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Albany International Corp Down 3.41% To $86.48 After Earnings Beat

Wednesday, April 26, 2023 01:40 PM | InvestorsObserver Analysts

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Albany International Corp Down 3.41% To $86.48 After Earnings Beat

Albany International Corp. (AIN) surpassed earnings projections on 4/25/2023 for Q1 2023.

Wall Street earnings per share (EPS) projections for Albany International Corp were at $0.82. The company beat those estimates with an EPS of $0.91. The earnings per share of $0.91 (which represents a -11% EPS surprise) led to the company's profits falling 0% compared to last year when the firm reported an EPS of $0.91. The neutral in Albany International Corp's annual growth rate represents how the business is performing neutrally amid recent economic conditions.

Consensus analyst estimates were at $254.8 million. The Consumer Cyclical company managed to surpass those expectations for its first quarter with revenue of $269.1 million, a positive revenue surprise of $14.3 million (6%). The firm managed 10% growth year-over-year due to Albany International Corp reporting quarterly revenue of $244.2 million in its year-ago quarter. Albany International Corp achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is down 3.41% to $86.48 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 38. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Albany International Corp is principally engaged in processing textiles and materials. The company consists of two business segments, the machine clothing segment, which produces and provides custom-designed fabrics and belts for the production in the paper, nonwovens, and other process industries; and the Albany engineered composites segment, which offers engineered composite parts for the aerospace and defensive industries. The machine clothing segment contributes to the majority of the company's total revenue. The company has a global operation and generates revenue from the United States, Switzerland, Brazil, China, Mexico, France, and other areas.

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