Albany International (NYSE:AIN) Releases Earnings Results, Beats Estimates By $0.35 EPS

Albany International (NYSE:AIN - Get Free Report) posted its quarterly earnings results on Wednesday. The textile maker reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.35, Briefing.com reports. The company had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 EPS. Albany International updated its FY24 guidance to $3.10-3.30 EPS.

Albany International Price Performance

NYSE AIN traded down $2.89 during trading hours on Thursday, hitting $67.86. The company had a trading volume of 438,010 shares, compared to its average volume of 155,597. Albany International has a 52 week low of $67.39 and a 52 week high of $99.41. The firm has a 50 day simple moving average of $82.16 and a 200 day simple moving average of $85.48. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.87 and a current ratio of 3.59. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 2.39 and a beta of 1.25.

Albany International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.04 annualized dividend and a yield of 1.53%. Albany International's dividend payout ratio is currently 29.71%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. StockNews.com upgraded Albany International from a "hold" rating to a "buy" rating in a research note on Thursday, August 15th. TD Cowen cut their price target on Albany International from $95.00 to $81.00 and set a "buy" rating for the company in a research note on Friday, October 4th. Finally, Truist Financial cut their price target on Albany International from $101.00 to $91.00 and set a "buy" rating for the company in a research note on Thursday, October 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $89.50.

Albany International Company Profile

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites businesses. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing for use in the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.