In the fourth quarter (Q4) of fiscal 2022, American textile and materials processing company Albany International Corporation reported net sales growth of 12% year over year (YoY) to $268.8 million (FY22). Although net sales in the lower margin engineered composites division increased, the gross profit only slightly increased, rising by 1.1% to $97.1 million.
Sales, technical, general, and research expenses rose at the company in Q4 FY22 to $59.3 million from $53.2 million in the same quarter of 2021. Higher costs for foreign currency revaluation, incentive compensation, and investments in sales and marketing initiatives were cited as the causes of this. Hence, compared to the prior year, operating income dropped by 9.2% to $37.9 million. Albany International stated in a press statement that the previous year.
In Q4 FY22, the company’s net income was $18.1 million ($0.58 per share), down from Q4 FY21’s net income of $28.6 million ($0.89 per share). Adjusted earnings per share came in at $0.75, down from $0.86 during the same time last year. Furthermore, adjusted EBITDA fell by 3.6% to $58.4 million.
Albany International anticipates total revenue for the fiscal year 2023 to be between $1.01 and $1.05 billion. The estimated range for GAAP and adjusted profits per share is $3.10 to $3.60, while the estimated range for the company’s adjusted EBITDA is $225 to 255 million. Between $590 million and $610 million in sales is projected for machine garments, whereas EBITDA adjusted for the garment industry is projected to be between $205 and $225 million. Albany Engineered Composites’ (AEC) revenue is anticipated to be in the range of $420 million and $440 million, while its adjusted EBITDA is forecast to be in the range of $80 million and $90 million.
