Albany International Corp, a global advanced textiles and materials processing company, reported 21.8 per cent sales decline to $211.9 million in its third quarter (Q2) FY20 ended on September 30, 2020 compared to $271.1 million in same period last year. Net income attributable to the company for the quarter were $29.5 million (Q3 FY19: $40.0 million).
For the reported quarter, gross profit came down to $87.3 million ($104.1 million). Selling, general, and administrative expenses remained flat at $39.5 million. Company’s operating income for Q3 FY20 was $38.7 million ($55.6 million).
“We are reporting another quarter of strong financial performance despite the challenging business conditions resulting from the pandemic. Over the past nine months, we’ve adjusted our headcount, controlled costs and executed well across our organisation,” Bill Higgins, Albany International president and chief executive officer, said in a press release.
Sales of Machine Clothing during Q3 FY20 were $138.7 million ($151.3 million). Albany Engineered Composites sales were $73.2 million (119.8 million).
“We expect near-term Albany Engineered Composites results will be driven by our current portfolio of defense and commercial programs. Longer-term, we expect organic growth to be driven by additional conventional composite contract wins and the use of our proprietary 3D composite technologies in a broader array of demanding aerospace applications,” Higgins said.
In its future outlook for FY20, Albany expects total revenue of between $870-$890 million.
Fibre2Fashion News Desk (JL)