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Mar 31, 2021
Albany Q1 2021 Earnings Report
Operating results for the first quarter of 2021 were reported.
Key Takeaways
Albany International reported a solid start to the year with excellent operational performance in both business segments, resulting in attractive profit margins despite headwinds in the commercial aerospace supply chain. The company is reiterating its guidance for 2021.
Net sales were $222.4 million, a 6% decrease compared to the prior year.
Operating income increased by 6% to $41.8 million, primarily due to lower STG&R expenses.
Net income attributable to the Company was $27.6 million ($0.85 per share), compared to $9.1 million ($0.28 per share) in Q1 2020.
Adjusted EPS was $0.87 per share, compared to $0.78 in the same period last year.
Revenue by Segment
Forward Guidance
The Company has updated GAAP earnings per share guidance to reflect non-GAAP adjustments reported in Q1. All other previously issued guidance for 2021 remains unchanged.
Positive Outlook
- Total company revenue of between $850 and $890 million
- Effective income tax rate, including tax adjustments, of 28% to 30%
- Total company depreciation and amortization of between $70 and $75 million
- Capital expenditures in the range of $50 to $60 million
- GAAP earnings per share of between $2.38 and $2.78 and Adjusted earnings per share of between $2.40 and $2.80
Historical Earnings Impact
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Avg. Return Before/After Earnings
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