(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
None | ||
(Former name or former address, if changed since last report.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The New York Stock Exchange ( | ||||||||||||||
The New York Stock Exchange ( |
ALBANY INTERNATIONAL CORP. | |||||||||||
By: | /s/ Stephen M. Nolan | ||||||||||
Name: | Stephen M. Nolan | ||||||||||
Title: | Chief Financial Officer and Treasurer | ||||||||||
(Principal Financial Officer) |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Inline XBRL cover page. |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net sales | $ | 244,169 | $ | 222,362 | ||||||||||
Cost of goods sold | 152,565 | 133,816 | ||||||||||||
Gross profit | 91,604 | 88,546 | ||||||||||||
Selling, general, and administrative expenses | 42,707 | 37,195 | ||||||||||||
Technical and research expenses | 9,889 | 9,481 | ||||||||||||
Restructuring expenses, net | 254 | 52 | ||||||||||||
Operating income | 38,754 | 41,818 | ||||||||||||
Interest expense, net | 3,609 | 3,569 | ||||||||||||
Other expense/(income), net | (3,928) | 600 | ||||||||||||
Income before income taxes | 39,073 | 37,649 | ||||||||||||
Income tax expense | 10,998 | 10,040 | ||||||||||||
Net income | 28,075 | 27,609 | ||||||||||||
Net income attributable to the noncontrolling interest | 338 | 27 | ||||||||||||
Net income attributable to the Company | $ | 27,737 | $ | 27,582 | ||||||||||
Earnings per share attributable to Company shareholders - Basic | $ | 0.87 | $ | 0.85 | ||||||||||
Earnings per share attributable to Company shareholders - Diluted | $ | 0.87 | $ | 0.85 | ||||||||||
Shares of the Company used in computing earnings per share: | ||||||||||||||
Basic | 31,877 | 32,352 | ||||||||||||
Diluted | 31,961 | 32,401 | ||||||||||||
Dividends declared per share, Class A and Class B | $ | 0.21 | $ | 0.20 |
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 307,415 | $ | 302,036 | |||||||
Accounts receivable, net | 207,555 | 191,985 | |||||||||
Contract assets, net | 112,262 | 112,546 | |||||||||
Inventories | 123,835 | 117,882 | |||||||||
Income taxes prepaid and receivable | 126 | 1,958 | |||||||||
Prepaid expenses and other current assets | 37,387 | 32,394 | |||||||||
Total current assets | $ | 788,580 | $ | 758,801 | |||||||
Property, plant and equipment, net | 431,860 | 436,417 | |||||||||
Intangibles, net | 37,170 | 39,081 | |||||||||
Goodwill | 180,785 | 182,124 | |||||||||
Deferred income taxes | 20,317 | 26,376 | |||||||||
Noncurrent receivables, net | 30,982 | 31,849 | |||||||||
Other assets | 90,367 | 81,416 | |||||||||
Total assets | $ | 1,580,061 | $ | 1,556,064 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 64,501 | $ | 68,954 | |||||||
Accrued liabilities | 108,855 | 124,325 | |||||||||
Current maturities of long-term debt | — | — | |||||||||
Income taxes payable | 4,711 | 14,887 | |||||||||
Total current liabilities | 178,067 | 208,166 | |||||||||
Long-term debt | 427,000 | 350,000 | |||||||||
Other noncurrent liabilities | 99,498 | 107,794 | |||||||||
Deferred taxes and other liabilities | 11,244 | 12,499 | |||||||||
Total liabilities | 715,809 | 678,459 | |||||||||
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; 40,781,434 issued in 2022 and 40,760,577 in 2021 | 41 | 41 | |||||||||
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; none issued and outstanding in 2022 and 104 in 2021 | — | — | |||||||||
Additional paid in capital | 437,748 | 436,996 | |||||||||
Retained earnings | 884,133 | 863,057 | |||||||||
Accumulated items of other comprehensive income: | |||||||||||
Translation adjustments | (107,610) | (105,880) | |||||||||
Pension and postretirement liability adjustments | (38,416) | (38,490) | |||||||||
Derivative valuation adjustment | 8,404 | (1,614) | |||||||||
Treasury stock (Class A), at cost; 9,179,776 shares in 2022 and 8,665,090 in 2021 | (324,080) | (280,143) | |||||||||
Total Company shareholders' equity | 860,220 | 873,967 | |||||||||
Noncontrolling interest | 4,032 | 3,638 | |||||||||
Total equity | 864,252 | 877,605 | |||||||||
Total liabilities and shareholders' equity | $ | 1,580,061 | $ | 1,556,064 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 28,075 | $ | 27,609 | |||||||
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | |||||||||||
Depreciation | 15,597 | 16,589 | |||||||||
Amortization | 2,165 | 2,293 | |||||||||
Change in deferred taxes and other liabilities | 1,792 | 4,442 | |||||||||
Impairment of property, plant, equipment, and inventory | 2,868 | 185 | |||||||||
Non-cash interest expense | 282 | 45 | |||||||||
Compensation and benefits paid or payable in Class A Common Stock | 745 | (13) | |||||||||
Provision for credit losses from uncollected receivables and contract assets | 1,858 | (110) | |||||||||
Foreign currency remeasurement (gain)/loss on intercompany loans | (2,385) | (308) | |||||||||
Fair value adjustment on foreign currency options | (977) | 139 | |||||||||
Changes in operating assets and liabilities that (used)/provided cash: | |||||||||||
Accounts receivable | (15,674) | (3,236) | |||||||||
Contract assets | 272 | 16,104 | |||||||||
Inventories | (7,549) | (8,563) | |||||||||
Prepaid expenses and other current assets | (1,976) | (899) | |||||||||
Income taxes prepaid and receivable | 1,829 | (1,465) | |||||||||
Accounts payable | (375) | 9,188 | |||||||||
Accrued liabilities | (19,350) | (19,485) | |||||||||
Income taxes payable | (10,890) | (8,077) | |||||||||
Noncurrent receivables | 614 | 488 | |||||||||
Other noncurrent liabilities | (1,914) | (2,097) | |||||||||
Other, net | (398) | 857 | |||||||||
Net cash (used in)/provided by operating activities | (5,391) | 33,686 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property, plant and equipment | (15,719) | (12,534) | |||||||||
Purchased software | (35) | (2) | |||||||||
Net cash used in investing activities | (15,754) | (12,536) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from borrowings | 77,000 | 8,000 | |||||||||
Principal payments on debt | — | (22,007) | |||||||||
Principal payments on finance lease liabilities | (390) | (349) | |||||||||
Purchase of Treasury shares | (42,230) | — | |||||||||
Taxes paid in lieu of share issuance | (770) | (998) | |||||||||
Proceeds from options exercised | 7 | 128 | |||||||||
Dividends paid | (6,742) | (6,468) | |||||||||
Net cash provided by/(used in) financing activities | 26,875 | (21,694) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (351) | (2,901) | |||||||||
Increase/(decrease) in cash and cash equivalents | 5,379 | (3,445) | |||||||||
Cash and cash equivalents at beginning of period | 302,036 | 241,316 | |||||||||
Cash and cash equivalents at end of period | $ | 307,415 | $ | 237,871 |
(in thousands, except percentages) | Net sales as reported, Q1 2022 | Decrease due to changes in currency translation rates | Q1 2022 sales on same basis as Q1 2021 currency translation rates | Net sales as reported, Q1 2021 | % Change compared to Q1 2021, excluding currency rate effects | ||||||||||||
Machine Clothing | $ | 154,062 | $ | (2,528) | $ | 156,590 | $ | 148,206 | 5.7 | % | |||||||
Albany Engineered Composites | 90,107 | (1,158) | 91,265 | 74,156 | 23.1 | % | |||||||||||
Consolidated total | $ | 244,169 | $ | (3,686) | $ | 247,855 | $ | 222,362 | 11.5 | % |
(in thousands, except percentages) | Gross profit, Q1 2022 | Gross profit margin, Q1 2022 | Gross profit, Q1 2021 | Gross profit margin, Q1 2021 | ||||||||||
Machine Clothing | $ | 79,345 | 51.5 | % | $ | 76,393 | 51.5 | % | ||||||
Albany Engineered Composites | 12,259 | 13.6 | % | 12,153 | 16.4 | % | ||||||||
Consolidated total | $ | 91,604 | 37.5 | % | $ | 88,546 | 39.8 | % |
Three months ended March 31, 2022 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 49,644 | $ | 1,195 | $ | (12,085) | $ | 38,754 | ||||||
Interest, taxes, other income/(expense) | — | — | (10,679) | (10,679) | ||||||||||
Net income/(loss) (GAAP) | 49,644 | 1,195 | (22,764) | 28,075 | ||||||||||
Interest expense, net | — | — | 3,609 | 3,609 | ||||||||||
Income tax expense | — | — | 10,998 | 10,998 | ||||||||||
Depreciation and amortization expense | 4,923 | 12,039 | 800 | 17,762 | ||||||||||
EBITDA (non-GAAP) | 54,567 | 13,234 | (7,357) | 60,444 | ||||||||||
Restructuring expenses, net | 243 | — | 11 | 254 | ||||||||||
Foreign currency revaluation (gains)/losses | 1,057 | 423 | (3,740) | (2,260) | ||||||||||
Dissolution of business relationships in Russia | 1,787 | — | 781 | 2,568 | ||||||||||
Acquisition/integration costs | — | 282 | — | 282 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | — | (252) | — | (252) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 57,654 | $ | 13,687 | $ | (10,305) | $ | 61,036 | ||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales) (non-GAAP) | 37.4 | % | 15.2 | % | — | 25.0 | % | |||||||
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, 2022 (in thousands, except per share amounts | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses, net | $ | 254 | $ | 73 | $ | 181 | $ | 0.01 | ||||||
Foreign currency revaluation (gains)/losses | (2,260) | (653) | (1,607) | (0.05) | ||||||||||
Dissolution of business relationships in Russia | 2,568 | 332 | 2,236 | 0.07 | ||||||||||
Acquisition/integration costs | 282 | 84 | 198 | 0.01 | ||||||||||
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, | ||||||||
Per share amounts (Basic) | 2022 | 2021 | ||||||
Earnings per share (GAAP) | $ | 0.87 | $ | 0.85 | ||||
Adjustments, after tax: | ||||||||
Restructuring expenses, net | 0.01 | — | ||||||
Foreign currency revaluation (gains)/losses | (0.05) | 0.01 | ||||||
Dissolution of business relationships in Russia | 0.07 | — | ||||||
Acquisition/integration costs | 0.01 | 0.01 | ||||||
Adjusted Earnings per share (non-GAAP) | $ | 0.91 | $ | 0.87 |
(in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Current maturities of long-term debt | $ | — | $ | — | ||||
Long-term debt | 427,000 | 350,000 | ||||||
Total debt | 427,000 | 350,000 | ||||||
Cash and cash equivalents | 307,415 | 302,036 | ||||||
Net debt (non-GAAP) | $ | 119,585 | $ | 47,964 |
Forecast of Full Year 2022 Adjusted EBITDA | Machine Clothing | AEC | |||||||||||||||
(in millions) | Low | High | Low | High | |||||||||||||
Net income attributable to the Company (GAAP) (b) | $ | 183 | $ | 202 | $ | 16 | $ | 25 | |||||||||
Income attributable to the noncontrolling interest | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | |||||||||||||
Income tax expense | — | — | — | — | |||||||||||||
Depreciation and amortization | 19 | 20 | 49 | 50 | |||||||||||||
EBITDA (non-GAAP) | 202 | 222 | 65 | 75 | |||||||||||||
Restructuring expenses, net (c) | — | — | — | — | |||||||||||||
Foreign currency revaluation (gains)/losses (c) | 1 | 1 | — | — | |||||||||||||
Dissolution of business relationships in Russia (c) | 2 | 2 | — | — | |||||||||||||
Acquisition/integration costs (c) | — | — | — | — | |||||||||||||
Pre-tax (income)/loss attributable to non-controlling interest | — | — | — | — | |||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 205 | $ | 225 | $ | 65 | $ | 75 | |||||||||
(b) Interest, Other income/expense and Income taxes are not allocated to the business segments | |||||||||||||||||
Forecast of Full Year 2022 Adjusted EBITDA | Total Company | ||||||||||||||||
(in millions) | Low | High | |||||||||||||||
Net income attributable to the Company (GAAP) | $ | 88 | $ | 105 | |||||||||||||
Income attributable to the noncontrolling interest | — | — | |||||||||||||||
Interest expense, net | 14 | 16 | |||||||||||||||
Income tax expense | 38 | 48 | |||||||||||||||
Depreciation and amortization | 74 | 75 | |||||||||||||||
EBITDA (non-GAAP) | 214 | 244 | |||||||||||||||
Restructuring expenses, net (c) | — | — | |||||||||||||||
Foreign currency revaluation (gains)/losses (c) | (2) | (2) | |||||||||||||||
Acquisition/integration costs (c) | — | — | |||||||||||||||
Dissolution of business relationships in Russia (c) | 3 | 3 | |||||||||||||||
Pre-tax (income)/loss attributable to non-controlling interest | — | — | |||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 215 | $ | 245 | |||||||||||||
Total Company | |||||||||||||||||
Forecast of Full Year 2022 Earnings per share (basic) (d) | Low | High | |||||||||||||||
Net income attributable to the Company (GAAP) | $ | 2.76 | $ | 3.26 | |||||||||||||
Restructuring expenses, net (c) | 0.01 | 0.01 | |||||||||||||||
Foreign currency revaluation (gains)/losses (c) | (0.05) | (0.05) | |||||||||||||||
Dissolution of business relationships in Russia (c) | 0.07 | 0.07 | |||||||||||||||
Acquisition/integration costs (c) | 0.01 | 0.01 | |||||||||||||||
Adjusted Earnings per share (non-GAAP) | $ | 2.80 | $ | 3.30 | |||||||||||||
(c) Due to the uncertainty of these items, we are unable to forecast these items for 2022 | |||||||||||||||||
(d) Calculations based on weighted average shares outstanding estimate of approximately 31.5 million. |
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Cover Page |
Apr. 25, 2022 |
---|---|
Document Type | 8-K |
Document Period End Date | Apr. 25, 2022 |
Entity File Number | 1-10026 |
Entity Registrant Name | ALBANY INTERNATIONAL CORP. |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 216 Airport Drive |
Entity Tax Identification Number | 14-0462060 |
Entity Address, Postal Zip Code | 03867 |
City Area Code | 603 |
Local Phone Number | 330-5850 |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000819793 |
Amendment Flag | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Address, City or Town | Rochester |
Entity Address, State or Province | NH |
Class B Common Stock | |
Trading Symbol | AIN |
Security Exchange Name | NYSE |
Title of 12(b) Security | Class B Common Stock, $0.001 par value per share |
Class A Common Stock | |
Trading Symbol | AIN |
Security Exchange Name | NYSE |
Title of 12(b) Security | Class A Common Stock, $0.001 par value per share |
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