Albany International Corp, a global advanced textiles and materials processing company, reported 12.0 per cent sales decline to $226.9 million in its fourth quarter (Q4) FY20 ended on December 31, 2020, compared to $257.6 million in same period last fiscal. Net income attributable to the company for the quarter was $27.5 million (Q4 FY19: $29.1 million).
Albany International Corp, a global advanced textiles and materials processing company, reported 12.0 per cent sales decline to $226.9 million in its fourth quarter (Q4) FY20 ended on December 31, 2020, compared to $257.6 million in same period last fiscal. Net income attributable to the company for the quarter was $27.5 million (Q4 FY19: $29.1 million).#
“Albany International finished 2020 with another strong quarter, particularly in light of the challenging business conditions in some of our end markets,” Bill Higgins, Albany International president and chief executive officer, said in a press release.
Albany International Corp, a global advanced textiles and materials processing company, reported 12.0 per cent sales decline to $226.9 million in its fourth quarter (Q4) FY20 ended on December 31, 2020, compared to $257.6 million in same period last fiscal. Net income attributable to the company for the quarter was $27.5 million (Q4 FY19: $29.1 million).#
“Our operations performed exceptionally well for customers and shareholders. Both segments delivered impressive profit margins despite top-line headwinds caused by the pandemic and the Boeing 737 MAX grounding,” Higgins said.
Albany International Corp, a global advanced textiles and materials processing company, reported 12.0 per cent sales decline to $226.9 million in its fourth quarter (Q4) FY20 ended on December 31, 2020, compared to $257.6 million in same period last fiscal. Net income attributable to the company for the quarter was $27.5 million (Q4 FY19: $29.1 million).#
During Q4 FY20, gross profit came down to $91.3 million ($96.6 million). Selling, general, and administrative expenses rose to $45.7 million ($42.0 million). Company’s operating income for the quarter was $34.9 million ($43.5 million).
Albany International Corp, a global advanced textiles and materials processing company, reported 12.0 per cent sales decline to $226.9 million in its fourth quarter (Q4) FY20 ended on December 31, 2020, compared to $257.6 million in same period last fiscal. Net income attributable to the company for the quarter was $27.5 million (Q4 FY19: $29.1 million).#
Sales of machine clothing for Q4 was down to $144.1 million ($150.5 million). However, Albany engineered composites sales marginally increased to $82.6 million ($107.0 million).
Albany International Corp, a global advanced textiles and materials processing company, reported 12.0 per cent sales decline to $226.9 million in its fourth quarter (Q4) FY20 ended on December 31, 2020, compared to $257.6 million in same period last fiscal. Net income attributable to the company for the quarter was $27.5 million (Q4 FY19: $29.1 million).#
“The machine clothing segment managed its business remarkably well during 2020. For the full year, the machine clothing segment reached the same level of adjusted EBITDA as 2019 despite a 5 per cent reduction in segment revenues,” Higgins said. “We expect another strong year in 2021. We are encouraged by growth in our order book and strengthening end-markets that we serve in this segment.”
Fibre2Fashion News Desk (JL)
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