"I am very pleased with our ongoing improvements in both net sales and profitability growth," said Albany International president and chief executive officer Olivier Jarrault. "Our focus on labour productivity, operational efficiencies, and pricing drove improvements across our Engineered Composites segment, which reported record revenue and profitability in the quarter. We continue to meet our customers' increasing demands and to drive new product development and process improvement activities, while improving quality and on-time delivery."
"In the Machine Clothing segment, we delivered another solid quarter: even with revenues slightly lower than the very strong Q2 of FY18, the segment delivered an overall gross margin above 51 per cent and even slightly above the level delivered in Q1 of FY19, added Jarrault.
"Our relentless focus on operational excellence and productivity improvements, through the deployment of a standardised, disciplined operating system, continues to deliver outstanding results. Through the first half of the year, we have seen steady improvement in our operational metrics coupled with exceptional top-line performance."
"Albany International continues to deliver in line with, and in some cases above, our expectations,” said Albany International chief financial officer and treasurer Stephen Nolan. "In addition to the solid revenue and profit delivered in the quarter, our working capital management initiatives resulted in significantly improved year-over-year performance in cash generation: net cash from operating activities generated in the first half of this fiscal year was $83 million, compared to $17 million in the prior year."
For the Fiscal Year 2019, Albany International expects its machine clothing revenue to be relatively flat on a currency-neutral basis compared to FY18; engineered composites revenue to grow between 20-25 per cent and total company revenue to grow between $1.05-$1.08 billion.
In addition, Albany International has revised its capital expenditures guidance for FY19 to between $80-$90 million for the full year.
Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of fabrics and process felts used in the manufacture of all grades of paper products. Albany Engineered Composites is a rapidly growing designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms. (PC)
Fibre2Fashion News Desk – India