(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 ( |
ALBANY INTERNATIONAL CORP. | |||||||||||
By: | /s/ Robert D. Starr | ||||||||||
Name: | Robert D. Starr | ||||||||||
Title: | Executive Vice President and Chief Financial Officer | ||||||||||
(Principal Financial Officer) |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Inline XBRL cover page. |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net revenues | $ | 313,330 | $ | 269,096 | |||||||
Cost of goods sold | 204,644 | 169,778 | |||||||||
Gross profit | 108,686 | 99,318 | |||||||||
Selling, general, and administrative expenses | 54,835 | 48,479 | |||||||||
Technical and research expenses | 12,665 | 10,277 | |||||||||
Restructuring expenses, net | 2,209 | 20 | |||||||||
Operating income | 38,977 | 40,542 | |||||||||
Interest expense/(income), net | 3,319 | 3,290 | |||||||||
Other (income)/expense, net | (2,982) | (455) | |||||||||
Income before income taxes | 38,640 | 37,707 | |||||||||
Income taxes | 11,271 | 10,621 | |||||||||
Net income | 27,369 | 27,086 | |||||||||
Net income attributable to the noncontrolling interest | 78 | 197 | |||||||||
Net income attributable to the Company | $ | 27,291 | $ | 26,889 | |||||||
Earnings per share attributable to Company shareholders - Basic | $ | 0.87 | $ | 0.86 | |||||||
Earnings per share attributable to Company shareholders - Diluted | $ | 0.87 | $ | 0.86 | |||||||
Shares of the Company used in computing earnings per share: | |||||||||||
Basic | 31,209 | 31,131 | |||||||||
Diluted | 31,291 | 31,217 | |||||||||
Dividends declared per Class A share | $ | 0.26 | $ | 0.25 |
March 31, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 125,412 | $ | 173,420 | |||||||
Accounts receivable, net | 305,495 | 287,781 | |||||||||
Contract assets, net | 179,223 | 182,281 | |||||||||
Inventories | 166,025 | 169,567 | |||||||||
Income taxes prepaid and receivable | 11,686 | 11,043 | |||||||||
Prepaid expenses and other current assets | 57,331 | 53,872 | |||||||||
Total current assets | $ | 845,172 | $ | 877,964 | |||||||
Property, plant and equipment, net | 589,970 | 601,989 | |||||||||
Intangibles, net | 42,839 | 44,646 | |||||||||
Goodwill | 178,704 | 180,181 | |||||||||
Deferred income taxes | 24,153 | 22,941 | |||||||||
Noncurrent receivables, net | — | 4,392 | |||||||||
Other assets | 117,342 | 102,901 | |||||||||
Total assets | $ | 1,798,180 | $ | 1,835,014 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Accounts payable | $ | 80,778 | $ | 87,104 | |||||||
Accrued liabilities | 118,181 | 142,988 | |||||||||
Current maturities of long-term debt | 4,445 | 4,218 | |||||||||
Income taxes payable | 8,586 | 14,369 | |||||||||
Total current liabilities | 211,990 | 248,679 | |||||||||
Long-term debt | 434,689 | 452,667 | |||||||||
Other noncurrent liabilities | 151,121 | 139,385 | |||||||||
Deferred taxes and other liabilities | 26,815 | 26,963 | |||||||||
Total liabilities | 824,615 | 867,694 | |||||||||
Commitments and Contingencies | |||||||||||
Shareholders' Equity: | |||||||||||
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued | — | — | |||||||||
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,898,219 issued in 2024 and 40,856,910 in 2023 | 41 | 41 | |||||||||
Additional paid in capital | 449,028 | 448,218 | |||||||||
Retained earnings | 1,030,111 | 1,010,942 | |||||||||
Accumulated items of other comprehensive income: | |||||||||||
Translation adjustments | (137,017) | (124,901) | |||||||||
Pension and postretirement liability adjustments | (16,964) | (17,346) | |||||||||
Derivative valuation adjustment | 6,955 | 9,079 | |||||||||
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023 | (364,665) | (364,665) | |||||||||
Total shareholders' equity | 967,489 | 961,368 | |||||||||
Noncontrolling interest | 6,076 | 5,952 | |||||||||
Total equity | 973,565 | 967,320 | |||||||||
Total liabilities and shareholders' equity | $ | 1,798,180 | $ | 1,835,014 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 27,369 | $ | 27,086 | ||||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||||||||||||
Depreciation | 20,556 | 15,864 | ||||||||||||
Amortization | 1,748 | 1,503 | ||||||||||||
Change in deferred taxes and other liabilities | (675) | (887) | ||||||||||||
Impairment of property, plant and equipment | 49 | 100 | ||||||||||||
Non-cash interest expense | 256 | 280 | ||||||||||||
Compensation and benefits paid or payable in Class A Common Stock | 810 | 378 | ||||||||||||
Provision for credit losses from uncollected receivables and contract assets | 365 | 309 | ||||||||||||
Foreign currency remeasurement (gain) on intercompany loans | (792) | (1,732) | ||||||||||||
Fair value adjustment on foreign currency options | 280 | 58 | ||||||||||||
Changes in operating assets and liabilities that provided/(used) cash: | ||||||||||||||
Accounts receivable | (17,061) | (13,702) | ||||||||||||
Contract assets | 2,982 | (4,403) | ||||||||||||
Inventories | 1,917 | (12,360) | ||||||||||||
Prepaid expenses and other current assets | (6,525) | (2,191) | ||||||||||||
Income taxes prepaid and receivable | (721) | (693) | ||||||||||||
Accounts payable | 7,730 | 5,214 | ||||||||||||
Accrued liabilities | (22,739) | (23,137) | ||||||||||||
Income taxes payable | (5,466) | (10,996) | ||||||||||||
Noncurrent receivables | (178) | 867 | ||||||||||||
Other noncurrent liabilities | 506 | 7 | ||||||||||||
Other, net | (814) | 2,042 | ||||||||||||
Net cash provided by/(used in) operating activities | 9,597 | (16,393) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, plant and equipment | (26,859) | (16,275) | ||||||||||||
Purchased software | (21) | — | ||||||||||||
Net cash used in investing activities | (26,880) | (16,275) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from borrowings | 43,237 | 58,000 | ||||||||||||
Principal payments on debt | (60,750) | (6,000) | ||||||||||||
Taxes paid in lieu of share issuance | (2,446) | (3,136) | ||||||||||||
Dividends paid | (8,110) | (7,778) | ||||||||||||
Net cash (used in)/provided by financing activities | (28,069) | 41,086 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (2,656) | 4,064 | ||||||||||||
(Decrease)/increase in cash and cash equivalents | (48,008) | 12,482 | ||||||||||||
Cash and cash equivalents at beginning of period | 173,420 | 291,776 | ||||||||||||
Cash and cash equivalents at end of period | $ | 125,412 | $ | 304,258 |
(in thousands, except percentages) | Net revenues as reported, Q1 2024 | (Decrease)/ increase due to changes in currency translation rates | Q1 2024 revenues on same basis as Q1 2023 currency translation rates | Net revenues as reported, Q1 2023 | % Change compared to Q1 2023, excluding currency rate effects | ||||||||||||
Machine Clothing | $ | 185,217 | $ | (598) | $ | 185,815 | $ | 153,222 | 21.3 | % | |||||||
Albany Engineered Composites | 128,113 | 221 | 127,892 | 115,874 | 10.4 | % | |||||||||||
Consolidated total | $ | 313,330 | $ | (377) | $ | 313,707 | $ | 269,096 | 16.6 | % | |||||||
(in thousands, except percentages) | Gross profit, Q1 2024 | Gross profit margin, Q1 2024 | Gross profit, Q1 2023 | Gross profit margin, Q1 2023 | ||||||||||
Machine Clothing | $ | 84,655 | 45.7 | % | $ | 77,855 | 50.8 | % | ||||||
Albany Engineered Composites | 24,031 | 18.8 | % | 21,463 | 18.5 | % | ||||||||
Consolidated total | $ | 108,686 | 34.7 | % | $ | 99,318 | 36.9 | % | ||||||
Three months ended March 31, 2024 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Net income/(loss) (GAAP) | $ | 48,110 | $ | 9,188 | $ | (29,929) | $ | 27,369 | ||||||
Interest expense/(income), net | — | — | 3,319 | 3,319 | ||||||||||
Income tax expense | — | — | 11,271 | 11,271 | ||||||||||
Depreciation and amortization expense | 8,101 | 13,059 | 1,144 | 22,304 | ||||||||||
EBITDA (non-GAAP) | 56,211 | 22,247 | (14,195) | 64,263 | ||||||||||
Restructuring expenses, net | 21 | 2,188 | — | 2,209 | ||||||||||
Foreign currency revaluation (gains)/losses (a) | (1,410) | 280 | (1,296) | (2,426) | ||||||||||
Other transition expenses | — | — | 125 | 125 | ||||||||||
Acquisition/integration costs | 713 | 182 | 426 | 1,321 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | (11) | (105) | — | (116) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 55,524 | $ | 24,792 | $ | (14,940) | $ | 65,376 | ||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP) | 30.0 | % | 19.4 | % | — | 20.9 | % | |||||||
Three months ended March 31, 2023 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Net income/(loss) (GAAP) | $ | 48,964 | $ | 9,418 | $ | (31,296) | $ | 27,086 | ||||||
Interest expense/(income), net | — | — | 3,290 | 3,290 | ||||||||||
Income tax benefit | — | — | 10,621 | 10,621 | ||||||||||
Depreciation and amortization expense | 4,775 | 11,664 | 928 | 17,367 | ||||||||||
EBITDA (non-GAAP) | 53,739 | 21,082 | (16,457) | 58,364 | ||||||||||
Restructuring expenses, net | 20 | — | — | 20 | ||||||||||
Foreign currency revaluation (gains)/losses (a) | 1,960 | (133) | 60 | 1,887 | ||||||||||
Acquisition/integration costs | — | 269 | — | 269 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | — | (189) | — | (189) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 55,719 | $ | 21,029 | $ | (16,397) | $ | 60,351 | ||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP) | 36.4 | % | 18.1 | % | — | 22.4 | % |
Three months ended March 31, 2024 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses, net | $ | 2,209 | $ | 583 | $ | 1,626 | $ | 0.05 | ||||||
Foreign currency revaluation (gains)/losses (a) | (2,426) | (728) | (1,698) | (0.05) | ||||||||||
Other transition expenses | 125 | 31 | 94 | 0.00 | ||||||||||
Acquisition/integration costs | 1,321 | 386 | 935 | 0.03 | ||||||||||
Three months ended March 31, 2023 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses, net | $ | 20 | $ | 4 | $ | 16 | $ | 0.00 | ||||||
Foreign currency revaluation (gains)/losses (a) | 1,887 | 553 | 1,334 | 0.04 | ||||||||||
Acquisition/integration costs | 269 | 77 | 192 | 0.01 | ||||||||||
Three months ended March 31, | ||||||||
Per share amounts (Diluted) | 2024 | 2023 | ||||||
Diluted Earnings per share (GAAP) | $ | 0.87 | $ | 0.86 | ||||
Adjustments, after tax: | ||||||||
Restructuring expenses, net | 0.05 | — | ||||||
Foreign currency revaluation (gains)/losses (a) | (0.05) | 0.04 | ||||||
Acquisition/integration costs | 0.03 | 0.01 | ||||||
Adjusted Diluted Earnings per share (non-GAAP) | $ | 0.90 | $ | 0.91 |
(in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||
Current maturities of long-term debt | $ | 4,445 | $ | 4,218 | $ | — | |||||
Long-term debt | 434,689 | 452,667 | 491,000 | ||||||||
Total debt | 439,134 | 456,885 | 491,000 | ||||||||
Cash and cash equivalents | 125,412 | 173,420 | 304,258 | ||||||||
Net debt (non-GAAP) | $ | 313,722 | $ | 283,465 | $ | 186,742 |
Total Company | ||||||||||||||
Twelve months ended | Three months ended | Trailing twelve months ended | ||||||||||||
(in thousands) | December 31, 2023 | March 31, 2023 | March 31, 2024 | March 31, 2024 (non-GAAP) (b) | ||||||||||
Net income/(loss) (GAAP) | $ | 111,610 | $ | 27,086 | $ | 27,369 | $ | 111,893 | ||||||
Interest expense/(income), net | 13,601 | 3,290 | 3,319 | 13,630 | ||||||||||
Income tax expense | 48,846 | 10,621 | 11,271 | 49,496 | ||||||||||
Depreciation and amortization expense | 76,733 | 17,367 | 22,304 | 81,670 | ||||||||||
EBITDA (non-GAAP) | 250,790 | 58,364 | 64,263 | 256,689 | ||||||||||
Restructuring expenses, net | 282 | 20 | 2,209 | 2,471 | ||||||||||
Foreign currency revaluation (gains)/losses (a) | 1,296 | 1,887 | (2,426) | (3,017) | ||||||||||
CEO and other transition expenses | 2,719 | — | 125 | 2,844 | ||||||||||
Inventory step-up impacting Cost of goods sold | 5,480 | — | — | 5,480 | ||||||||||
Acquisition/integration costs | 5,194 | 269 | 1,321 | 6,246 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | (665) | (189) | (116) | (592) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 265,096 | $ | 60,351 | $ | 65,376 | $ | 270,121 |
(in thousands, except for net leverage ratio) | March 31, 2024 | ||||
Net debt (non-GAAP) | $ | 313,722 | |||
Trailing twelve months Adjusted EBITDA (non-GAAP) | 270,121 | ||||
Net leverage ratio (non-GAAP) | 1.16 | ||||
(a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date. | ||||||||||||||
(b) Calculated as amounts incurred during the twelve months ended December 31, 2023, less those incurred during the three months ended March 31, 2023, plus those incurred during the three months ended March 31, 2024. | ||||||||||||||
Forecast of Full Year 2024 Adjusted EBITDA | Machine Clothing | AEC | |||||||||||||||
(in millions) | Low | High | Low | High | |||||||||||||
Net income attributable to the Company (GAAP) (c) | $ | 198 | $ | 213 | $ | 45 | $ | 50 | |||||||||
Income attributable to the noncontrolling interest | — | — | (1) | (1) | |||||||||||||
Interest expense/(income), net | — | — | — | — | |||||||||||||
Income tax expense | — | — | — | — | |||||||||||||
Depreciation and amortization | 30 | 35 | 50 | 55 | |||||||||||||
EBITDA (non-GAAP) | 228 | 248 | 94 | 104 | |||||||||||||
Restructuring expenses, net (d) | — | — | 2 | 2 | |||||||||||||
Foreign currency revaluation (gains)/losses (d) | 1 | 1 | — | — | |||||||||||||
Acquisition/integration costs (d) | 1 | 1 | — | — | |||||||||||||
Pre-tax (income)/loss attributable to non-controlling interest | — | — | 1 | 1 | |||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 230 | $ | 250 | $ | 97 | $ | 107 | |||||||||
(c) Interest, Other income/expense and Income taxes are not allocated to the business segments | |||||||||||||||||
Forecast of Full Year 2024 Adjusted EBITDA | Total Company | ||||||||||||||||
(in millions) | Low | High | |||||||||||||||
Net income attributable to the Company (GAAP) | $ | 110 | $ | 125 | |||||||||||||
Income attributable to the noncontrolling interest | (1) | (1) | |||||||||||||||
Interest expense/(income), net | 17 | 18 | |||||||||||||||
Income tax expense | 44 | 48 | |||||||||||||||
Depreciation and amortization | 85 | 95 | |||||||||||||||
EBITDA (non-GAAP) | 255 | 285 | |||||||||||||||
Restructuring expenses, net (d) | 2 | 2 | |||||||||||||||
Foreign currency revaluation (gains)/losses (d) | 1 | 1 | |||||||||||||||
Acquisition/integration costs (d) | 1 | 1 | |||||||||||||||
Pre-tax (income)/loss attributable to non-controlling interest | 1 | 1 | |||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 260 | $ | 290 | |||||||||||||
Total Company | |||||||||||||||||
Forecast of Full Year 2024 Earnings per share (diluted) (e) | Low | High | |||||||||||||||
Net income attributable to the Company (GAAP) | $ | 3.52 | $ | 4.02 | |||||||||||||
Restructuring expenses, net (d) | 0.05 | 0.05 | |||||||||||||||
Foreign currency revaluation (gains)/losses (d) | (0.05) | (0.05) | |||||||||||||||
Acquisition/integration costs (d) | 0.03 | 0.03 | |||||||||||||||
Adjusted Diluted Earnings per share (non-GAAP) | $ | 3.55 | $ | 4.05 | |||||||||||||
(d) Due to the uncertainty of these items, we are unable to forecast these items for 2024 | |||||||||||||||||
(e) Calculations based on weighted average shares outstanding estimate of approximately 31.2 million |
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Cover Page |
Apr. 29, 2024 |
---|---|
Document Type | 8-K |
Document Period End Date | Apr. 29, 2024 |
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 | 330-5800 |
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 | |
Security Exchange Name | NYSE |
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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