American textile machinery firm Albany raises outlook for FY21 revenue

27 Oct '21

2 min read

Pic: Albany International

Albany International Corp, a US-based global advanced textiles and materials processing company, has posted a 9.6 per cent sales increase to $232.4 million in the third quarter (Q3) of FY21, compared to the sales of $211.9 million in the same period of prior fiscal. Furthermore, the company has raised its financial guidance for FY21 and expects revenue to be between $900 and $920 million.

“We are reporting another quarter of solid performance,” Bill Higgins, president and CEO at Albany, said in a press release. “The Albany team delivered another strong quarter with solid growth in both businesses. Machine clothing segment sales grew 11 per cent from 2020’s third quarter and sustained excellent operating performance and margins. Engineered composites grew again in the quarter and is well positioned for stronger growth as military and commercial programmes, led by single aisle aircraft, kick in.”

During the quarter ended on September 30, 2021, sales from machine clothing segment totalled to $154.1 million ($138.7 million). While sales from engineering composites segment stood at $78.3 million ($73.2 million).

“The results of the third quarter are reflective of the strategic positioning of our businesses and continued excellent operational performance across our operations,” Stephen Nolan, chief financial officer at Albany, said.

The company’s gross profit in Q3 FY21 rose to $92.0 million ($87.3 million), while operating income improved to $44.5 million ($38.8 million). The net income attributable to the company slightly grew to $30.8 million ($29.6 million).

“We recognise there are risks ahead in terms of supply chain constraints and inflationary pressures. However, the company is very well positioned with excellent customer relationships, a strong and growing business base and in-demand advanced technologies that are expected to drive long-term business growth,” Nolan concluded.

Fibre2Fashion News Desk (JL)

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