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:
Active-Investors.com is currently working on the research report for Interface, Inc. (NASDAQ: TILE), which also belongs to the Industrial Goods sector as the Company Albany Intl. Do not miss out and become a member today for free to access this upcoming report at:
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.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.