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Albany International Reports Third-Quarter Results

Stocks in this article: AIN

Albany International Corp. (NYSE:AIN) reported third-quarter 2011 net income of $16.7 million ($0.53 per share). Net income was decreased by restructuring charges of $2.7 million ($0.06 per share), and by unfavorable income tax adjustments of $0.3 million ($0.01 per share). Net income was increased by foreign currency revaluation gains, principally resulting from the weaker euro, totaling $6.5 million ($0.14 per share).

For the third quarter of 2010, net income was $3.6 million ($0.12 per share), and included restructuring charges of $0.8 million ($0.02 per share), foreign currency revaluation losses of $7.6 million ($0.16 per share), a gain on the sale of a building of $2.5 million ($0.05 per share), and unfavorable income tax adjustments of $1.1 million ($0.03 per share). See non-GAAP disclosures for earnings-per-share effects in Tables 6 and 7 below.

Net sales for Q3 2011 were $250.0 million, an increase of 9.5 percent compared to the third quarter of 2010. Excluding the effects of changes in currency translation rates, net sales increased 5.1 percent as shown below.

Table 1

                             
                Impact of    

Percent

Net Sales Changes

Change

Three Months ended in Currency

excluding

September 30, Percent Translation

Currency

(in thousands)      

2011

     

2010

    Change     Rates    

Rate Effect

Paper Machine Clothing (PMC)     $ 168,067     $ 157,469     6.7 %     $ 6,252     2.8 %
Albany Door Systems (ADS)       43,276       36,247     19.4         3,257     10.4  
Engineered Fabrics (EF)       20,267       18,500     9.6         353     7.6  
Engineered Composites (AEC)       11,918       10,585     12.6         -     12.6  
PrimaLoft ® Products       6,484       5,613     15.5         191     12.1  
Total     $ 250,012     $ 228,414     9.5 %     $ 10,053     5.1 %

Gross profit was 38.3 percent of net sales in the third quarter of 2011, compared to 37.9 percent in the same period of 2010. Q3 2010 gross profit was negatively affected by equipment relocation costs associated with restructuring activities of $1.7 million.

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