US machinery firm Albany International posts Q1 FY21 sales of $222 mn

27 Apr '21

2 min read

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Albany International Corp, a US-based global advanced textiles and materials processing company, reported 6.0 per cent sales decline to $222.4 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to $235.7 million in same period prior fiscal. The company’s net income attributable to the company was $27.6 million (Q1 FY20: $9.1 million).

“Albany International’s year is off to a good start with solid first quarter performance,” Bill Higgins, Albany International president and chief executive officer, said in a press release. “Our business segments continued to deliver excellent operational performance resulting in attractive profit margins despite top-line headwinds caused by the ongoing destocking in the commercial aerospace supply chain.”

“Machine clothing segment sales strengthened across most product lines and regions, resulting in the segment’s highest first-quarter revenue since 2015. The sales growth and excellent operational execution translated directly into profit growth. The segment’s order book remains strong and supports our outlook for 2021,” Higgins said.

During Q1 FY21, gross profit marginally dropped to $88.5 million ($89.5 million), while selling, general, and administrative expenses were $37.2 million ($40.1 million). However, the company’s operating income grew to $41.8 million ($39.6 million).

Sales of machine clothing increased to $148.2 million ($136.6 million), whereas Albany engineered composites sales slipped to $74.1 million ($99.1 million).

“The first quarter results from the engineered composites segment are consistent with our plans and expectations for the year. The segment is well positioned to meet future demand once inventories in the supply chain adjust to the planned OEM production rates,” Higgins said.

Fibre2Fashion News Desk (JL)

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