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Net sales flat at Albany International in Q3
31 Oct '15
2 min read
For the third quarter ended September 30, 2015, net sales at Albany International were flat over the same period of the previous year.
According to an Albany press release, net sales in the third quarter of 2015 were $178.8 million, down 0.6 per cent year over year or nearly flat, but excluding currency effects, net sales increased 4.7 per cent.
“For the quarter under review, gross profit reached $75.7 million or 42.4 per cent of net sales, compared to $68.6 million, or 38.2 per cent of net sales in the third quarter of 2014,” it said.
MC gross profit improved to $74.7 million, or 48.4 per cent of net sales as against $66.1 million or 41.9 per cent of net sales in third quarter of earlier year, reflecting very good capacity utilisation and strong sales volume.
“Even though changes in currency translation rates had a significant effect on MC net sales, they had only a minor negative effect on gross profit,” it explained.
AEC gross profit was $1.4 million in the reporting period compared to $2.9 million in the third quarter of 2014, as gross profit from the LEAP program was offset by continued weak profitability in legacy programs.
For the reporting quarter, adjusted EBITDA rose higher to $42.0 million, compared to $33.5 million in the prior year's second quarter.
Income attributable to the company fell to $0.30 per share as against $0.37 in the comparable period of 2014.
However, excluding adjustments, income attributable to the company was $0.47 per share in the third quarter of 2015 vis-à-vis $0.31 in the corresponding quarter of last year.
Year-to-date net sales amounted to $532.4 million, down 3.8 per cent year on year. But excluding currency effects, year-to-date net sales increased 1.9 per cent.
Including a $14.0 million charge in the second quarter related to an AEC contract, year-to-date adjusted EBITDA was $102.3 million in 2015 versus $108.5 million in 2014.
According to an Albany press release, net sales in the third quarter of 2015 were $178.8 million, down 0.6 per cent year over year or nearly flat, but excluding currency effects, net sales increased 4.7 per cent.
“For the quarter under review, gross profit reached $75.7 million or 42.4 per cent of net sales, compared to $68.6 million, or 38.2 per cent of net sales in the third quarter of 2014,” it said.
MC gross profit improved to $74.7 million, or 48.4 per cent of net sales as against $66.1 million or 41.9 per cent of net sales in third quarter of earlier year, reflecting very good capacity utilisation and strong sales volume.
“Even though changes in currency translation rates had a significant effect on MC net sales, they had only a minor negative effect on gross profit,” it explained.
AEC gross profit was $1.4 million in the reporting period compared to $2.9 million in the third quarter of 2014, as gross profit from the LEAP program was offset by continued weak profitability in legacy programs.
For the reporting quarter, adjusted EBITDA rose higher to $42.0 million, compared to $33.5 million in the prior year's second quarter.
Income attributable to the company fell to $0.30 per share as against $0.37 in the comparable period of 2014.
However, excluding adjustments, income attributable to the company was $0.47 per share in the third quarter of 2015 vis-à-vis $0.31 in the corresponding quarter of last year.
Year-to-date net sales amounted to $532.4 million, down 3.8 per cent year on year. But excluding currency effects, year-to-date net sales increased 1.9 per cent.
Including a $14.0 million charge in the second quarter related to an AEC contract, year-to-date adjusted EBITDA was $102.3 million in 2015 versus $108.5 million in 2014.
Fibre2Fashion News Desk – India
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