Albany International (AIN) Tops Q2 EPS by 28c, Revenues Beat

Albany International (NYSE: AIN) reported Q2 EPS of $0.82, $0.28 better than the analyst estimate of $0.54. Revenue for the quarter came in at $256.2 million versus the consensus estimate of $230.7 million.

• Net sales were $256.2 million, an increase of 18.9% compared to 2017 (see Table 2). Excluding the impact of the adoption of the new revenue recognition standard (ASC 606) and currency translation effects, Net sales increased 17.0% (see Table 3).
• Net income attributable to the Company was $30.4 million ($0.94 per share), compared to $1.1 million ($0.03 per share) in Q2 2017. Q2 2018 Net income attributable to the Company was increased by $1.4 million ($0.04 per share) as a result of adopting ASC 606. Q2 2017 results included a pre-tax charge of $15.8 million ($0.31 per share after tax) related to revisions in the estimated profitability of two contracts in the Albany Engineered Composites segment.
• Net income attributable to the Company, excluding adjustments (a non-GAAP measure), was $0.82 per share, compared to $0.16 per share in Q2 2017, which included the $0.31 per share charge noted above (see Table 20).
• Adjusted EBITDA (a non-GAAP measure) was $61.9 million, compared to $30.6 million in Q2 2017, which included the $15.8 million charge noted above (see Tables 10 and 11).

For earnings history and earnings-related data on Albany International (AIN) click here.

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