Stock Monitor: Interface Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 27, 2018 / Active-Investors.com has just released a free earnings report on Albany International Corp. (NYSE: AIN) ("Albany"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AIN. The Company reported its financial results on February 05, 2018, for the fourth quarter and for the full year ended December 31, 2017. The Company showed a strong performance in Q4 FY17, with improvements in both its segments. Albany also reported a solid growth in total sales, adjusted EBITDA, and a strong cash flow. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Albany International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Albany's total revenues reached $226.73 million, up 6.42% from $213.05 million in Q4 FY16. The y-o-y percentage increment in sales, excluding the impact of $5.32 million from changes in currency translation rates, was 3.9%. The Company's revenue numbers exceeded analysts' consensus estimates of $218.3 million.
During Q4 FY17, Albany's gross profit was $77.39 million compared to $77.33 million in Q4 FY16. The Company's gross profit margin dipped 2.17% to 34.13% in the reported quarter from 36.3% in Q4 FY16, due to higher than normal end-of-year underutilization of capacity. The Company's operating income also declined 15.9% to $22.56 million in Q4 FY17 from $26.83 million in Q4 FY16. Albany's operating margin was 9.95% for the reported quarter compared to 12.59% in the same period of last year.
Albany's net income attributable to common shareholders was $5.89 million in Q4 FY17, a decrease of 62.74% from $15.80 million in Q4 FY16. The Company's diluted earnings per share (EPS) attributable to common shareholders were $0.18 in the quarter under review, 63.27% lower than the $0.49 recorded in the comparable period of last year.
For Q4 FY17, Albany's reported earnings included a net charge of $5.1 million, or $0.16 per share, for income tax adjustments, resulting primarily from changes in US tax laws, charges of $3.3 million in restructuring, and losses of $1.8 million from foreign currency revaluation.
Albany's adjusted EPS attributable to common shareholders, excluding non-recurring and non-core items, were $0.44 in Q4 FY17 compared to $0.36 in Q4 FY16, reflecting an increase of 22.22%. The Company's reported adjusted EPS were higher than analysts' consensus estimates of $0.42.
For the year ending December 31, 2017, Albany's total revenues were $863.72 million, up 10.76% from $779.84 million in FY16. The y-o-y percentage increment in sales, excluding the impact of $3.75 million from changes in currency translation rates, was 10.3%.
Albany's net income attributable to common shareholders decreased 37.21% to $33.11 million in FY17 from $52.73 million in FY16. The Company's diluted EPS attributable to common shareholders also declined 37.20% to $1.03 in the year under review from $1.64 in the previous year. The Company's diluted EPS, excluding special items, were $1.67 in FY17, 5.65% lower than $1.77 in FY16.
During Q4 2017, Albany's Machine Clothing (MC) segment's net revenues were $150.26 million, up almost 3.81% y-o-y. The continuing declines in the publication grades were more than offset by a growth in other grades. Of this, an increment of $4.38 million in revenues was due to the impact of changes in currency translation rates. The MC segment's operating income was $34.58 million for the quarter ending December 31, 2017, compared to $39.95 million for the corresponding period of last year, reflecting a decrease of 13.42%. The segment's operating margin declined 4.58% to 23.02% in Q4 FY17 from 27.6% in Q4 FY16.
For Q4 FY17, Albany's Engineered Composites (AEC) segment's net revenues advanced 11.95% to $76.47 million on a y-o-y basis, led by a growth in the 787 fuselage frames, F-35 airframe, and CH-53K programs. Of this, an increment of $0.94 million in revenues was due to the impact of changes in currency translation rates. In the reported quarter, the segment's operating income was $0.585 million, up 145.70% from an operating loss of $1.28 million in Q4 FY16.
Albany had cash and cash equivalents of $183.73 million as on December 31, 2017, 1.09% higher than $181.74 million as on December 31, 2016. The Company's long-term debt was $516.18 million as on December 31, 2017, compared to $484.90 million as on December 31, 2016.
During Q4 FY17, the Company's net cash flow from operating activities was $40.00 million, up 44.28% from $27.73 million in Q4 FY16, owing to a good operating performance and management of working capital. The Company's capital expenditure was $22.87 million in Q4 2017 compared to $22.20 million in Q4 2016.
For the quarter ended December 31, 2017, the Company paid dividends of $5.47 million, almost in-line with the $5.46 million distributed in Q4 FY16.
For the full fiscal year 2018, Albany expects sales to be up by 20% to 30%, led by ramp-ups in LEAP, 787 fuselage frames, and F-35 programs. Albany expects a steady incremental improvement in adjusted EBITDA as a percentage of sales, holding revenue recognition standards constant. Albany expects a robust order backlog, healthy economic conditions, and a continued strong product performance to drive growth in FY18.
Stock Performance Snapshot
February 26, 2018 - At Monday's closing bell, Albany International's stock was slightly up 0.30%, ending the trading session at $66.45.
Volume traded for the day: 103.72 thousand shares.
Stock performance in the last month – up 5.31%; previous three-month period – up 5.23%; past twelve-month period – up 40.34%; and year-to-date – up 8.14%
After yesterday's close, Albany International's market cap was at $2.16 billion.
Price to Earnings (P/E) ratio was at 56.65.
The stock has a dividend yield of 1.02%.
The stock is part of the Industrial Goods sector, categorized under the Textile Industrial industry. This sector was up 1.0% at the end of the session.
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