Albany International Q4 Profit Up

(RTTNews) - Albany International Corp. (AIN) Monday reported fourth-quarter profit of $29.1 million or $0.90 per share, compared to $17.6 million or $0.55 per share last year.

Adjusted earnings were $0.97 per share, up from $0.69 per share last year.

Net sales for the quarter grew 2.4% to $257.7 million from $251.6 million, driven by solid sales growth of 6.1% in Engineered Composites and stable sales in the Machine Clothing segment.

Analysts polled by Thomson Reuters estimated earnings of $0.80 per share and revenues of $245.83 million.

"Albany finished 2019 with another quarter of strong results thanks to excellent performance and execution in both business segments," said Albany International President and Chief Executive Officer Bill Higgins. "I thank our employees across the globe for their contribution to the growth and success of the company during 2019."

Looking forward to full year 2020, the company expects revenues of $970 million to $1.01 billion and adjusted earnings of $2.75 to $3.15 per share. Analysts currently estimate earnings of $3.87 per share and revenues of $1.08 billion.