Albany International Q4 net sales soar 20%
In the three months ended December 31, 2016, net sales at machine clothing and composites manufacturer Albany International, soared 20 per cent year on year to $213.0 million. The 20 per cent sales growth in the fourth quarter includes an 11.8 per cent increase in sales, as a result of an acquisition by Albany Engineered Composites in the second quarter.
Adjusted EBITDA, a non-GAAP measure amounted to $38.3 million in the reporting quarter, which includes the loss in Japan and integration costs, compared to $38.7 million in the fourth quarter of 2015.
Net income in the fourth quarter of 2016 slid to $15.8 million or $0.49 per share as against $37.6 million or $1.17 per share in the prior year’s same quarter.
According to the company, income tax-related adjustments increased earnings per share by $0.08 in the fourth quarter of 2016 vis-à-vis $0.93 in the same period of 2015. (AR)
Fibre2Fashion News Desk – India