The following is a summary of the Albany International Corp. (AIN) Q4 2023 Earnings Call Transcript:
Financial Performance:
Albany International Corp reported Q4 net sales of $324 million, a 20.4% increase from Q4 2022, driven primarily by Heimbach.
Gross profit for Q4 was $120 million, reflecting an increase of $23 million or 22.5% compared to last year.
GAAP net income for Q4 was $30.5 million, a significant rise from last year's $18.1 million.
Adjusted EBITDA for Q4 was $75 million, a 28% increase from the prior year.
Albany generated $39 million of free cash flow and reduced its debt by over $30 million during Q4.
In 2023, Albany reported annual consolidated revenue of $1.15 billion, an 11% increase from 2022. Adjusted EBITDA rose to $265 million, a 5% increase.
Net income for 2023 was $111 million or $3.55 per share, up from $96 million or $3.04 per share in 2022.
2023 free cash flow reached $64 million, up from $32 million in 2022.
Business Progress:
The company expects 2024 to be another strong year with double-digit top-line growth and continued attractive EBITDA margins.
Growth in the Machine Clothing business will be driven by the Heimbach acquisition, with revenues projected between $760 million to $790 million and an adjusted EBITDA between $230 million to $250 million.
The company predicts initial revenue between $500 million to $540 million and an adjusted EBITDA of between $97 million and $107 million for the AEC segment.
Their long-term growth will continue to be driven by increasing production across commercial, defense, and space programs.
The Heimbach integration efforts are on track and Albany is confident in its ability to meet the financial targets outlined at the time of the acquisition.
Albany plans to increase dividends to shareholders while continuing to prioritize capital-efficient investment in strategic partners and programs.
More details: Albany International IR
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