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Albany International's gross profit rises in Q2 2012
04
Aug '12
Albany International Corp. reported a Q2 2012 loss from continuing operations of $57.8 million ($1.84 per share), including a charge of $110.6 million ($2.34 per share) for pension plan settlements, restructuring charges of $3.2 million ($0.07 per share), foreign currency revaluation gains of $5.8 million ($0.14 per share), and net unfavorable income tax adjustments of $1.3 million ($0.04 per share). In June 2012, the Company completed the sale of its PrimaLoft Products business, resulting in a gain of $35.0 million. Q2 2012 income from discontinued operations was $0.76 per share.

For the second quarter of 2011, income from continuing operations was $4.5 million ($0.15 per share), including restructuring charges of $1.7 million ($0.04 per share), foreign currency revaluation losses of $1.5 million ($0.03 per share), a gain on the sale of a building of $0.6 million ($0.01 per share), and unfavorable income tax adjustments of $0.6 million ($0.02 per share).

Gross profit was $78.5 million (40.9 percent of net sales) in the second quarter of 2012, compared to $73.9 million (39.0 percent of net sales) in the same period of 2011. The increase primarily was due to Machine Clothing, where gross profit margins increased from 41.8 percent in 2011 to 44.2 percent in 2012, as a result of high plant utilization in the Americas and favorable geographic sales mix.

Selling, technical, general, and research (STG&R) expenses were $50.8 million, or 26.5 percent of net sales, in the second quarter of 2012. STG&R expenses included gains of $2.7 million related to the revaluation of non-functional-currency assets and liabilities and $1.5 million due to favorable adjustments to compensation and other accruals. STG&R expenses were also reduced by $0.9 million as the result of lower pension expense due to the pension settlements noted above.

In the second quarter of 2011, STG&R expenses were $59.7 million, or 31.5 percent of net sales, including losses of $2.0 million related to the revaluation of non-functional-currency assets and liabilities.

In addition to the STG&R expenses noted above, the Company recorded charges of $110.6 million in Q2 2012 for pension settlements in the U.S. and Canada.

Q2 2012 Machine Clothing operating income included restructuring charges of $2.9 million and foreign currency revaluation income of $2.7 million. Q2 2011 Machine Clothing operating income included restructuring charges of $0.6 million and foreign currency revaluation losses of $2.0 million. Q2 2011 Unallocated expenses included restructuring charges of $1.1 million.

Q2 2012 Other income/expense, net, was income of $2.6 million, including income of $3.1 million related to the revaluation of non-functional-currency intercompany balances. Other income/expense, net, in Q2 2011 was nil, including income of $0.5 million related to the revaluation of non-functional-currency intercompany balances.

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Albany International Corp.

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