US' Albany International's net sales rise 12% to $268.8 mn in Q4 FY22

In Q4 FY22, the company reported an increase in selling, technical, general, and research expenses to $59.3 million, compared to $53.2 million in the same period of 2021. This was attributed to higher foreign currency revaluation expenses, incentive compensation costs, and investments in sales and marketing activities. As a result, the operating income decreased by 9.2 per cent to $37.9 million compared to the prior year, Albany International said in a press release.

Net income attributable to the company was $18.1 million ($0.58 per share) in Q4 FY22, compared to $28.6 million ($0.89 per share) in the fourth quarter of 2021. Adjusted earnings per share was $0.75 per share, compared to $0.86 per share for the same period of last year. Additionally, adjusted EBITDA decreased by 3.6 per cent to $58.4 million.

For fiscal 2023, Albany International has projected total revenue to range from $1.01-$1.05 billion. GAAP and adjusted earnings per share are forecast to be between $3.10 and $3.60, with the total company adjusted EBITDA expected to fall between $225-$255 million. The revenue for machine clothing is anticipated to be between $590 million and $610 million, while machine clothing adjusted EBITDA is estimated to range from $205 to $225 million. Meanwhile, Albany engineered composites (AEC) revenue is expected to fall between $420 million and $440 million, with Albany engineered composites adjusted EBITDA projected to be between $80 million and $90 million.

Fibre2Fashion News Desk (DP)