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The net sales of Albany International were recorded at $261.4 million in the second quarter (Q2) of fiscal 2022 (FY22), up 11.5 per cent, or 14.6 per cent after adjusting for currency translation, when compared to the prior year, primarily due to year-over-year growth in sales related to the CH-53K and LEAP programmes within the engineered composites segment.
The company posted gross profit of $100.6 million in the second quarter of fiscal 2022, 1.1 per cent lower than the $101.7 million reported for the same period of 2021. Selling, Technical, General, and Research (STG&R) expenses were $49.9 million, compared to $51.8 million in the same period of 2021. The decrease was driven by the favourable effect of the revaluation of foreign currency in the machine clothing segment.
The net sales of Albany International were recorded at $261.4 million in the second quarter of fiscal 2022, up 11.5 per cent, or 14.6 per cent after adjusting for currency translation, when compared to the prior year, primarily due to year-over-year growth in sales related to the CH-53K and LEAP programmes within the engineered composites segment.
Net income attributable to the company was $39.2 million ($1.25 per share), compared to $31.4 million ($0.97 per share) in the second quarter of 2021. Adjusted earnings per share (or Adjusted EPS, a non-GAAP measure) was $1.06 per share in the second quarter of 2022, compared to $1.01 in the same period of last year, the company said in a press release.
“We are pleased to report another quarter of excellent results,” said Albany International president and chief executive officer Bill Higgins. “Our revenue of $261 million was up on both a year-over-year and sequential basis driven by growth in our Engineered Composites segment from recovering commercial aircraft production and previously announced new business wins. machine clothing markets remained healthy, and the Machine Clothing segment delivered another strong performance in the quarter. Second quarter GAAP earnings per share was $1.25, which benefited from 20 cents of currency revaluation gains. Adjusted earnings per share was $1.06 up from $1.01 reported last year.
“As a result of the excellent performance to date, we are increasing our guidance for 2022. Of course, risks remain in 2022 in the form of ongoing inflation, supply chain and logistics challenges, and the indirect effects of the Russian invasion of Ukraine. Our updated outlook for the year incorporates these risks. Our team has done a great job managing these challenges and serving our customers which has enabled us to continue to win new business,” concluded Higgins.
For 2022, the company expects total revenue to be between $970 million and $1.01 billion, effective income tax rate, including tax adjustments, of 28 to 30 per cent and adjusted earnings per share of between $3.30 and $3.60.
Fibre2Fashion News Desk (RR)
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