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Albany International Reports Third-Quarter 2022 Results ROCHESTER, N.H.--(BUSINESS WIRE)--October 24, 2022--Albany International Corp. (NYSE:AIN) today reported operating results for its third quarter of 2022, which ended September 30, 2022. "We are pleased to report another stro
Albany International Reports Third-Quarter 2022 Results
ROCHESTER, N.H.--(BUSINESS WIRE)--October 24, 2022--Albany International Corp. (NYSE:AIN) today reported operating
results for its third quarter of 2022, which ended September 30, 2022.
"We are pleased to report another strong quarter,” said Albany International President and Chief Executive Officer, Bill
Higgins. “Our revenue of $261 million was up year-over-year. Engineered Composites grew third quarter sales nearly 37%
compared to the third quarter of 2021 driven by higher LEAP production and the CH53-K helicopter program. The Machine
Clothing segment delivered another excellent performance in the quarter. On the bottom line, both segments achieved strong
operating income, working hard to overcome inflation and supply chain challenges.
"Third quarter GAAP earnings per share was $0.34 inclusive of a pension settlement charge of $1.03 partially offset by currency
gains. Adjusted earnings per share was $1.15 up from $0.83 reported last year," concluded Higgins.
For the third quarter ended September 30, 2022:
• Net sales were $260.6 million, up 12.1%, or 16.5% after adjusting for currency translation, when compared to the prior
year, primarily due to year-over-year growth in sales related to the CH-53K and LEAP programs within the Engineered
• Gross profit of $100.5 million was 9.2% higher than the $92.0 million reported for the same period of 2021.
• Selling, Technical, General, and Research (STG&R) expenses were $46.8 million, compared to $47.4 million in the
same period of 2021. The decrease was driven by the favorable effect of the revaluation of foreign currency in the
Machine Clothing segment.
• Operating income was $53.6 million, compared to $44.5 million in the prior year, an increase of 20.6%.
• Certain pension plan liabilities were settled for a plan in the U.S., leading to charges totaling $49.1 million and reducing
GAAP earnings per share by $1.20.
• Effective tax rate for the quarter was -41.9%, driven by the release of residual taxes as a result of the pension
settlement; excluding the ef fect of the pension settlement and related adjustments, the effective tax rate for the quarter
was 24.6% or 250 basis points lower than that for the third quarter of 2021, mainly due to favorable discrete tax
adjustments in the third quarter of 2022.
• Net income attributable to the Company was $10.7 million ($0.34 per share), compared to $30.9 million ($0.95 per
share) in the third quarter of 2021. Adjusted earnings per share (or Adjusted EPS, a non-GAAP measure) was $1.15
per share in the third quarter of 2022, compared to $0.83 in the same period of last year.
• Adjusted EBITDA (a non-GAAP measure) was $68.1 million, compared to $60.2 million in the third quarter of 2021, an
Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.
Outlook for Full-Year 2022
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