Home / Knowledge / News / Apparel/Garments / Albany International's gross profit rises in Q2 2012
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.

Click here to read more details:

Albany International Corp.


Must ReadView All

SIMA makes pre-budget recommendations to Indian govt

Textiles | On 22nd Jan 2018

SIMA makes pre-budget recommendations to Indian govt

Exemption of 5 per cent goods and services tax (GST) on raw cotton,...

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

Indian minister urges apparel industry for dumping data

Textiles | On 22nd Jan 2018

Indian minister urges apparel industry for dumping data

Indian textiles minister Smriti Irani recently urged the apparel...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Urmil Arya

Sushila International, a well established textile organisation established ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search