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Sep 30, 2020
Albany Q3 2020 Earnings Report
Operating results reported for Q3 2020, with net sales down due to temporary production halt on the LEAP program, but strong financial performance maintained through cost control and efficient execution.
Key Takeaways
Albany International reported a decrease in net sales due to the LEAP program's temporary production halt, but maintained strong financial performance through cost control and efficient execution. The company successfully reopened its LEAP production facilities late in the third quarter and extended the company's revolving credit agreement until October 2024.
Net sales decreased by 21.8% compared to the prior year, totaling $212.0 million.
Sales in the Engineered Composites segment declined by 38.9% due to the temporary production halt on the LEAP program.
Net income attributable to the Company was $29.6 million, or $0.92 per share, compared to $40.0 million, or $1.24 per share in Q3 2019.
Adjusted EPS was $0.96 per share, compared to $1.17 in the same period last year.
Revenue by Segment
Forward Guidance
Albany International is updating financial guidance for the full-year 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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