Albany International Posts $41.7M Q3 Profit as Revenue Jumps 34% on Composites Strength

Albany International Corp. (AIN) swung to a third-quarter profit, reporting net income of $41.7 million, or $1.46 per share, reversing a year-earlier net loss of $97.8 million, or $3.37 per share. Net revenue rose 33.7% to $349.5 million from $261.4 million, lifted by a 107% currency-adjusted jump in Engineered Composites revenue and favorable adjustments after renegotiating the CH-53K helicopter contract. The quarter included a $44.4 million benefit tied to CH-53K contract modifications and the conclusion of the strategic review of its Amelia Earhart Drive facility. Machine Clothing revenue fell 3%. Adjusted earnings per share came in at $1.68 versus a loss of $3.29 a year earlier. For the fourth quarter, the company guided consolidated revenue of $325 million to $335 million and adjusted EPS of $0.65 to $0.75.