Home / Knowledge / News / Textiles / Albany International Q3 sales down 5.9 %
Albany International Q3 sales down 5.9 %
05
Nov '13
Albany International Corp., a global advanced textiles and materials processing company with core businesses in machine clothing and engineered composites, reported Q3 2013 income from continuing operations of $4.7 million.

These results include restructuring charges of $2.3 million, foreign currency revaluation losses of $3.3 million, and net favorable income tax adjustments of $0.5 million.

Third-Quarter Financial Highlights

- Net sales were $183.1 million, a decrease of 5.9 percent compared to Q3 2012. Q3 2012 included a change in terms with a North American customer that increased sales by $8 million.

- Adjusted EBITDA for Q3 2013 was $31.9 million, compared to $41.9 million in Q3 2012. Q3 2012 included a change in terms with a North American customer that increased Adjusted EBITDA by $3.5 million.

- Q3 2013 income from continuing operations was $0.15 per share. These results include restructuring charges of $0.04, foreign currency revaluation losses of $0.06, and net favorable income tax adjustments of $0.01.

- Q3 2012 income from continuing operations was $0.29 per share. These results included restructuring charges of $0.05, foreign currency revaluation losses of $0.07, and net unfavorable income tax adjustments of $0.04.

- Net debt at the end of Q3 was $94.9 million, a decline of $28.8 million compared to the end of Q2.

Q3 2012 income from continuing operations was $9.1 million. These results included restructuring charges of $2.7 million, foreign currency revaluation losses of $3.6 million, and net unfavorable income tax adjustments of $1.3 million.

A change in contract terms with a North American Machine Clothing customer resulted in an increase to Q3 2012 sales of $8 million. Excluding the effects of this contract change and changes in currency translation rates, Q3 2013 MC sales declined 4.8 percent and total Company sales declined 2.7 percent.

Q3 2013 gross profit was $68.0 million, or 37.1 percent of net sales, compared to $79.7 million, or 40.9 percent of net sales, in the same period of 2012. MC gross profit margin decreased from 44.6 percent in 2012 to 41.6 percent in 2013.

The decrease in MC gross profit percentage was principally attributable to an unfavorable change in geographic mix, lower sales, and a more-severe-than-expected seasonal effect that resulted in production ineffiencies.

Click here to read full results

Albany International

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Pranav Mishra
Huemn

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search