Company $ 24,624 $ 26,672 $ 51,915 $ 53,561 Earnings per share attributable to Company shareholders - Basic $ 0.79 $ 0.86 $ 1.66 $ 1.72 Earnings per share attributable to Company shareholders - Diluted $ 0.79 $ 0.85 $ 1.66 $ 1.71 Shares of the Company used in computing earnings per share: Basic 31,242 31,174 31,225 31,152 Diluted 31,342 31,269 31,316 31,243 Dividends declared per Class A share $ 0.26 $ 0.25 $ 0.52 $ 0.50 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 24,720 $ 26,826 $ 52,089 $ 53,912 Other comprehensive income/(loss), before tax: Foreign currency translation ( 17,137 ) ( 2,818 ) ( 28,968 ) 10,622 Amortization of pension liability adjustments: Prior service credit ( 38 ) ( 1,030 ) ( 76 ) ( 2,061 ) Net actuarial loss 176 347

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 does not include 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 e

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