Strong Financial Performance and Shareholder Returns
Albany International reported revenues of $289 million with an adjusted EBITDA margin of 19.3% and an adjusted diluted EPS of $0.73. Free cash flow was ahead of plan, and the company expects another strong free cash flow year. A dividend and $69 million worth of shares were repurchased, with $193 million remaining under the share repurchase authorization.
Machine Clothing Segment Success
Machine Clothing reported revenues of $175 million and an adjusted EBITDA margin of 28.4%. The integration of Heimbach is proceeding to plan, and there is a strong global MC order backlog with an order-to-sales ratio above 1.
New Business Wins in Engineered Composites
The AEC segment continues to win new business, including a long-term agreement with Bell on the 525 program and an addition to the JASSM backlog. The AEC backlog was $1.3 billion at quarter-end, providing visibility into future performance.
Operational Improvements and Efficiency Gains
The company is undertaking significant actions to improve operational efficiencies, including the integration of Heimbach and SAP system upgrades to S/4HANA. These efforts are expected to yield strong synergy benefits.