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Net income rises 10.56% in Q1 2016 at Albany
06
May '16
Textiles and materials processing company, Albany International reported rise of 10.56 per cent in net income to $13.50 million in the first quarter of 2016, ended march 31, as compared to $12.23 million in the corresponding quarter of 2015 because of discrete income tax adjustments.

Income before income taxes was $20.4 million in Q1 of 2016 as compared to $20.8 million in the first quarter of the previous year. Income tax expense summed up to $7.04 million in Q1 2016 as compared to $8.51 million in the corresponding year of the prior year.

Net sales of the company stood at $172.33 million in the three month period of 2016 as compared to $181.32 million in the prior quarter, a fall of 4.95 per cent.

Diluted earnings per share for the quarter stood at $0.42 as compared to $0.38 in the prior year.

Commenting on the results, Joe Morone, president and CEO of Albany International said, “Q1 2016 was another good quarter for Albany International. Against an unusually strong Q1 2015, Q1 2016 adjusted EBITDA held constant.”

“It bears emphasising that our ability to realise the revenue potential of these programs is by no means certain. Each requires successful execution against demanding requirements and schedules, and assumes no significant slippage in schedule,” he added. (MCJ)

Fibre2Fashion News Desk - India

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