Albany International Corp, a global advanced textiles and materials processing company, reported 6.2 per cent sales decline to $235.8 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $251.3 million in same period prior year. Net income attributable to the company were $9.1 million (Q1 FY19: $29.1 million).
Albany International Corp, a global advanced textiles and materials processing company, reported 6.2 per cent sales decline to $235.8 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $251.3 million in same period prior year. Net income attributable to the company were $9.1 million (Q1 FY19: $29.1 million). #
“We are pleased with the performance of the business during the first quarter,” 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 6.2 per cent sales decline to $235.8 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $251.3 million in same period prior year. Net income attributable to the company were $9.1 million (Q1 FY19: $29.1 million). #
Gross profit for the quarter fell 2.5 per cent to $89.5 million ($91.8 million). Operating income decreased 1.2 per cent to $39.6 million ($40.1 million). Selling, general & administrative expenses were at $40.1 million ($40.9 million).
Albany International Corp, a global advanced textiles and materials processing company, reported 6.2 per cent sales decline to $235.8 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $251.3 million in same period prior year. Net income attributable to the company were $9.1 million (Q1 FY19: $29.1 million). #
Sales of Machine Clothing during Q1 FY20 fell 4.3 per cent to $136.6 million ($144.3 million). Albany Engineered Composites sales decreased 6.7 per cent to $99.1 million (107.0 million).
Albany International Corp, a global advanced textiles and materials processing company, reported 6.2 per cent sales decline to $235.8 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $251.3 million in same period prior year. Net income attributable to the company were $9.1 million (Q1 FY19: $29.1 million). #
“We are focusing 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," Higgins said.
Fibre2Fashion News Desk (JL)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
