Albany International Corp, a global advanced textiles and materials processing company, has reported 17.5 per cent sales decline to $225.9 million in its second quarter (Q2) FY20 ended on June 30, 2020 compared to $273.9 million in same period last year. Net income attributable to the company for the quarter were $32.3 million (Q2 FY19: $34.0 million).
“We had an outstanding quarter, despite the challenges of addressing this pandemic,” Albany International president and chief executive officer, Bill Higgins, said in a press release. “Across the company, our teams excelled by adapting safely to the challenging environment, driving operational improvements, doing a great job for customers, and delivering year-over-year gross margin expansion in both segments.”
Gross profit for Q2 FY20 were $102.9 million ($105.1 million). Selling, general, and administrative expenses were slightly down to $38.5 million ($40.8 million). Company’s operating income for the period were $52.7 million ($54.2 million).
Sales of Machine Clothing during Q2 FY20 were $153.4 million ($155.0 million). Albany Engineered Composites sales were $72.5 million (118.9 million).
“In the months to come, we expect the economic impact of the global slowdown on our businesses may become more challenging. Our strong balance sheet and good cash flow conversion, however, enable us to continue to invest in our businesses with the flexibility required to address challenges and opportunities in the market,” Higgins said.
Fibre2Fashion News Desk (JL)