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Net sales at Albany International stay flat in Q1
May '15
Net sales for the first quarter ended March 31, 2015 at Albany International were flat over the same period of 2014. However, excluding currency effects, net sales increased 7.0 per cent.

A press release from the producer of advanced textiles and materials said its sales in the first quarter of 2015 reached $181.3 million, a rise of just 0.6 per cent compared to the first quarter of 2014.

According to Albany, changes in currency translation rates, driven mainly by the strengthening US dollar, resulted in an $11.7 million decline in sales for the first quarter of 2015.

Excluding that effect, Machine Clothing (MC) division sales were up 3.5 percent year on year, which it said, reflects strength in every major region.

Sales in the first quarter of 2015 at its Albany Engineered Composites (AEC) division sales expanded $6.6 million year over year.

About half of AEC sales were related to Leap production activities, which were $4.6 million ahead over the weak first quarter of 2014, when sales were affected by a temporary lag due to start-up and inventory effects.

Gross profit for the first quarter of 2015 was $76.7 million or 42.3 per cent of net sales compared to $74.8 million or 41.5 per cent of net sales in the same period of 2014.

MC division gross profit hiked from $73.9 million or 45.0 per cent of net sales in the quarter under review to $75.3 million or 47.5 per cent of net sales.

“Changes in currency rates had a negative effect on MC gross profit which was more than offset by higher sales volume, a favourable product mix, and the impact of cost-reduction activities,” Albany added.

On the other hand, gross profit at the AEC division climbed from $1.3 million to $1.8 million in the first quarter of 2015, driven by higher sales.

Its adjusted EBITDA for the reporting quarter grew higher by 9.78 per cent at $41.5 million as against $37.8 million in the prior year’s first quarter.

Income before taxes in the first quarter of 2015 totalled $20.8 million as against $18.2 million in the corresponding quarter of the previous year.

Selling, technical, general, and research (STG&R) expenses were down to $47.5 million or 26.2 per cent of net sales from $53.0 million or 29.4 per cent of net sales in the same quarter of last year.

First quarter of 2015 income attributable to the Company was higher at $0.38 per share compared to $0.33 per share in the corresponding quarter of 2014. (AR)

Fibre2fashion News Desk - India

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