Albany International Reports First-Quarter 2021 Results

April 26, 2021 4:35 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

ROCHESTER, N.H.--(BUSINESS WIRE)-- Albany International Corp. (NYSE: AIN) today reported operating results for its first quarter of 2021, which ended March 31, 2021.

"Albany International’s year is off to a good start with solid first quarter performance,” said Albany International President and Chief Executive Officer, Bill Higgins. “Our business segments continued to deliver excellent operational performance resulting in attractive profit margins despite top-line headwinds caused by the ongoing destocking in the commercial aerospace supply chain. With excellent free cash flow and a healthy balance sheet we are in great financial shape and continue to focus our efforts on operational execution and the pursuit of organic growth opportunities.

“Machine Clothing segment sales strengthened across most product lines and regions, resulting in the segment’s highest first-quarter revenue since 2015. The sales growth and excellent operational execution translated directly into profit growth. The segment’s order book remains strong and supports our outlook for 2021.

“The first quarter results from the Engineered Composites segment are consistent with our plans and expectations for the year. Despite lower segment revenues compared to last year, we delivered expanded adjusted EBITDA margins due to excellent program execution and effective cost controls. The segment is well positioned to meet future demand once inventories in the supply chain adjust to the planned OEM production rates.

“Overall, we are very pleased with how the year is progressing and are reiterating our guidance for 2021. We continue to expect a strong year of operational execution and free cash flow generation. That said, we recognize that there remain risks due to the global pandemic, particularly in commercial aerospace markets,” concluded Higgins.

For the first quarter ended March 31, 2021:

  • Net sales were $222.4 million, down $13.4 million, or 6%, when compared to the prior year. Sales declined $25.0 million, or 25.2%, in the Engineered Composites segment driven by lower demand for commercial aircraft components, partially offset by $11.6 million, or 8.5%, growth in Machine Clothing segment sales.
  • Gross profit of $88.5 million was 1% lower than the $89.5 million reported for the same period of 2020.
  • Selling, Technical, General, and Research (STG&R) expenses were $46.7 million, compared to $49.2 million in the same period of 2020. Revaluation of foreign currency balances decreased STG&R by $0.5 million in 2021, compared to a decrease of $3.7 million in the same period of 2020.
  • Operating income was $41.8 million, compared to $39.6 million in the prior year, an increase of 6%, principally due to lower STG&R expenses.
  • The effective tax rate was 26.7%, compared to an unusually high 62.1% for the first quarter of 2020. Discrete income tax adjustments decreased first-quarter income tax expense by $1.3 million in 2021, compared to a $5.1 million increase to income tax expense in 2020.
  • Net income attributable to the Company was $27.6 million ($0.85 per share), compared to $9.1 million ($0.28 per share) in Q1 2020. Adjusted earnings per share (or Adjusted EPS, a non-GAAP measure) was $0.87 per share in the first quarter of 2021, compared to $0.78 in the same period of last year.
  • Adjusted EBITDA (a non-GAAP measure) was $60.7 million, compared to $59.1 million in Q1 2020, an increase of 2.6%.

Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.

Outlook for Full-Year 2021

The Company has updated GAAP earnings per share guidance to reflect non-GAAP adjustments reported in Q1. All other previously issued guidance for 2021 remains unchanged:

  • Total company revenue of between $850 and $890 million;
  • Effective income tax rate, including tax adjustments, of 28% to 30%;
  • Total company depreciation and amortization of between $70 and $75 million;
  • Capital expenditures in the range of $50 to $60 million;
  • GAAP earnings per share of between $2.38 and $2.78 and Adjusted earnings per share of between $2.40 and $2.80;
  • Total company Adjusted EBITDA of $195 to $220 million;
  • Machine Clothing revenue of $570 to $590 million;
  • Machine Clothing Adjusted EBITDA of between $195 and $205 million;
  • Albany Engineered Composites (AEC) revenue between $275 to $295 million; and
  • Albany Engineered Composites Adjusted EBITDA of $55 to $65 million.

     

ALBANY INTERNATIONAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended

 

March 31,

 

2021

 

2020

 

Net sales

$

222,362

 

 

$

235,764

 

 

Cost of goods sold

133,816

 

 

146,292

 

 

 

 

 

 

 

Gross profit

88,546

 

 

89,472

 

 

Selling, general, and administrative expenses

37,195

 

 

40,106

 

 

Technical and research expenses

9,481

 

 

9,130

 

 

Restructuring expenses, net

52

 

 

642

 

 

 

 

 

 

 

Operating income

41,818

 

 

39,594

 

 

Interest expense, net

3,569

 

 

3,977

 

 

Other expense/(income), net

600

 

 

15,569

 

 

 

 

 

 

 

Income before income taxes

37,649

 

 

20,048

 

 

Income tax expense

10,040

 

 

12,454

 

 

 

 

 

 

 

Net income

27,609

 

 

7,594

 

 

Net income/(loss) attributable to the noncontrolling interest

27

 

 

(1,515

)

 

Net income attributable to the Company

$

27,582

 

 

$

9,109

 

 

 

 

 

 

 

Earnings per share attributable to Company shareholders - Basic

$

0.85

 

 

$

0.28

 

 

 

 

 

 

 

Earnings per share attributable to Company shareholders - Diluted

$

0.85

 

 

$

0.28

 

 

 

 

 

 

 

Shares of the Company used in computing earnings per share:

 

 

 

 

Basic

32,352

 

 

32,312

 

 

 

 

 

 

 

Diluted

32,401

 

 

32,320

 

 

 

 

 

 

 

Dividends declared per share, Class A and Class B

$

0.20

 

 

$

0.19

 

 

ALBANY INTERNATIONAL CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 

 

 

 

 

March 31, 2021

 

December 31, 2020

ASSETS

 

 

 

Cash and cash equivalents

$

237,871

 

 

$

241,316

 

Accounts receivable, net

188,066

 

 

188,423

 

Contract assets, net

121,767

 

 

139,289

 

Inventories

117,022

 

 

110,478

 

Income taxes prepaid and receivable

7,362

 

 

5,940

 

Prepaid expenses and other current assets

32,306

 

 

31,830

 

Total current assets

$

704,394

 

 

$

717,276

 

 

 

 

 

Property, plant and equipment, net

435,976

 

 

448,554

 

Intangibles, net

44,675

 

 

46,869

 

Goodwill

184,374

 

 

187,553

 

Deferred income taxes

33,436

 

 

38,757

 

Noncurrent receivables, net

34,945

 

 

36,265

 

Other assets

74,366

 

 

74,662

 

Total assets

$

1,512,166

 

 

$

1,549,936

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Accounts payable

$

54,533

 

 

$

49,173

 

Accrued liabilities

104,988

 

 

125,459

 

Current maturities of long-term debt

2

 

 

9

 

Income taxes payable

7,439

 

 

16,222

 

Total current liabilities

166,962

 

 

190,863

 

 

 

 

 

Long-term debt

384,000

 

 

398,000

 

Other noncurrent liabilities

124,167

 

 

130,424

 

Deferred taxes and other liabilities

10,826

 

 

10,784

 

Total liabilities

685,955

 

 

730,071

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued

 

 

 

Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; 39,141,483 issued in 2021 and 39,115,405 in 2020

39

 

 

39

 

Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 1,617,998 in 2021 and 2020

2

 

 

2

 

Additional paid in capital

433,811

 

 

433,696

 

Retained earnings

791,854

 

 

770,746

 

Accumulated items of other comprehensive income:

 

 

 

Translation adjustments

(99,158

)

 

(83,203

)

Pension and postretirement liability adjustments

(39,152

)

 

(39,661

)

Derivative valuation adjustment

(8,792

)

 

(9,544

)

Treasury stock (Class A), at cost; 8,391,011 shares in 2021 and 2020

(256,009

)

 

(256,009

)

Total Company shareholders' equity

822,595

 

 

816,066

 

Noncontrolling interest

3,616

 

 

3,799

 

Total equity

826,211

 

 

819,865

 

Total liabilities and shareholders' equity

$

1,512,166

 

 

$

1,549,936

 

ALBANY INTERNATIONAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Three Months Ended March 31,

 

2021

 

2020

OPERATING ACTIVITIES

 

 

 

Net income

$

27,609

 

 

$

7,594

 

Adjustments to reconcile net income to net cash provided by/(used in) operating activities:

 

 

 

Depreciation

16,589

 

 

15,506

 

Amortization

2,293

 

 

2,564

 

Change in deferred taxes and other liabilities

4,442

 

 

5,817

 

Impairment of property, plant and equipment

185

 

 

197

 

Non-cash interest expense

45

 

 

151

 

Compensation and benefits paid or payable in Class A Common Stock

(13

)

 

(682

)

Provision for credit losses from uncollected receivables and contract assets

(110

)

 

1,655

 

Foreign currency remeasurement (gain)/loss on intercompany loans

(308

)

 

15,387

 

Fair value adjustment on foreign currency options

139

 

 

64

 

 

 

 

 

Changes in operating assets and liabilities that provided/(used) cash:

 

 

 

Accounts receivable

(3,236

)

 

(3,394

)

Contract assets

16,104

 

 

(8,840

)

Inventories

(8,563

)

 

(19,750

)

Prepaid expenses and other current assets

(899

)

 

(2,156

)

Income taxes prepaid and receivable

(1,465

)

 

(237

)

Accounts payable

9,188

 

 

(1,046

)

Accrued liabilities

(19,485

)

 

(15,072

)

Income taxes payable

(8,077

)

 

(3,571

)

Noncurrent receivables

488

 

 

(231

)

Other noncurrent liabilities

(2,097

)

 

(60

)

Other, net

857

 

 

(534

)

Net cash provided by/(used in) operating activities

33,686

 

 

(6,638

)

 

 

 

 

INVESTING ACTIVITIES

 

 

 

Purchases of property, plant and equipment

(12,534

)

 

(12,759

)

Purchased software

(2

)

 

(46

)

Net cash used in investing activities

(12,536

)

 

(12,805

)

 

 

 

 

FINANCING ACTIVITIES

 

 

 

Proceeds from borrowings

8,000

 

 

70,000

 

Principal payments on debt

(22,007

)

 

(3,006

)

Principal payments on finance lease liabilities

(349

)

 

(6,134

)

Taxes paid in lieu of share issuance

(998

)

 

(490

)

Proceeds from options exercised

128

 

 

 

Dividends paid

(6,468

)

 

(6,139

)

Net cash (used in)/provided by financing activities

(21,694

)

 

54,231

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

(2,901

)

 

(7,648

)

 

 

 

 

(Decrease)/increase in cash and cash equivalents

(3,445

)

 

27,140

 

Cash and cash equivalents at beginning of period

241,316

 

 

195,540

 

Cash and cash equivalents at end of period

$

237,871

 

 

$

222,680

 

Reconciliation of non-GAAP measures to comparable GAAP measures

The following tables present Net sales and the effect of changes in currency translation rates:

(in thousands, except percentages)

 

Net sales as

reported, Q1

2021

 

Increase due to

changes in

currency

translation rates

 

Q1 2021 sales

on same basis

as Q1 2020

currency

translation rates

 

Net sales as

reported, Q1

2020

 

% Change compared

to Q1 2020,

excluding currency

rate effects

Machine Clothing

$

148,206

 

$

4,861

 

$

143,345

 

$

136,602

 

4.9

%

Albany Engineered Composites

74,156

 

1,178

 

72,978

 

99,162

 

(26.4

)%

Consolidated total

$

222,362

 

$

6,039

 

$

216,323

 

$

235,764

 

(8.2

)%

The following tables present Gross profit and Gross profit margin:

(in thousands, except percentages)

Gross profit,

Q1 2021

Gross profit margin,

Q1 2021

Gross profit,

Q1 2020

Gross profit margin,

Q1 2020

Machine Clothing

$

76,393

 

51.5

%

$

72,652

 

53.2

%

Albany Engineered Composites

12,153

 

16.4

%

16,820

 

17.0

%

Consolidated total

$

88,546

 

39.8

%

$

89,472

 

37.9

%

A reconciliation from operating income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

Three months ended March 31, 2021

(in thousands)

Machine Clothing

 

Albany Engineered

Composites

 

Corporate expenses

and other

 

Total Company

Operating income/(loss) (GAAP)

$

50,363

 

$

2,938

 

$

(11,483

)

$

41,818

 

Interest, taxes, other income/(expense)

 

 

(14,209

)

(14,209

)

Net income/(loss) (GAAP)

50,363

 

2,938

 

(25,692

)

27,609

 

Interest expense, net

 

 

3,569

 

3,569

 

Income tax expense

 

 

10,040

 

10,040

 

Depreciation and amortization expense

5,122

 

12,865

 

895

 

18,882

 

EBITDA (non-GAAP)

55,485

 

15,803

 

(11,188

)

60,100

 

Restructuring expenses, net

(69

)

89

 

32

 

52

 

Foreign currency revaluation (gains)/losses

(492

)

575

 

167

 

250

 

Acquisition/integration costs

 

314

 

 

314

 

Pre-tax (income) attributable to noncontrolling interest

 

(46

)

 

(46

)

Adjusted EBITDA (non-GAAP)

$

54,924

 

$

16,735

 

$

(10,989

)

$

60,670

 

Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP)

37.1

%

22.6

%

 

27.3

%

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2020

(in thousands)

Machine Clothing

Albany Engineered

Composites

Corporate expenses

and other

Total Company

Operating income/(loss) (GAAP)

$

47,175

 

$

7,623

 

$

(15,204

)

$

39,594

 

Interest, taxes, other income/(expense)

 

 

(32,000

)

(32,000

)

Net income/(loss) (GAAP)

47,175

 

7,623

 

(47,204

)

7,594

 

Interest expense, net

 

 

3,977

 

3,977

 

Income tax expense

 

 

12,454

 

12,454

 

Depreciation and amortization expense

5,087

 

11,985

 

998

 

18,070

 

EBITDA (non-GAAP)

52,262

 

19,608

 

(29,775

)

42,095

 

Restructuring expenses, net

642

 

 

 

642

 

Foreign currency revaluation (gains)/losses

(3,661

)

697

 

14,830

 

11,866

 

Former CEO termination costs

 

 

2,742

 

2,742

 

Acquisition/integration costs

 

298

 

 

298

 

Pre-tax expense attributable to noncontrolling interest

 

1,492

 

 

1,492

 

Adjusted EBITDA (non-GAAP)

$

49,243

 

$

22,095

 

$

(12,203

)

$

59,135

 

Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP)

36.0

%

22.3

%

 

25.1

%

Per share impact of the adjustments to earnings per share are as follows:

Three months ended March 31, 2021

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring expenses, net

$

52

 

$

15

 

 

$

37

 

$

0.00

 

Foreign currency revaluation (gains)/losses

250

 

(135

)

 

385

 

0.01

 

Acquisition/integration costs

314

 

94

 

 

220

 

0.01

 

 

 

 

 

 

Three months ended March 31, 2020

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring expenses, net

$

642

 

$

192

 

 

$

450

 

$

0.01

 

Foreign currency revaluation (gains)/losses (a)

11,866

 

(1,545

)

 

13,411

 

0.42

 

Former CEO termination costs

2,742

 

713

 

 

2,029

 

0.06

 

Acquisition/integration costs

298

 

89

 

 

209

 

0.01

 

 

 

 

 

 

(a) In Q1 2020, the company recorded losses of approximately $17 million in jurisdictions where it cannot record a tax benefit from the losses, which results in an unusual relationship between the pre-tax and after-tax amounts.

 

 

 

 

 

The following table provides a reconciliation of Earnings per share to Adjusted Earnings per share:

 

Three months ended March 31,

Per share amounts (Basic)

2021

 

2020

Earnings per share (GAAP)

$

0.85

 

$

0.28

 

Adjustments, after tax:

 

 

Restructuring expenses, net

 

0.01

 

Foreign currency revaluation (gains)/losses

0.01

 

0.42

 

Former CEO termination costs

 

0.06

 

Acquisition/integration costs

0.01

 

0.01

 

Adjusted Earnings per share (non-GAAP)

$

0.87

 

$

0.78

 

The calculations of net debt are as follows:

(in thousands)

March 31, 2021

December 31, 2020

Current maturities of long-term debt

$

2

 

$

9

 

Long-term debt

384,000

 

398,000

 

Total debt

384,002

 

398,009

 

Cash and cash equivalents

237,871

 

241,316

 

Net debt (non-GAAP)

$

146,131

 

$

156,693

 

The tables below provide a reconciliation of forecasted full-year 2021 Adjusted EBITDA and Adjusted EPS (non-GAAP measures) to the comparable GAAP measures:

Forecast of Full Year 2021 Adjusted EBITDA

Machine Clothing

 

AEC

(in millions)

Low

 

High

 

Low

 

High

Net income attributable to the Company (GAAP) (b)

$

176

 

$

185

 

 

$

4

 

$

13

 

Income attributable to the noncontrolling interest

 

 

 

 

 

Interest expense, net

 

 

 

 

 

Income tax expense

 

 

 

 

 

Depreciation and amortization

19

 

20

 

 

50

 

51

 

EBITDA (non-GAAP)

195

 

205

 

 

54

 

64

 

Restructuring expenses, net (c)

 

 

 

 

 

Foreign currency revaluation (gains)/losses (c)

 

 

 

1

 

1

 

Acquisition/integration costs (c)

 

 

 

 

 

Pre-tax (income)/loss attributable to non-controlling interest

 

 

 

 

 

Adjusted EBITDA (non-GAAP)

$

195

 

$

205

 

 

$

55

 

$

65

 

(b) Interest, Other income/expense and Income taxes are not allocated to the business segments

 

 

 

 

 

 

 

 

 

 

 

Forecast of Full Year 2021 Adjusted EBITDA

Total Company

 

 

 

(in millions)

Low

High

 

 

 

Net income attributable to the Company (GAAP)

$

77

 

$

90

 

 

 

 

Income attributable to the noncontrolling interest

 

 

 

 

 

Interest expense, net

17

 

15

 

 

 

 

Income tax expense

30

 

39

 

 

 

 

Depreciation and amortization

70

 

75

 

 

 

 

EBITDA (non-GAAP)

194

 

219

 

 

 

 

Restructuring expenses, net (c)

 

 

 

 

 

Foreign currency revaluation (gains)/losses (c)

1

 

1

 

 

 

 

Acquisition/integration costs (c)

 

 

 

 

 

Pre-tax (income)/loss attributable to non-controlling interest

 

 

 

 

 

Adjusted EBITDA (non-GAAP)

$

195

 

$

220

 

 

 

 

 

 

 

 

 

 

 

Total Company

 

 

 

Forecast of Full Year 2021 Earnings per share (basic) (d)

Low

High

 

 

 

Net income attributable to the Company (GAAP)

$

2.38

 

$

2.78

 

 

 

 

Restructuring expenses, net (c)

 

 

 

 

 

Foreign currency revaluation (gains)/losses (c)

0.01

 

0.01

 

 

 

 

Acquisition/integration costs (c)

0.01

 

0.01

 

 

 

 

Adjusted Earnings per share (non-GAAP)

$

2.40

 

$

2.80

 

 

 

 

 

 

 

 

 

 

(c) Due to the uncertainty of these items, we are unable to forecast these items for 2021

(d) Calculations based on shares outstanding estimate of 32.3 million.

About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed, consumable fabrics and process belts essential for the manufacture of all grades of paper products. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 23 facilities in 11 countries, employs approximately 4,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

Non-GAAP Measures

This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, including: net sales, and percent change in net sales, excluding the impact of currency translation effects (for each segment and on a consolidated basis); EBITDA and Adjusted EBITDA (for each segment and on a consolidated basis, represented in dollars or as a percentage of net sales); Net debt; and Adjusted earnings per share (or Adjusted EPS). Such items are provided because management believes that they provide additional useful information to investors regarding the Company’s operational performance.

Presenting Net sales and increases or decreases in Net sales, after currency effects are excluded, can give management and investors insight into underlying sales trends. Net sales, or percent changes in net sales, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These amounts are then compared to the U.S. dollar amount as reported in the current period.

EBITDA, Adjusted EBITDA and Adjusted EPS are performance measures that relate to the Company’s continuing operations. EBITDA, or net income with interest, taxes, depreciation, and amortization added back, is a common indicator of financial performance used, among other things, to analyze and compare core profitability between companies and industries because it eliminates effects due to differences in financing, asset bases and taxes. The Company calculates EBITDA by removing the following from Net income: Interest expense, net, Income tax expense, Depreciation and amortization expense. Adjusted EBITDA is calculated by: adding to EBITDA costs associated with restructuring, former CEO termination costs, and inventory write-offs associated with discontinued businesses; adding charges and credits related to pension plan settlements and curtailments; adding (or subtracting) revaluation losses (or gains); subtracting (or adding) gains (or losses) from the sale of buildings or investments; subtracting insurance recovery gains in excess of previously recorded losses; adding acquisition/integration costs and subtracting (or adding) Income (or loss) attributable to the non-controlling interest in Albany Safran Composites (ASC). Adjusted EBITDA may also be presented as a percentage of net sales by dividing it by net sales. An understanding of the impact in a particular quarter of specific restructuring costs, former CEO termination costs, acquisition/integration costs, currency revaluation, inventory write-offs associated with discontinued businesses, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect. Restructuring expenses, while frequent in recent years, are reflective of significant reductions in manufacturing capacity and associated headcount in response to shifting markets, and not of the profitability of the business going forward as restructured. Adjusted earnings per share (Adjusted EPS) is calculated by adding to (or subtracting from) net income attributable to the Company per share, on an after-tax basis: restructuring charges; former CEO severance costs; charges and credits related to pension plan settlements and curtailments; inventory write-offs associated with discontinued businesses; foreign currency revaluation losses (or gains); acquisition-related expenses; and losses (or gains) from the sale of investments.

EBITDA, Adjusted EBITDA, and Adjusted EPS, as defined by the Company, may not be similar to similarly named measures of other companies. Such measures are not considered measurements under GAAP, and should be considered in addition to, but not as substitutes for, the information contained in the Company’s statements of income.

The Company discloses certain income and expense items on a per-share basis. The Company believes that such disclosures provide important insight into underlying quarterly earnings and are financial performance metrics commonly used by investors. The Company calculates the quarterly per-share amount for items included in continuing operations by using an income tax rate based on either the tax rates in specific countries or the estimated tax rate applied to total company results. The tax rate applied excludes income tax adjustments (discrete tax adjustments and the effect of changes in the estimated income tax rate). The after-tax amount is then divided by the weighted-average number of shares outstanding for each period. Year-to-date earnings per-share effects are determined by adding the amounts calculated at each reporting period.

Net debt is, in the opinion of the Company, helpful to investors wishing to understand what the Company’s debt position would be if all available cash were applied to pay down indebtedness. The Company calculates Net debt by subtracting Cash and cash equivalents from Total debt. Total debt is calculated by adding Long-term debt, Current maturities of long-term debt, and Notes and loans payable, if any.

Forward-Looking Statements

This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.

Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic and paper-industry trends and conditions during 2021 and in future years; expectations in 2021 and in future periods of sales, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net sales), Adjusted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the sales growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

John Hobbs
603-330-5897
john.hobbs@albint.com

Source: Albany International Corp.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Business Wire, Press Releases

Related Entities

Dividend, Earnings, Definitive Agreement