Albany International Corp, a manufacturer of engineered components, reported 6.2 per cent sales decline to $235.8 million in the first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $251.3 million in the same period prior year. Gross profit in the quarter decreased 2.5 per cent to $89.5 million (Q1 FY19: $91.8 million).
Albany International Corp, a manufacturer of engineered components, reported 6.2 per cent sales decline to $235.8 million in the first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $251.3 million in the same period prior year. Gross profit in the quarter decreased 2.5 per cent to $89.5 million (Q1 FY19: $91.8 million).#
“We are pleased with the performance of the business during the first quarter,”
Bill Higgins, president and chief executive officer at Albany International, said in a press release. “We are focusing in the near-term on maintaining the health and safety of our workforce while fulfilling our commitments to our customers – particularly in our role as a supplier to industries considered essential to dealing with the
Covid-19 response and essential to the US defense industrial base.
Albany International Corp, a manufacturer of engineered components, reported 6.2 per cent sales decline to $235.8 million in the first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $251.3 million in the same period prior year. Gross profit in the quarter decreased 2.5 per cent to $89.5 million (Q1 FY19: $91.8 million).#
Operating income in the quarter was $39.6 million (Q1 FY19: $40.1 million). Net income attributable to the company was $9.1 million compared to $29.2 million in same period prior year. Selling, general, and administrative expenses were $40.1 million.
Albany International Corp, a manufacturer of engineered components, reported 6.2 per cent sales decline to $235.8 million in the first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $251.3 million in the same period prior year. Gross profit in the quarter decreased 2.5 per cent to $89.5 million (Q1 FY19: $91.8 million).#
Machine Clothing sales fell 4.3 per cent to $136.6 million. Albany Engineered Composites sales decreased 6.8 per cent to $99.1 million.
Fibre2Fashion News Desk (JL)
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