Home / News / US engineered composites firm Albany reports Q2 FY21 sales of $235 mn

US engineered composites firm Albany reports Q2 FY21 sales of $235 mn

27
Jul '21
Pic: Shutterstock
Pic: Shutterstock
Albany International, a US-based manufacturer of engineered components, has reported 4 per cent sales growth to $234.5 million in second quarter (Q2) of FY21 ended on June 30, 2021, compared to $225.9 million in the corresponding period of prior fiscal. The Engineered Composites segment's sales marginally improved to $74.6 million ($72.5 million).
 
“In our Engineered Composites segment, performance remains very good - particularly in light of the headwinds caused by the ongoing destocking in the commercial aerospace supply chain,” Bill Higgins, Albany International president and chief executive officer, said in a press release. “We are executing well on our defence programmes and preparing to meet planned increases on OEM production rates on our narrow body commercial programmes.”
 
Gross profit for the quarter marginally decreased 1 per cent to $234.5 million ($225.9 million). Whereas, with higher STG&R expenses, partially offset by lower restructuring expenses, Albany’s operating income fell 5 per cent to $49.9 million ($52.7 million). Net income for Q2 FY21 was almost flat at $31.4 million (Q2 FY20: $32.3 million).
 
“At this stage, we believe that we have sufficient insight into that recovery and our operational performance to be able to raise our full year revenue and profit guidance, including raising the guidance midpoint of GAAP EPS and Adjusted EPS, each by over $0.40,” Stephen Nolan, Albany International chief financial officer said.

Fibre2Fashion News Desk (JL)

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