Albany International Corp. Files Q3 2024 10-Q

TL;DR

Albany Intl Q3 24 10-Q filed. Financials for 9 months ending Sep 30, 2024 detailed.

AI Summary

Albany International Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing indicates financial data and operational details for the nine months ended September 30, 2024, and comparative periods. Specific revenue figures and segment performance are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Albany International Corp., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 9 months ended September 30, 2024 — Reporting Period (Nine-month financial performance data is presented.)
• Q3 2024 — Quarterly Period (Third-quarter financial results are included.)

Key Players & Entities

• ALBANY INTERNATIONAL CORP /DE/ (company) — Filer
• 20240930 (date) — Period of Report
• 20241030 (date) — Filing Date
• SAFRAN Group (company) — Customer Concentration Risk

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-20240930.htm (10-Q) — 1558KB
• ain-20240930xex10uix.htm (EX-10.(U)(IX)) — 2KB
• ain-20240930xex311.htm (EX-31.1) — 10KB
• ain-20240930xex312.htm (EX-31.2) — 10KB
• ain-20240930xex321.htm (EX-32.1) — 5KB
• ain-20240930xex10uix001.jpg (GRAPHIC) — 160KB
• ain-20240930xex10uix002.jpg (GRAPHIC) — 217KB
• ain-20240930xex10uix003.jpg (GRAPHIC) — 242KB
• ain-20240930xex10uix004.jpg (GRAPHIC) — 236KB
• ain-20240930xex10uix005.jpg (GRAPHIC) — 228KB
• ain-20240930xex10uix006.jpg (GRAPHIC) — 96KB
• 0000819793-24-000071.txt ( ) — 11198KB
• ain-20240930.xsd (EX-101.SCH) — 54KB
• ain-20240930_cal.xml (EX-101.CAL) — 89KB
• ain-20240930_def.xml (EX-101.DEF) — 309KB
• ain-20240930_lab.xml (EX-101.LAB) — 677KB
• ain-20240930_pre.xml (EX-101.PRE) — 515KB
• ain-20240930_htm.xml (XML) — 1867KB

Financial information

Part I Financial information Item 1.

Financial Statements

Financial Statements Consolidated statements of income – three and nine months ended September 30, 2024 and 2023 1 Consolidated statements of comprehensive income/(loss) – three and nine months ended September 30, 2024 and 2023 2 Consolidated balance sheets as of September 30, 2024 and December 31, 2023 3 Consolidated statements of cash flows – nine months ended September 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 24

Forward-looking statements

Forward-looking statements 24 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

Other Information

Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37 Index

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net revenues $ 298,386 $ 281,106 $ 943,710 $ 824,325 Cost of goods sold 208,002 179,271 632,257 520,468 Gross profit 90,384 101,835 311,453 303,857 Selling, general, and administrative expenses 52,097 51,975 162,447 147,214 Technical and research expenses 10,844 9,708 35,369 30,303 Restructuring expenses, net 2,272 82 6,584 227 Operating income 25,171 40,070 107,053 126,113 Interest expense/(income), net 2,411 3,653 8,680 10,049 Other (income)/expense, net 3,257 56 5,932 ( 4,910 ) Income before income taxes 19,503 36,361 92,441 120,974 Income tax expense 1,282 9,207 22,131 39,908 Net income 18,221 27,154 70,310 81,066 Net income attributable to the noncontrolling interest 192 45 366 396 Net income attributable to the Company $ 18,029 $ 27,109 $ 69,944 $ 80,670 Earnings per share attributable to Company shareholders - Basic $ 0.58 $ 0.87 $ 2.24 $ 2.59 Earnings per share attributable to Company shareholders - Diluted $ 0.57 $ 0.87 $ 2.23 $ 2.58 Shares of the Company used in computing earnings per share: Basic 31,251 31,185 31,234 31,163 Diluted 31,367 31,283 31,333 31,256 Dividends declared per Class A share $ 0.26 $ 0.25 $ 0.78 $ 0.75 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 18,221 $ 27,154 $ 70,310 $ 81,066 Other comprehensive income/(loss), before tax: Foreign currency translation 16,211 ( 15,131 ) ( 12,757 ) ( 4,509 ) Amortization of pension liability adjustments: Prior service credit ( 37 ) ( 1,031 ) ( 113 ) ( 3,092 ) Net actua

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. Estimates are used in the accounting for, among others, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, financial instruments, including derivatives, pension and other postretirement benefits, goodwill and intangible assets, contingencies, income taxes, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those e

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