Albany International Corp. (NYSE:AIN) today reported operating
results for its second quarter of 2024, which ended June 30,
2024.
"Overall, we had another good quarter as our businesses
delivered strong results and are responding well to their industry
challenges," said President and CEO, Gunnar Kleveland. "Revenue of
$332 million was up $58 million or 21.1% over prior year due to the
inclusion of Heimbach and sales growth in Engineered
Composites.
"In Machine Clothing, revenues at $194 million grew
year-over-year, driven by our Heimbach acquisition, slightly offset
by lower organic demand, primarily in Europe and North America. Our
global order backlog remains stable. We continue to make progress
with the integration at Heimbach.
"In Engineered Composites, we delivered 20% year-over-year top
line growth as our current programs ramp up. We see growth in our
commercial markets, especially in space and other emerging
platforms. Our defense business is also growing, primarily the
CH-53K and JASSM platforms, partially offset by the Joint Strike
Fighter program," concluded Kleveland.
For the second quarter ended June 30,
2024:
- Net revenues were $332.0 million, up 21.1%, or 21.6% after
adjusting for currency translation, when compared to the prior
year. MC's net revenues increased 21.6%, driven by Heimbach net
revenues, which was partially offset by lower net revenues in the
rest of the segment, due to decreased sales in pulp, packaging and
publication grades, net of increased sales in tissue grades and
engineered fabrics. AEC's net revenues increased 20.5%, primarily
driven by growth on CH-53K and other commercial and space
programs.
- Gross profit of $112.4 million was 9.4% higher than the $102.7
million reported for the same period of 2023; overall gross margin
declined by more than 350 basis points, driven by lower Heimbach
margins at MC and driven by changes in the estimated profitability
of long-term contracts at AEC.
- Selling, General, and Administrative (SG&A) expenses were
$55.5 million, compared to $46.8 million in the same period of
2023; the increase was driven primarily by the inclusion of
Heimbach, in addition to acquisition and integration expenses.
- Operating income was $42.9 million, compared to $45.5 million
in the prior year. Despite higher gross profit, increases in
SG&A and Restructuring expenses drove a decrease in operating
income compared to the prior year.
- Effective tax rate for the quarter was 27.9%, compared to 42.8%
for the second quarter of 2023. The 2023 rate was higher primarily
due to unfavorable discrete tax adjustments.
- Net income attributable to the Company was $24.6 million ($0.79
per share), compared to $26.7 million ($0.85 per share) in the
second quarter of 2023; Adjusted diluted earnings per share (or
Adjusted diluted EPS, a non-GAAP measure) was $0.89 per share in
both the second quarter of 2024 and 2023.
- Adjusted EBITDA (a non-GAAP measure) was $63.1 million,
compared to $65.0 million in the second quarter of 2023, a decrease
of 3.0%.
Please see the tables below for a reconciliation of non-GAAP
measures to their comparable GAAP measures.
Outlook for Full-Year 2024
The company is reaffirming its guidance for the full year of
2024 as follows:
- Total company revenue between $1.26 and $1.33 billion
- Effective income tax rate between 29% and 31%
- Capital expenditures in the range of $90 to $95 million
- Adjusted diluted earnings per share between $3.55 and
$4.05
- Total company Adjusted EBITDA between $260 to $290 million
- Machine Clothing revenue between $760 to $790 million
- Machine Clothing Adjusted EBITDA between $230 and $250
million
- Albany Engineered Composites revenue between $500 to $540
million, and
- Albany Engineered Composites Adjusted EBITDA between $97 to
$107 million.
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net revenues
$
331,994
$
274,123
$
645,324
$
543,219
Cost of goods sold
219,611
171,419
424,255
341,197
Gross profit
112,383
102,704
221,069
202,022
Selling, general, and administrative
expenses
55,515
46,760
110,350
95,239
Technical and research expenses
11,860
10,318
24,525
20,595
Restructuring expenses, net
2,103
125
4,312
145
Operating income
42,905
45,501
81,882
86,043
Interest expense/(income), net
2,950
3,106
6,269
6,396
Other (income)/expense, net
5,657
(4,511
)
2,675
(4,966
)
Income before income taxes
34,298
46,906
72,938
84,613
Income tax expense
9,578
20,080
20,849
30,701
Net income
24,720
26,826
52,089
53,912
Net income attributable to the
noncontrolling interest
96
154
174
351
Net income attributable to the Company
$
24,624
$
26,672
$
51,915
$
53,561
Earnings per share attributable to Company
shareholders - Basic
$
0.79
$
0.86
$
1.66
$
1.72
Earnings per share attributable to Company
shareholders - Diluted
$
0.79
$
0.85
$
1.66
$
1.71
Shares of the Company used in computing
earnings per share:
Basic
31,242
31,174
31,225
31,152
Diluted
31,342
31,269
31,316
31,243
Dividends declared per Class A share
$
0.26
$
0.25
$
0.52
$
0.50
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
data)
(unaudited)
June 30, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
116,439
$
173,420
Accounts receivable, net
280,008
287,781
Contract assets, net
189,242
182,281
Inventories
161,626
169,567
Income taxes prepaid and receivable
9,993
11,043
Prepaid expenses and other current
assets
49,143
53,872
Total current assets
$
806,451
$
877,964
Property, plant and equipment, net
582,167
601,989
Intangibles, net
41,505
44,646
Goodwill
178,236
180,181
Deferred income taxes
27,203
22,941
Noncurrent receivables, net
—
4,392
Other assets
116,259
102,901
Total assets
$
1,751,821
$
1,835,014
Liabilities and Shareholders' Equity
Accounts payable
$
84,628
$
87,104
Accrued liabilities
129,511
142,988
Current maturities of long-term debt
2,732
4,218
Income taxes payable
7,765
14,369
Total current liabilities
224,636
248,679
Long-term debt
374,325
452,667
Other noncurrent liabilities
151,892
139,385
Deferred taxes and other liabilities
27,620
26,963
Total liabilities
778,473
867,694
Commitments and Contingencies
Shareholders' Equity:
Preferred stock, par value $5.00 per
share; authorized 2,000,000 shares; none issued
—
—
Class A Common Stock, par value $0.001 per
share; authorized 100,000,000 shares; 40,908,380 issued in 2024 and
40,856,910 in 2023
41
41
Additional paid in capital
452,461
448,218
Retained earnings
1,046,612
1,010,942
Accumulated items of other comprehensive
income:
Translation adjustments
(154,304
)
(124,901
)
Pension and postretirement liability
adjustments
(16,718
)
(17,346
)
Derivative valuation adjustment
4,115
9,079
Treasury stock (Class A), at cost;
9,661,845 shares in 2024 and 2023
(364,665
)
(364,665
)
Total shareholders' equity
967,542
961,368
Noncontrolling interest
5,806
5,952
Total equity
973,348
967,320
Total liabilities and shareholders'
equity
$
1,751,821
$
1,835,014
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Six Months Ended June
30,
2024
2023
Cash flows from operating activities:
Net income
$
52,089
$
53,912
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
41,247
32,299
Amortization
3,446
3,018
Change in deferred taxes and other
liabilities
(2,391
)
1,787
Impairment of property, plant and
equipment
120
532
Non-cash interest expense
513
565
Compensation and benefits paid or payable
in Class A Common Stock
4,243
2,274
Provision/(recovery) for credit losses
from uncollected receivables and contract assets
(174
)
493
Foreign currency remeasurement gain on
intercompany loans
(2,580
)
(3,198
)
Fair value adjustment on foreign currency
contracts
3,109
(123
)
Gain on sale of assets
(512
)
—
Changes in operating assets and
liabilities that provided/(used) cash:
Accounts receivable
4,929
(40,131
)
Contract assets
(8,435
)
4,606
Inventories
3,062
(9,174
)
Prepaid expenses and other current
assets
(2,454
)
(2,700
)
Income taxes prepaid and receivable
873
(381
)
Accounts payable
17,679
(5,255
)
Accrued liabilities
(15,367
)
(21,570
)
Income taxes payable
(5,599
)
(4,943
)
Noncurrent receivables
(379
)
1,705
Other noncurrent liabilities
(924
)
(1,922
)
Other, net
494
2,881
Net cash provided by operating
activities
92,989
14,675
Cash flows from investing activities:
Purchases of property, plant and
equipment
(46,616
)
(34,899
)
Purchased software
(40
)
(72
)
Proceeds received from sale of assets
1,029
—
Net cash used in investing activities
(45,627
)
(34,971
)
Cash flows from financing activities:
Proceeds from borrowings
43,282
61,000
Principal payments on debt
(122,828
)
(13,000
)
Taxes paid in lieu of share issuance
(2,446
)
(3,136
)
Dividends paid
(16,233
)
(15,570
)
Net cash (used in)/provided by financing
activities
(98,225
)
29,294
Effect of exchange rate changes on cash
and cash equivalents
(6,118
)
142
(Decrease)/increase in cash and cash
equivalents
(56,981
)
9,140
Cash and cash equivalents at beginning of
period
173,420
291,776
Cash and cash equivalents at end of
period
$
116,439
$
300,916
The following table presents the reconciliation of Net revenues
to net revenues excluding the effect of changes in currency
translation rates, a non-GAAP measure:
(in thousands, except
percentages)
Net revenues as reported, Q2
2024
(Decrease)/ increase due to
changes in currency translation rates
Q2 2024 revenues on same basis
as Q2 2023 currency translation rates
Net revenues as reported, Q2
2023
% Change compared to Q2 2023,
excluding currency rate effects
Machine Clothing
$
193,578
$
(1,128
)
$
194,706
$
159,217
22.3
%
Albany Engineered Composites
138,416
(219
)
138,635
114,906
20.7
%
Consolidated total
$
331,994
$
(1,347
)
$
333,341
$
274,123
21.6
%
(in thousands, except
percentages)
Net revenues as reported, YTD
2024
(Decrease)/ increase due to
changes in currency translation rates
YTD 2024 revenues on same
basis as 2023 currency translation rates
Net revenues as reported, YTD
2023
% Change compared to 2023,
excluding currency rate effects
Machine Clothing
$
378,795
$
(1,726
)
$
380,521
$
312,439
21.8
%
Albany Engineered Composites
266,529
2
266,527
230,780
15.5
%
Consolidated total
$
645,324
$
(1,724
)
$
647,048
$
543,219
19.1
%
The following table presents Gross profit and Gross profit
margin:
(in thousands, except
percentages)
Gross profit,
Q2 2024
Gross profit margin, Q2
2024
Gross profit,
Q2 2023
Gross profit margin, Q2
2023
Machine Clothing
$
88,873
45.9
%
$
80,919
50.8
%
Albany Engineered Composites
23,510
17.0
%
21,785
19.0
%
Consolidated total
$
112,383
33.9
%
$
102,704
37.5
%
(in thousands, except
percentages)
Gross profit,
YTD 2024
Gross profit margin, YTD
2024
Gross profit,
YTD 2023
Gross profit margin, YTD
2023
Machine Clothing
$
173,528
45.8
%
$
158,774
50.8
%
Albany Engineered Composites
47,541
17.8
%
43,248
18.7
%
Consolidated total
$
221,069
34.3
%
$
202,022
37.2
%
A reconciliation from Net income/(loss) (GAAP) to Adjusted
EBITDA (non-GAAP) for the current-year and comparable prior-year
periods has been calculated as follows:
Three months ended June 30,
2024
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
53,685
$
9,434
$
(38,399
)
$
24,720
Interest expense/(income), net
—
—
2,950
2,950
Income tax expense
—
—
9,578
9,578
Depreciation and amortization expense
8,081
13,161
1,147
22,389
EBITDA (non-GAAP)
61,766
22,595
(24,724
)
59,637
Restructuring costs
1,584
922
115
2,621
Foreign currency revaluation
(gains)/losses (a)
(1,272
)
(42
)
139
(1,175
)
Other transition expenses
—
—
1,368
1,368
Acquisition/integration costs
345
—
424
769
Pre-tax (income) attributable to
noncontrolling interest
(58
)
(80
)
—
(138
)
Adjusted EBITDA (non-GAAP)
$
62,365
$
23,395
$
(22,678
)
$
63,082
Adjusted EBITDA margin (Adjusted EBITDA
divided by Net revenues) (non-GAAP)
32.2
%
16.9
%
—
19.0
%
Three months ended June 30,
2023
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
53,726
$
8,668
$
(35,568
)
$
26,826
Interest expense/(income), net
—
—
3,106
3,106
Income tax expense
—
—
20,080
20,080
Depreciation and amortization expense
4,931
12,072
947
17,950
EBITDA (non-GAAP)
58,657
20,740
(11,435
)
67,962
Restructuring costs
125
—
—
125
Foreign currency revaluation
(gains)/losses (a)
566
133
(4,185
)
(3,486
)
Acquisition/integration costs
—
271
363
634
Pre-tax (income) attributable to
noncontrolling interest
—
(212
)
—
(212
)
Adjusted EBITDA (non-GAAP)
$
59,348
$
20,932
$
(15,257
)
$
65,023
Adjusted EBITDA margin (Adjusted EBITDA
divided by Net revenues) (non-GAAP)
37.3
%
18.2
%
—
23.7
%
Six months ended June 30, 2024
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
101,795
$
18,622
$
(68,328
)
$
52,089
Interest expense/(income), net
—
—
6,269
6,269
Income tax expense
—
—
20,849
20,849
Depreciation and amortization expense
16,182
26,220
2,291
44,693
EBITDA (non-GAAP)
117,977
44,842
(38,919
)
123,900
Restructuring costs
1,605
3,110
115
4,830
Foreign currency revaluation
(gains)/losses (a)
(2,682
)
238
(1,157
)
(3,601
)
Other transition expenses
—
—
1,493
1,493
Acquisition/integration costs
1,058
182
850
2,090
Pre-tax (income) attributable to
noncontrolling interest
(69
)
(185
)
—
(254
)
Adjusted EBITDA (non-GAAP)
$
117,889
$
48,187
$
(37,618
)
$
128,458
Adjusted EBITDA margin (Adjusted EBITDA
divided by Net revenues-non-GAAP)
31.1
%
18.1
%
—
19.9
%
Six months ended June 30, 2023
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
102,690
$
18,086
$
(66,864
)
$
53,912
Interest expense/(income), net
—
—
6,396
6,396
Income tax expense
—
—
30,701
30,701
Depreciation and amortization expense
9,706
23,736
1,875
35,317
EBITDA (non-GAAP)
112,396
41,822
(27,892
)
126,326
Restructuring costs
145
—
—
145
Foreign currency revaluation
(gains)/losses (a)
2,526
—
(4,125
)
(1,599
)
Acquisition/integration costs
—
540
363
903
Pre-tax (income) attributable to
noncontrolling interest
—
(401
)
—
(401
)
Adjusted EBITDA (non-GAAP)
$
115,067
$
41,961
$
(31,654
)
$
125,374
Adjusted EBITDA margin (Adjusted EBITDA
divided by Net revenues-non-GAAP)
36.8
%
18.2
%
—
23.1
%
Per share impact of the adjustments to earnings per share are as
follows:
Three months ended June 30,
2024
(in thousands, except per share
amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
2,621
$
583
$
2,038
$
0.07
Foreign currency revaluation
(gains)/losses (a)
(1,175
)
(377
)
(798
)
(0.03
)
Other transition expenses
1,368
267
1,101
0.04
Acquisition/integration costs
769
188
581
0.02
Three months ended June 30,
2023
(in thousands, except per share
amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
125
$
31
$
94
$
0.00
Foreign currency revaluation
(gains)/losses (a)
(3,486
)
(1,034
)
(2,452
)
(0.08
)
Withholding tax related to internal
restructuring
—
(3,026
)
3,026
0.10
Acquisition/integration costs
634
158
476
0.02
Six months ended June 30, 2024
(in thousands, except per share
amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
4,830
$
1,168
$
3,662
$
0.12
Foreign currency revaluation
(gains)/losses (a)
(3,601
)
(1,143
)
(2,458
)
(0.08
)
Other transition expenses
1,493
298
1,195
0.04
Acquisition/integration costs
2,090
575
1,515
0.05
Six months ended June 30, 2023
(in thousands, except per share
amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
145
$
35
$
110
$
0.00
Foreign currency revaluation
(gains)/losses (a)
(1,599
)
(481
)
(1,118
)
(0.04
)
Withholding tax related to internal
restructuring
—
(3,026
)
3,026
0.10
Acquisition/integration costs
903
235
668
0.02
The following table provides a reconciliation of Diluted
Earnings per share to Adjusted Diluted Earnings per share:
Three months ended June
30,
Six months ended June
30,
Per share amounts (Diluted)
2024
2023
2024
2023
Earnings per share attributable to Company
shareholders - Basic (GAAP)
$
0.79
$
0.86
$
1.66
$
1.72
Effect of dilutive stock-based
compensation plans
—
(0.01
)
—
(0.01
)
Earnings per share attributable to Company
shareholders - Diluted (GAAP)
$
0.79
$
0.85
$
1.66
$
1.71
Adjustments, after tax:
Restructuring costs
0.07
—
0.12
—
Foreign currency revaluation
(gains)/losses (a)
(0.03
)
(0.08
)
(0.08
)
(0.04
)
Other transition expenses
0.04
—
0.04
—
Withholding tax related to internal
restructuring
—
0.10
—
0.10
Acquisition/integration costs
0.02
0.02
0.05
0.02
Adjusted Diluted Earnings per share
(non-GAAP)
$
0.89
$
0.89
$
1.79
$
1.79
The calculations of net debt are as follows:
(in thousands)
June 30, 2024
December 31, 2023
June 30, 2023
Current maturities of long-term debt
$
2,732
$
4,218
$
—
Long-term debt
374,325
452,667
487,000
Total debt
377,057
456,885
487,000
Cash and cash equivalents
116,439
173,420
300,916
Net debt (non-GAAP)
$
260,618
$
283,465
$
186,084
The calculation of net leverage ratio as of June 30, 2024 is as
follows:
Total Company
Twelve months ended
Six months ended
Trailing twelve
months ended
(in thousands)
December 31,
2023
June 30,
2023
June 30,
2024
June 30, 2024
(non-GAAP) (b)
Net income/(loss) (GAAP)
$
111,610
$
53,912
$
52,089
$
109,787
Interest expense/(income), net
13,601
6,396
6,269
13,474
Income tax expense
48,846
30,701
20,849
38,994
Depreciation and amortization expense
76,733
35,317
44,693
86,109
EBITDA (non-GAAP)
250,790
126,326
123,900
248,364
Restructuring costs
282
145
4,830
4,967
Foreign currency revaluation
(gains)/losses (a)
1,296
(1,599
)
(3,601
)
(706
)
CEO and other transition expenses
2,719
—
1,493
4,212
Inventory step-up impacting Cost of goods
sold
5,480
—
—
5,480
Acquisition/integration costs
5,194
903
2,090
6,381
Pre-tax (income) attributable to
noncontrolling interest
(665
)
(401
)
(254
)
(518
)
Adjusted EBITDA (non-GAAP)
$
265,096
$
125,374
$
128,458
$
268,180
(in thousands, except for net leverage
ratio)
June 30, 2024
Net debt (non-GAAP)
$
260,618
Trailing twelve months Adjusted EBITDA
(non-GAAP)
268,180
Net leverage ratio (non-GAAP)
0.97
(a) Foreign currency revaluation
(gains)/losses represent unrealized gains and losses arising from
the remeasurement of monetary assets and liabilities denominated in
non-functional currencies on the balance sheet date.
(b) Calculated as amounts incurred during
the twelve months ended December 31, 2023, less those incurred
during the six months ended June 30, 2023, plus those incurred
during the six months June 30, 2024.
The tables below provide a reconciliation of forecasted
full-year 2024 Adjusted EBITDA and Adjusted Diluted EPS (non-GAAP
measures) to the comparable GAAP measures.
Forecast of Full Year 2024 Adjusted
EBITDA
Machine Clothing
Engineered Composites
(in millions)
Low
High
Low
High
Net income attributable to the Company
(GAAP) (c)
$
200
$
215
$
44
$
49
Income attributable to the noncontrolling
interest
—
—
(1
)
(1
)
Interest expense/(income), net
—
—
—
—
Income tax expense
—
—
—
—
Depreciation and amortization
30
35
50
55
EBITDA (non-GAAP)
230
250
93
103
Restructuring costs (d)
2
2
3
3
Foreign currency revaluation
(gains)/losses (d)
(3
)
(3
)
—
—
Acquisition/integration costs (d)
1
1
—
—
Pre-tax (income)/loss attributable to
non-controlling interest
—
—
1
1
Adjusted EBITDA (non-GAAP)
$
230
$
250
$
97
$
107
(c) Interest, Other income/expense and
Income taxes are not allocated to the business segments
Forecast of Full Year 2024 Adjusted
EBITDA
Total Company
(in millions)
Low
High
Net income attributable to the Company
(GAAP)
$
107
$
122
Income attributable to the noncontrolling
interest
(1
)
(1
)
Interest expense/(income), net
17
18
Income tax expense
47
51
Depreciation and amortization
85
95
EBITDA (non-GAAP)
255
285
Restructuring costs (d)
5
5
Foreign currency revaluation
(gains)/losses (d)
(4
)
(4
)
Acquisition/integration costs (d)
2
2
Other transition expenses (d)
1
1
Pre-tax (income)/loss attributable to
non-controlling interest
1
1
Adjusted EBITDA (non-GAAP)
$
260
$
290
Total Company
Forecast of Full Year 2024 Earnings per
share (diluted) (e)
Low
High
Net income attributable to the Company
(GAAP)
$
3.42
$
3.92
Restructuring costs (d)
0.12
0.12
Foreign currency revaluation
(gains)/losses (d)
(0.08
)
(0.08
)
Other transition expenses (d)
0.04
0.04
Acquisition/integration costs (d)
0.05
0.05
Adjusted Diluted Earnings per share
(non-GAAP)
$
3.55
$
4.05
(d) Due to the uncertainty of these items,
we are unable to forecast these items for 2024
(e) Calculations based on weighted average
shares outstanding estimate of approximately 31.2 million
About Albany International Corp.
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 custom-designed, consumable
belts essential for the manufacture of paper, paperboard, tissue
and towel, pulp, non-wovens and a variety of other industrial
applications. Albany Engineered Composites is a growing designer
and manufacturer of advanced materials-based engineered components
for demanding aerospace applications, supporting both commercial
and military platforms. Albany International is headquartered in
Rochester, New Hampshire, operates 32 facilities in 14 countries,
employs approximately 6,000 people worldwide, and is listed on the
New York Stock Exchange (Symbol AIN). Additional information about
the Company and its products and services can be found at
www.albint.com.
Non-GAAP Measures
This release, including the conference call commentary
associated with this release, contains certain non-GAAP measures,
that should not be considered in isolation or as a substitute for
the related GAAP measures. Such non-GAAP measures include net
revenues and percent change in net revenues, excluding the impact
of currency translation effects; EBITDA, Adjusted EBITDA, and
Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted
diluted earnings per share (or Adjusted Diluted EPS). Management
believes that these non-GAAP measures provide additional useful
information to investors regarding the Company’s operational
performance.
Presenting Net revenues and change in Net revenues, after
currency effects are excluded, provides management and investors
insight into underlying revenues trends. Net revenues, or percent
changes in net revenues, excluding currency rate effects, are
calculated by converting amounts reported in local currencies into
U.S. dollars at the exchange rate of a prior period. These amounts
are then compared to the U.S. dollar amount as reported in the
current period.
EBITDA (calculated as net income excluding interest, income
taxes, depreciation and amortization), Adjusted EBITDA, and
Adjusted Diluted EPS are performance measures that relate to the
Company’s continuing operations. The Company defines Adjusted
EBITDA as EBITDA excluding costs or benefits that are not
reflective of the Company’s ongoing or expected future operational
performance. Such excluded costs or benefits do not consist of
normal, recurring cash items necessary to generate revenues or
operate our business. Adjusted EBITDA margin represents Adjusted
EBITDA expressed as a percentage of net revenues.
The Company defines Adjusted Diluted EPS as diluted earnings per
share (GAAP), adjusted by the after tax per share amount of costs
or benefits not reflective of the Company’s ongoing or expected
future operational performance. The income tax effects are
calculated using the applicable statutory income tax rate of the
jurisdictions where such costs or benefits were incurred or the
effective tax rate applicable to total company results.
The Company’s Adjusted EBITDA, Adjusted EBITDA margin, and
Adjusted Diluted EPS may not be comparable to similarly titled
measures of other companies.
Net debt aids investors in understanding the Company’s debt
position if all available cash were applied to pay down
indebtedness.
Net leverage ratio informs the investors of the Company's
financial leverage at the end of the reporting period, providing an
indicator of the Company's ability to repay its debt.
We encourage investors to review our financial statements and
publicly-filed reports in their entirety and not to rely on any
single financial measure.
Forward-Looking Statements
This press release may contain statements, estimates, guidance
or projections that constitute “forward-looking statements” as
defined under U.S. federal securities laws. Generally, the words
“believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,”
“will,” “should,” “look for,” “guidance,” “guide,” and similar
expressions identify forward-looking statements, which generally
are not historical in nature. Because forward-looking statements
are subject to certain risks and uncertainties (including, without
limitation, those set forth in the Company’s most recent Annual
Report on Form 10-K or Quarterly Report on Form 10-Q), actual
results may differ materially from those expressed or implied by
such forward-looking statements.
Forward-looking statements in this release or in the webcast
include, without limitation, statements about macroeconomic
conditions, including inflationary cost pressures, as well as
global events, which include but are not limited to geopolitical
events; paper-industry trends and conditions during the current
year and in future years; expectations in the current period and in
future periods of revenues, EBITDA, Adjusted EBITDA (both in
dollars and as a percentage of net revenues), Adjusted Diluted EPS,
income, gross profit, gross margin, cash flows and other financial
items in each of the Company’s businesses, and for the Company as a
whole; the timing and impact of production and development programs
in the Company’s AEC business segment and the revenues growth
potential of key AEC programs, as well as AEC as a whole; the
amount and timing of capital expenditures, future tax rates and
cash paid for taxes, depreciation and amortization; future debt and
net debt levels and debt covenant ratios; and changes in currency
rates and their impact on future revaluation gains and losses.
Furthermore, a change in any one or more of the foregoing factors
could have a material effect on the Company’s financial results in
any period. Such statements are based on current expectations, and
the Company undertakes no obligation to publicly update or revise
any forward-looking statements.
Statements expressing management’s assessments of the growth
potential of its businesses, or referring to earlier assessments of
such potential, are not intended as forecasts of actual future
growth, and should not be relied on as such. While management
believes such assessments to have a reasonable basis, such
assessments are, by their nature, inherently uncertain. This
release and earlier releases set forth a number of assumptions
regarding these assessments, including historical results,
independent forecasts regarding the markets in which these
businesses operate, and the timing and magnitude of orders for our
customers’ products. Historical growth rates are no guarantee of
future growth, and such independent forecasts and assumptions could
prove materially incorrect in some cases.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806960688/en/
Investor / Media Contact: JC Chetnani VP-Investor
Relations and Treasurer +1 (603) 330-5851
jc.chetnani@albint.com
Grafico Azioni Albany (NYSE:AIN)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Albany (NYSE:AIN)
Storico
Da Dic 2023 a Dic 2024
