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Q3 net income zooms at Albany International

06 Nov '14

3 min read

Net income at advanced textiles producer and NYSE-listed – Albany International, zoomed 151 percent in the third quarter of 2014, from a year ago quarter.

Albany said its net income surged to $11.8 million or $0.37 per share in the three months to September 30, 2014 from $4.7 million or $0.15 per share in the same quarter of 2013.

According to Albany, earnings mainly increased by foreign currency revaluation gains of $0.08 and an insurance-recovery gain of $0.01.

However, net sales at Albany International, in the reporting quarter fell by 1.8% to $179.9 million.

Adjusted EBITDA for the third quarter of 2014 amounted to $33.5 million, compared to $31.9 million in the third quarter of 2013.

Income before taxes in the quarter under review stood at $18.5 million, up massively from $7.1 million in corresponding quarter of 2013.

Third-quarter 2014 income before taxes includes restructuring charges of $0.9 million and gains of $4.1 million from foreign currency revaluation and $0.2 million from an insurance recovery.

Gross profit in the third quarter of 2014 was $68.6 million, or 38.2 percent of net sales, compared to $68.0 million, or 37.1 percent of net sales, in the same period of 2013.

Gross profit margin at the Machine Clothing (MC) division rose to 41.9 percent from 41.6 percent in the year ago quarter.

While, gross profit margin at Albany Engineered Composites (AEC) division improved to 13.0 percent from 5.2 percent, mainly due to improvements in profitability at its Boerne, Texas operation.

STG&R expenses declined to $48.5 million or 27.0 percent of net sales in the third quarter of 2014 from $52.5 million or 28.7 percent of net sales in the year ago quarter.

Its income tax rate, excluding tax adjustments reached 34.9 percent in the reporting quarter, down from 41.0 percent for the same period of 2013.

“Discrete tax charges and changes in the estimated income tax rate increased income tax expense by $0.3 million in 2014, and decreased tax expense by $0.5 million in 2013,” Albany said.

Capital spending for equipment and software in the third-quarter of 2014 was $18.9 million, bringing the year-to-date total to $46.6 million, which includes $24.1 million for the Engineered Composites business.

In the quarter under review, depreciation and amortization totalled to $15.7 million and $47.7 million for the first nine months of 2014.

Albany expects fourth quarter MC sales to be comparable to the fourth quarter of 2013, and adjusted EBITDA for the segment to outperform, from the year ago quarter.

It forecasts a strong fourth quarter for AEC segment, as its second LEAP plant in France begins operations and expects full-year 2014, AEC sales to be roughly 10 percent ahead of full-year 2013 sales. (AR)

Fibre2fashion News Desk - India

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Q3 net income zooms at Albany International

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