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Net earnings soar at Albany International in Q4

10 Feb '16

3 min read

Net earnings for the fourth quarter ended December 31, 2015 at Albany International soared to $1.17 per share, compared to $0.25 in the same quarter of 2014.

An Albany press release informed that excluding adjustments, income attributable to the company in the fourth quarter of 2015 was $0.46 per share as against $0.35 in the comparable quarter of last year.

Net sales for the reporting quarter totaled to $177.5 million, a decrease of 7.4 per cent vis-à-vis a year ago quarter and excluding currency effects, net sales declined 3.2 per cent.

“Adjusted EBITDA for the quarter under review stood at $38.7 million, also down from $36.3 million in the corresponding quarter of prior year,” the company added in the press release.

For the reporting period, income before income taxes amounted to $11.3 million, including restructuring charges of $9.9 million and losses of $0.6 million from foreign currency revaluation.

For fourth quarter of 2014, income before income taxes was $12.4 million, including a pension settlement charge of $8.2 million, restructuring charges of $1.7 million, and foreign currency revaluation gains of $4.9 million.

The company's income tax rate, excluding tax adjustments, was 31.8% for the quarter as against 33.3 per cent for the same period of 2014.

In the quarter, Albany recorded net favourable discrete tax adjustments of $27.3 million, including a benefit of $28.6 million related to the elimination of the value of the company's investment in its German subsidiary.

It also recorded a reduction of $2.5 million to the quarter's income taxes due to a decrease in the tax rate from the third quarter of 2015.

“Discrete tax charges and the effect of a change in the estimated tax rate increased income tax expense by $0.2 million for the fourth quarter of 2014,” it stated.

Full-year net sales reached $709.9 million, down 4.8 per cent year over year and excluding currency effects, full-year net sales increased 0.6 per cent.

Including a $14.0 million charge in the second quarter related to an AEC contract, full-year adjusted EBITDA was $141.0 million in 2015, compared to $144.8 million in 2014.

Net debt was $80.6 million at the end of December 2015, a drop of $18.1 million for the fourth quarter of 2015 and $12.4 million for the full year.

CEO Joe Morone said, “The fourth quarter was another good quarter for Albany International as both businesses continued to perform well.”

“As once again MC generated strong margins and AEC continued to grow and progress toward the LEAP ramp and company-wide cash flow was strong, with net debt declining $18 million to $81 million,” he too added. (AR)

Fibre2Fashion News Desk – India

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Net earnings soar at Albany International in Q4

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