Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2019

25. Quarterly Financial Data (unaudited)

Presented below is certain unaudited quarterly consolidated statement of operations data from continuing operations for each of the quarters in the years ended December 31, 2019, 2018, and 2017. The information has been prepared on substantially the same basis as the audited consolidated financial statements contained in this report. Fourth quarter results presented below may vary from our quarterly earnings report in order to agree to the full year totals. The results of operations for any quarter are not necessarily indicative of the results to be expected for any future period.

(in millions, except per share amounts)	1st	2nd	3rd	4th	Total
2019
Net sales	$251.4	$273.9	$271.1	$257.7	$1,054.1
Gross profit	91.8	105.2	104.1	96.6	397.7
Net income attributable to the Company	29.2	34.1	40.0	29.1	132.4
Basic earnings per share	0.90	1.05	1.24	0.91	4.10
Diluted earnings per share	0.90	1.05	1.24	0.91	4.10
Cash dividends per share	0.18	0.18	0.18	0.19	0.73
Class A Common Stock prices:
High	78.45	82.91	91.51	90.30
Low	60.82	69.29	78.41	75.92
2018
Net sales	$223.6	$255.4	$251.9	$251.6	$982.5
Gross profit	77.7	91.7	92.4	87.9	349.7
Net income attributable to the Company	7.7	29.9	27.7	17.6	82.9
Basic earnings per share	0.24	0.93	0.86	0.54	2.57
Diluted earnings per share	0.24	0.93	0.86	0.54	2.57
Cash dividends per share	0.17	0.17	0.17	0.18	0.69
Class A Common Stock prices:
High	67.30	65.45	81.40	78.31
Low	60.05	58.35	60.70	58.41
2017
Net sales	$199.3	$215.6	$222.1	$226.7	$863.7
Gross profit	76.0	63.2	79.6	77.5	296.3
Net income attributable to the Company	10.8	1.1	15.3	5.9	33.1
Basic earnings per share	0.34	0.03	0.47	0.19	1.03
Diluted earnings per share	0.34	0.03	0.47	0.19	1.03
Cash dividends per share	0.17	0.17	0.17	0.17	0.68
Class A Common Stock prices:
High	49.05	53.40	57.60	65.25
Low	43.90	43.90	50.25	56.45

In 2019, restructuring charges (decreased)/increased earnings per share by ($0.01) in the first quarter, ($0.02) in the second quarter, $0.01 in the third quarter, and ($0.04) in the fourth quarter. The charges were primarily related to the closure of the MC Facility in Sélestat, France.

In 2019, discrete income tax adjustments, increased/(decreased) earnings per share by $0.10 in the first quarter, ($0.03) in the second quarter, $0.02 in the third quarter, and $0.06 in the fourth quarter.

In 2018, restructuring charges reduced earnings per share by $0.18 in the first quarter, $0.06 in the second quarter, $0.06 in the third quarter, and $0.04 in the fourth quarter. The charges are primarily related to the closure of the MC Facility in Sélestat, France and discontinuation of certain manufacturing processes in Salt Lake City.

105

Index

ALBANY INTERNATIONAL CORP.

Notes to Consolidated Financial Statements

25. Quarterly Financial Data (unaudited) — (continued)

In 2018, discrete income tax adjustments, increased/(decreased) earnings per share by $0.01 in the first quarter, $0.12 in the second quarter, $0.00 in the third quarter, and ($0.01) in the fourth quarter.

In 2017, restructuring charges reduced earnings per share by $0.05 in the first quarter, $0.04 in the second quarter, $0.11 in the third quarter, and $0.07 in the fourth quarter. The amount recognized in the third quarter was primarily non-cash charges associated with the decision to exit a discontinued product line.

In 2017, discrete income tax adjustments, increased/(decreased) earnings per share by ($0.03) in the first quarter, ($0.02) in the second quarter, $0.12 in the third quarter, and ($0.21) in the fourth quarter. The amount recognized in the fourth quarter was primarily from changes in U.S. tax laws.

In 2017, we recorded a write-off of inventory in a discontinued product line in the third quarter. The write-off (decreased)/increased earnings per share by ($0.06) in the third quarter and $0.01 in the fourth quarter.

The Company’s Class A Common Stock is traded principally on the New York Stock Exchange. As of December 31, 2019, there were over 20,000 beneficial owners of the Company’s common stock, including employees owning shares through the Company’s 401(k) defined contribution plan.