Albany International Reports Third-quarter 2019 Results

Albany International Reports Strong Net Sales Growth

Albany International Increases 2019 Profit Guidance

ROCHESTER, N.H.--()--Albany International Corp. (NYSE:AIN) today reported operating results for its 2019 third quarter, which ended September 30, 2019.

Albany International delivered another very strong quarter in Q3 2019. Total company Net sales growth over last year was an impressive 8%, and 9% on a constant dollar basis. We also continued to deliver strong profitability: compared to Q3 2018, our Net income grew approximately 43%. I thank all of Albany’s employees for contributing to these results,” said Albany International President and Chief Executive Officer Olivier Jarrault.

The focus on customer service levels and on product innovation leadership, as well as the continued deployment of a standardized, disciplined operating system, have resulted in our ability to deliver outstanding performance across the company. The Engineered Composites segment delivered 27% revenue growth, or 28% on a constant dollar basis, leading to the highest revenue quarter in the segment’s history, with operating profit of $17 million and an Adjusted EBITDA margin of 24%, due to a continued focus on labor productivity and operational efficiencies. In the Machine Clothing segment, we delivered another solid quarter: this was the third consecutive quarter of improved gross margins, hitting 52.4% for the third quarter.”

For the third quarter ended September 30, 2019:

  • Net sales were $271.1 million, an increase of 7.6% compared to the prior year, reflecting strong growth in Engineered Composites partially offset by lower sales in the Machine Clothing segment.
  • Gross profit of $104.1 million was up from $92.4 million for the same period of 2018, an increase of 12.7%. The increase was driven by the overall increase in net sales and by gross margin expansion in both segments.
  • Operating income was $55.7 million, compared to $40.8 million in the prior year, an increase of 36.4%, driven by higher gross profit and lower restructuring and STG&R expenses.
  • The effective tax rate was 24.7%, compared to 28.9% during the same period last year. The effective tax rates include discrete tax items and a change in the estimated income tax rate which reduced third-quarter Income tax expense by $1.5 million in 2019 and by $0.4 million in 2018.
  • Net income attributable to the Company was $40.0 million ($1.24 per share), compared to $27.7 million ($0.86 per share) in Q3 2018. Adjusted earnings per share (or Adjusted EPS, a non-GAAP measure) was $1.17 per share, compared to $0.85 per share in Q3 2018.
  • Adjusted EBITDA (a non-GAAP measure) was $71.4 million, compared to $62.7 million in Q3 2018, an increase of 13.9%.

Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.

Stronger performance than we had expected this quarter – driven by better-than-expected North American machine clothing performance, favorable net changes in estimated long-term contract profitability, and pull-ahead of LEAP-1B component revenues from future periods –have led us to increase our profit guidance for the full year,” said Albany International Chief Financial Officer and Treasurer Stephen Nolan. “We will provide a complete update on 2020 expectations when we release our fourth-quarter 2019 results, but some of the drivers of our strong performance this year will create headwinds to year-over-year comparative performance in 2020.”

Outlook for Full-Year 2019

Albany International is updating its financial guidance for the full-year 2019:

  • Machine Clothing revenue of $595 to $605 million – in line with previous guidance of relatively stable on a currency-neutral basis to 2018;
  • Machine Clothing Adjusted EBITDA of between $205 and $215 million, up $10 million from the previous guidance range;
  • Engineered Composites revenue between $445 to $455 million, within the prior guidance range of revenue growth compared to 2018 of between 20-25%;
  • Engineered Composites Adjusted EBITDA of $95 to $105 million, where no prior quantitative guidance had been provided;
  • Total company revenue of between $1.04 and $1.06 billion, revised from prior guidance of $1.05 to $1.08 billion;
  • Effective income tax rate, including tax adjustments, of 26% to 27%, down from the prior guidance of 27% to 29%;
  • Total company depreciation and amortization of between $69 and $73 million, down slightly from prior guidance of $70 to $75 million;
  • Capital expenditures in the range of $70 to $80 million, down from the prior guidance of $80 to $90 million;
  • GAAP earnings per share of between $3.81 and $4.01, up from the prior guidance of between $3.04 and $3.34; and
  • Adjusted earnings per share of between $3.75 and $3.95, up from the prior guidance of between $3.05 and $3.35
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
 
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 

2019

2018

2019

2018

 

$

271,133

 

$

251,889

 

Net sales

$

796,454

 

$

730,866

 

 

167,026

 

 

159,487

 

Cost of goods sold

 

495,394

 

 

469,039

 

 

 

104,107

 

 

92,402

 

Gross profit

 

301,060

 

 

261,827

 

 

39,841

 

 

39,058

 

Selling, general, and administrative expenses

 

121,602

 

 

117,646

 

 

8,832

 

 

9,958

 

Technical and research expenses

 

28,323

 

 

30,473

 

 

(244

)

 

2,552

 

Restructuring expenses, net

 

1,139

 

 

13,714

 

 

 

55,678

 

 

40,834

 

Operating income

 

149,996

 

 

99,994

 

 

3,987

 

 

4,621

 

Interest expense, net

 

13,035

 

 

13,530

 

 

(1,628

)

 

(3,151

)

Other income, net

 

(1,906

)

 

(973

)

 

 

53,319

 

 

39,364

 

Income before income taxes

 

138,867

 

 

87,437

 

 

13,194

 

 

11,359

 

Income tax expense

 

35,075

 

 

21,690

 

 

 

40,125

 

 

28,005

 

Net income

 

103,792

 

 

65,747

 

 

116

 

 

269

 

Net income attributable to the noncontrolling interest

 

539

 

 

447

 

$

40,009

 

$

27,736

 

Net income attributable to the Company

 

103,253

 

$

65,300

 

 

$

1.24

 

$

0.86

 

Earnings per share attributable to Company shareholders - Basic

$

3.20

 

$

2.02

 

 

$

1.24

 

$

0.86

 

Earnings per share attributable to Company shareholders - Diluted

$

3.20

 

$

2.02

 

 
Shares of the Company used in computing earnings per share:

 

32,306

 

 

32,264

 

Basic

 

32,293

 

 

32,247

 

 

 

32,317

 

 

32,280

 

Diluted

 

32,305

 

 

32,263

 

 

$

0.18

 

$

0.17

 

Dividends declared per share, Class A and Class B

$

0.54

 

$

0.51

 

ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
 
 
September 30,
2019
December 31,
2018
ASSETS
Cash and cash equivalents

$

173,739

 

$

197,755

 

Accounts receivable, net

 

224,232

 

 

223,176

 

Contract assets

 

64,571

 

 

57,447

 

Inventories

 

105,705

 

 

85,904

 

Income taxes prepaid and receivable

 

6,774

 

 

7,473

 

Prepaid expenses and other current assets

 

24,849

 

 

21,294

 

Total current assets

$

599,870

 

$

593,049

 

 
Property, plant and equipment, net

 

449,299

 

 

462,055

 

Intangibles, net

 

44,530

 

 

49,206

 

Goodwill

 

162,075

 

 

164,382

 

Deferred income taxes

 

51,761

 

 

62,622

 

Noncurrent receivables

 

45,699

 

 

45,061

 

Other assets

 

51,488

 

 

41,617

 

Total assets

$

1,404,722

 

$

1,417,992

 

 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable

$

60,994

 

$

52,246

 

Accrued liabilities

 

122,741

 

 

129,030

 

Current maturities of long-term debt

 

20

 

 

1,224

 

Income taxes payable

 

7,787

 

 

6,806

 

Total current liabilities

 

191,542

 

 

189,306

 

 
Long-term debt

 

424,012

 

 

523,707

 

Other noncurrent liabilities

 

118,153

 

 

88,277

 

Deferred taxes and other liabilities

 

7,934

 

 

8,422

 

Total liabilities

 

741,641

 

 

809,712

 

 
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share;
authorized 2,000,000 shares; none issued

-

-

Class A Common Stock, par value $.001 per share;
authorized 100,000,000 shares; issued 39,098,292 in 2019
and 37,450,329 in 2018

39

37

Class B Common Stock, par value $.001 per share;
authorized 25,000,000 shares; issued and outstanding
1,617,998 in 2019 and 3,233,998 in 2018

2

3

Additional paid in capital

 

431,860

 

 

430,555

 

Retained earnings

 

675,491

 

 

589,645

 

Accumulated items of other comprehensive income:
Translation adjustments

 

(139,153

)

 

(115,976

)

Pension and postretirement liability adjustments

 

(48,146

)

 

(47,109

)

Derivative valuation adjustment

 

(4,172

)

 

4,697

 

Treasury stock (Class A), at cost 8,408,770 shares in 2019
and 8,418,620 shares in 2018

(256,391

)

(256,603

)

Total Company shareholders' equity

 

659,530

 

 

605,249

 

Noncontrolling interest

 

3,551

 

 

3,031

 

Total equity

 

663,081

 

 

608,280

 

Total liabilities and shareholders' equity

$

1,404,722

 

$

1,417,992

 

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOW
(in thousands)
(unaudited)

 

Three Months Ended
September 30,

 

Nine Months ended
September 30,

2019

2018

 

2019

2018

OPERATING ACTIVITIES

$

40,125

 

$

28,005

 

Net income

$

103,792

 

$

65,747

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

15,672

 

 

17,436

 

Depreciation

 

46,659

 

 

52,852

 

 

1,582

 

 

2,366

 

Amortization

 

6,305

 

 

7,571

 

 

13,548

 

 

1,199

 

Change in deferred taxes and other liabilities

 

12,802

 

 

(7,012

)

 

(5

)

 

2,131

 

Provision for write-off of property, plant and equipment

 

1,101

 

 

3,255

 

 

151

 

 

150

 

Non-cash interest expense

 

454

 

 

304

 

 

790

 

 

543

 

Compensation and benefits paid or payable in Class A Common Stock

 

1,413

 

 

1,879

 

 

-

 

 

(10

)

Fair value adjustment on foreign currency option

 

-

 

 

61

 

 

Changes in operating assets and liabilities that provided cash:

 

(9,950

)

 

(2,813

)

Accounts receivable

 

(7,140

)

 

(39,954

)

 

(9,605

)

 

3,040

 

Contract assets

 

(6,558

)

 

(8,721

)

 

(3,760

)

 

(2,968

)

Inventories

 

(21,927

)

 

(16,408

)

 

131

 

 

103

 

Prepaid expenses and other current assets

 

(4,057

)

 

(5,117

)

 

304

 

 

(551

)

Income taxes prepaid and receivable

 

662

 

 

(454

)

 

363

 

 

(2,728

)

Accounts payable

 

7,837

 

 

6,154

 

 

3,407

 

 

7,552

 

Accrued liabilities

 

(8,762

)

 

12,171

 

 

(5,611

)

 

6,766

 

Income taxes payable

 

1,619

 

 

13,355

 

 

(339

)

 

(4,676

)

Noncurrent receivables

 

(679

)

 

(8,846

)

 

(2,251

)

 

(5,102

)

Other noncurrent liabilities

 

(4,411

)

 

(6,333

)

 

(1,055

)

 

(5,728

)

Other, net

 

(2,517

)

 

(9,049

)

 

43,497

 

 

44,715

 

Net cash provided by operating activities

 

126,593

 

 

61,455

 

 

INVESTING ACTIVITIES

 

(13,442

)

 

(21,441

)

Purchases of property, plant and equipment

 

(48,846

)

 

(60,564

)

 

(257

)

 

(78

)

Purchased software

 

(306

)

 

(130

)

 

(13,699

)

 

(21,519

)

Net cash used in investing activities

 

(49,152

)

 

(60,694

)

 

FINANCING ACTIVITIES

 

-

 

 

3,000

 

Proceeds from borrowings

 

20,000

 

 

26,031

 

 

(58,006

)

 

(10,471

)

Principal payments on debt

 

(95,014

)

 

(24,614

)

 

(298

)

 

-

 

Principal payments on finance lease liabilities

 

(876

)

 

-

 

 

-

 

 

-

 

Taxes paid in lieu of share issuance

 

(971

)

 

(1,652

)

 

33

 

 

52

 

Proceeds from options exercised

 

105

 

 

202

 

 

(5,814

)

 

(5,485

)

Dividends paid

 

(17,435

)

 

(16,441

)

 

(64,085

)

 

(12,904

)

Net cash used in financing activities

 

(94,191

)

 

(16,474

)

 

 

(7,207

)

 

(4,443

)

Effect of exchange rate changes on cash and cash equivalents

 

(7,266

)

 

(7,421

)

 

 

(41,494

)

 

5,849

 

(Decrease)/increase in cash and cash equivalents

 

(24,016

)

 

(23,134

)

 

215,233

 

 

154,744

 

Cash and cash equivalents at beginning of period

 

197,755

 

 

183,727

 

$

173,739

 

$

160,593

 

Cash and cash equivalents at end of period

$

173,739

 

$

160,593

 

Reconciliation of non-GAAP measures to comparable GAAP measures

The following table presents Net sales and the effect of changes in currency translation rates:

(in $ thousands, except percentages)

Net Sales,
as reported,
Q3 2019

Decrease
due to
changes in
currency
translation
rates

Q3 2019
sales on
same basis
as Q3 2018
currency
translation
rates

Net sales as
reported, Q3
2018

% Change
compared to
Q3 2018,
excluding
currency
rate effects

Machine Clothing

$151,324

$2,181

$153,505

$157,608

-2.6%

Albany Engineered Composites

119,809

1,163

120,972

94,281

28.3%

Total

$271,133

$3,344

$274,477

$251,889

9.0%

Adjusted EBITDA for the current-year and comparable prior-year periods has been calculated as follows:

Three months ended September 30, 2019

(in $ thousands)

Machine
Clothing

Albany
Engineered
Composites

Corporate
Expenses
and Other

Total
Company

Operating income/(loss) (GAAP)

$51,906

$17,345

($13,573)

$55,678

Interest, taxes, and other income/(expense)

-

-

(15,553)

(15,553)

Net income/(loss) (GAAP)

51,906

17,345

(29,126)

40,125

Interest expense, net

-

-

3,987

3,987

Income tax expense

-

-

13,194

13,194

Depreciation and amortization expense

5,149

11,087

1,018

17,254

EBITDA (non-GAAP)

57,055

28,432

(10,927)

74,560

Restructuring expenses, net

(211)

(33)

-

(244)

Foreign currency revaluation (gains)/losses

(1,021)

341

(2,026)

(2,706)

Pre-tax (income) attributable to non-controlling interest

-

(161)

-

(161)

Adjusted EBITDA (non-GAAP)

$55,823

$28,579

($12,953)

$71,449

Adjusted EBITDA margin (Adjusted EBITDA
divided by Net sales – non-GAAP)

 

36.9%

 

23.9%

 

-

 

26.4%

Three months ended September 30, 2018

(in $ thousands)

Machine
Clothing

Albany
Engineered
Composites

Corporate
Expenses
and Other

Total
Company

Operating income/(loss) (GAAP)

$49,695

$3,613

($12,474)

$40,834

Interest, taxes, and other income/(expense)

-

-

(12,829)

(12,829)

Net income/(loss) (GAAP)

49,695

3,613

(25,303)

28,005

Interest expense, net

-

-

4,621

4,621

Income tax expense

-

-

11,359

11,359

Depreciation and amortization expense

7,727

10,892

1,183

19,802

EBITDA (non-GAAP)

57,422

14,505

(8,140)

63,787

Restructuring expenses, net

370

2,189

(7)

2,552

Foreign currency revaluation (gains)/losses

(39)

243

(3,439)

(3,235)

Pre-tax (income) attributable to non-controlling interest

-

(397)

-

(397)

Adjusted EBITDA (non-GAAP)

$57,753

$16,540

($11,586)

$62,707

Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales – non-GAAP)

 

36.6%

 

17.5%

 

-

 

24.9%

Per share impact of the adjustments to earnings per share are as follows:

Three months ended September 30, 2019

(in $ thousands, except per share amounts)

Pre-Tax
Amount

Tax Effect

After-Tax
Amount

Per Share
Amount

Restructuring expenses, net (credit)

$(244)

$(67)

$(177)

$(0.01)

Foreign currency revaluation (gains)/losses

(2,706)

(744)

(1,962)

(0.06)

Three months ended September 30, 2018

(in $ thousands, except per share amounts)

Pre-Tax
Amount

Tax Effect

After-Tax
Amount

Per Share
Amount

Restructuring expenses, net

$2,552

$758

$1,794

$0.06

Foreign currency revaluation (gains)/losses

(3,235)

(961)

(2,274)

(0.07)

Resulting third quarter Adjusted EPS was as follows:

 

Three months ended
September 30,

Per Share Amounts (Basic)

2019

2018

Earnings per share (GAAP)

$1.24

$0.86

Restructuring expenses, net (after-tax)

(0.01)

0.06

Foreign currency revaluation (gains)/losses (after-tax)

(0.06)

(0.07)

Adjusted Earnings per share

$1.17

$0.85

The tables below provide a reconciliation of forecasted full-year 2019 Adjusted EBITDA and Adjusted EPS (non-GAAP measures) to the comparable GAAP measures:

Forecast of Full Year 2019 Adjusted EBITDA

Machine Clothing

AEC

(in $ millions)

Low

High

Low

High

Net income attributable to the Company (GAAP)

$184

$192

$51

$59

Interest expense, net

-

-

-

-

Income tax expense

-

-

-

-

Depreciation and amortization

21

23

44

46

EBITDA (non-GAAP)

205

215

95

105

Restructuring expenses, net (a)

1

1

-

-

Foreign currency revaluation (gains)/losses (a)

(1)

(1)

1

1

Pre-tax (income) attributable to non-controlling interest

-

-

(1)

(1)

Adjusted EBITDA (non-GAAP)

$205

$215

$95

$105

Forecast of Full Year 2019 Adjusted EBITDA

Total Company

(in $ millions)

Low

High

Net income attributable to the Company (GAAP)

$123

$129

Interest expense, net

17

16

Income tax expense

45

46

Depreciation and amortization

69

73

EBITDA (non-GAAP)

254

264

Restructuring expenses, net (a)

1

1

Foreign currency revaluation (gains)/losses (a)

(4)

(4)

Pre-tax (income) attributable to non-controlling interest

(1)

(1)

Adjusted EBITDA (non-GAAP)

$250

$260

Forecast of Full Year 2019
Adjusted Earnings Per Share

Per Share Amounts – Basic (b)

Low

High

Earnings per share (GAAP)

$3.81

$4.01

Restructuring expenses, net (a)

0.02

0.02

Foreign currency revaluation (gains)/losses (a)

(0.08)

(0.08)

Adjusted Earnings per share (non-GAAP)

$3.75

$3.95

  1. Due to the uncertainty of these items, full year forecast is estimated as equal to actual results through Q3 2019
  2. Calculations based on shares outstanding estimate of 32.3 million

About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of fabrics and process felts used in the manufacture of all grades of paper products. Albany Engineered Composites is a rapidly growing designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 22 plants in 10 countries, employs 4,700 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

Non-GAAP Measures

This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, including: net sales, and percent change in net sales, excluding the impact of currency translation effects (for each segment and on a consolidated basis); EBITDA and Adjusted EBITDA (for each segment and on a consolidated basis, represented in dollars or as a percentage of net sales); Net debt and changes in Net debt; and Adjusted earnings per share (or Adjusted EPS). Such items are provided because management believes that they provide additional useful information to investors regarding the Company’s operational performance.

Presenting Net sales and increases or decreases in Net sales, after currency effects are excluded, can give management and investors insight into underlying sales trends. Net sales, or percent changes in net sales, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These amounts are then compared to the U.S. dollar amount as reported in the current period.

EBITDA, Adjusted EBITDA and Adjusted EPS are performance measures that relate to the Company’s continuing operations. EBITDA, or net income with interest, taxes, depreciation, and amortization added back, is a common indicator of financial performance used, among other things, to analyze and compare core profitability between companies and industries because it eliminates effects due to differences in financing, asset bases and taxes. The Company calculates EBITDA by removing the following from Net income: Interest expense net, Income tax expense, Depreciation and amortization. Adjusted EBITDA is calculated by: adding to EBITDA costs associated with restructuring, and inventory write-offs associated with discontinued businesses; charges and credits related to pension plan settlements; adding (or subtracting) revaluation losses (or gains); subtracting (or adding) gains (or losses) from the sale of buildings or investments; subtracting insurance recovery gains in excess of previously recorded losses; and subtracting (or adding) Income (or loss) attributable to the non-controlling interest in Albany Safran Composites (ASC). Adjusted EBITDA may also be presented as a percentage of net sales by dividing it by net sales. An understanding of the impact in a particular quarter of specific restructuring costs, currency revaluation, inventory write-offs associated with discontinued businesses, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect. Restructuring expenses in the MC segment, while frequent in recent years, are reflective of significant reductions in manufacturing capacity and associated headcount in response to shifting markets, and not of the profitability of the business going forward as restructured. Adjusted earnings per share (Adjusted EPS) is calculated by adding to (or subtracting from) net income attributable to the Company per share, on an after-tax basis: restructuring charges; charges and credits related to pension plan settlements and curtailments; inventory write-offs associated with discontinued businesses; foreign currency revaluation losses (or gains); acquisition expenses; and losses (or gains) from the sale of investments.

EBITDA, Adjusted EBITDA, and Adjusted EPS, as defined by the Company, may not be similar to similarly named measures of other companies. Such measures are not considered measurements under GAAP, and should be considered in addition to, but not as substitutes for, the information contained in the Company’s statements of income.

The Company discloses certain income and expense items on a per-share basis. The Company believes that such disclosures provide important insight into underlying quarterly earnings and are financial performance metrics commonly used by investors. The Company calculates the quarterly per-share amount for items included in continuing operations by using the income tax rate based on income from continuing operations and the weighted-average number of shares outstanding for each period. Year-to-date earnings per-share effects are determined by adding the amounts calculated at each reporting period.

Net debt is, in the opinion of the Company, helpful to investors wishing to understand what the Company’s debt position would be if all available cash were applied to pay down indebtedness. The Company calculates Net debt by subtracting Cash and cash equivalents from Total debt. Total debt is calculated by adding Long-term debt, Current maturities of long-term debt, and Notes and loans payable, if any.

Forward-Looking Statements

This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.

Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic and paper-industry trends and conditions during 2019 and in future years; expectations in 2019 and in future periods of sales, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net sales), Adjusted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the sales growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

Contacts

John Hobbs, 603-330-5897
john.hobbs@albint.com

Release Summary

Albany International reports third quarter 2019 financial results.

Contacts

John Hobbs, 603-330-5897
john.hobbs@albint.com