US' Albany posts net sales of $239.9 million in Q4FY21

"We are pleased to report another strong quarter, capping a great year in 2021," said Bill Higgins, president and chief executive officer. "Our employees performed remarkably well throughout the year serving customers, winning new business, developing new products, and navigating supply chain and COVID challenges. For the year, the company generated record free cash flow and very healthy Adjusted EBITDA margins. The team has continued to demonstrate world-class operational performance in delivery, quality, and safety."

"Our machine clothing segment's execution and financial results continue to be exceptional. On strong sales and productivity, the segment's Adjusted EBITDA of approximately $237 million was a record. Our engineered composites segment also performed very well in a challenging environment, with revenues of $310 million and Adjusted EBITDA margins of 22 per cent. The segment is winning significant new business, including the award of additional content on the CH-53K helicopter valued at more than $300 million, and is building a foundation for long-term growth with development efforts on next-generation engine and airframe programmes," explained Higgins.

"We are in a solid position as we enter 2022," said Stephen Nolan, chief financial officer. "We expect to sustain strong results despite the supply chain challenges and inflationary pressures we are facing as we enter the year. The company is well positioned with a solid business base and advanced technologies that spur long-term growth."

For fiscal 2022, total company revenue is expected between $920 and $960 million. Effective income tax rate, including tax adjustments, is likely to be between 29 per cent and 31 per cent.

Fibre2Fashion News Desk (RR)