Albany Intl (NYSE:AIN) Stock

Albany Intl

Albany International Corp is principally engaged in processing textiles and materials. The company consists of two business segments, the machine clothing segment, which produces and provides custom-designed fabrics and belts for the production in the paper, nonwovens, and other process industries; and the Albany engineered composites segment, which offers engineered composite parts for the aerospace and defensive industries. The machine clothing segment contributes to the majority of the company's total revenue. The company has an operation and generates revenue from the United States, Switzerland, Brazil, China, Mexico, France, and other areas.

Albany International

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Albany International announces the shift of operations from its Ballo, Italy facility to Merone, aiming to streamline costs and align with market demand.





Albany International To Shift Operations In Italy: What&#39;s Next?

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Albany down on reduced FY24 outlook due to slower revenue &amp; profitability in aerospace business, labor/material cost adjustments.

Albany International Cuts FY24 Guidance: Aerospace Turbulence Hits Revenue And Profit Outlook

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Albany International Corporation Common Stock

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Albany International Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) on Friday announced plans to discontinue manufacturing operations at its leased facility in Ballo, Italy, and transfer production to its Merone, Italy site, owned<a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41161856/albany-international-cuts-fy24-guidance-aerospace-turbulence-hits-revenue-and-profit-outlook" rel="noreferrer noopener"> by its affiliate, Industrie Tessili Bresciane Srl.</a>
The company has not yet determined the costs associated with this transition but will disclose them once consultations are concluded.
This restructuring aligns with Albany's broader strategy to streamline operations while continuing to serve its customer base effectively.
The decision, still subject to local law, will be implemented after consultations with employee representatives.
This move aims to optimize costs while aligning Albany's engineered fabrics manufacturing with local market demand and customer needs.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/02/43731881/whats-going-on-with-hsbc-stock-today" rel="noreferrer noopener">What&#8217;s Going On With HSBC Stock Today?</a>
Affected employees will be offered transfer opportunities or separation assistance.
Despite the changes, Albany remains committed to supporting local industries, with its Sales, Service &amp; Application teams in Italy unaffected by the shift.
The company will release 2024 fourth-quarter results <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43510271/albany-international-schedules-earnings-release-date" rel="noreferrer noopener">on Wednesday, February 26, after the market closes.</a>
For FY24, the company sees revenue of $1.22 billion – $1.26 billion versus $1.243 billion estimate and adjusted EPS to $2.90 – $3.40 <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41161856/albany-international-cuts-fy24-guidance-aerospace-turbulence-hits-revenue-and-profit-outlook" rel="noreferrer noopener">versus $3.16 billion estimate.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, AIN stock has lost over 9% in the past year.
Price Action: AIN shares are trading higher by 0.15% to $80.87 at last check Friday.
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Albany International To Shift Operations In Italy: What's Next?

Albany International Italia To Close Ballo Facility, Transfer Production To Merone Amid Employee Consultations

JP Morgan analyst Stephen Tusa maintains Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) with a Neutral and lowers the price target from $75 to $74.

JP Morgan Maintains Neutral on Albany Intl, Lowers Price Target to $74

Truist Securities analyst Michael Ciarmoli maintains Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) with a Buy and raises the price target from $85 to $88.

Truist Securities Maintains Buy on Albany Intl, Raises Price Target to $88

The Board of Directors of Albany International Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) today declared a quarterly dividend of $0.27 per share on the Company's Class A Common Stock, an increase of 4%, or $0.01 per share, from the prior dividend.
The dividend is payable January 8, 2025, to shareholders of record on December 17, 2024.

Dividends

Albany International Increases Quarterly Dividend From $0.26 To $0.27 Per Share

Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) has been analyzed by 4 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $84.25, with a high estimate of $91.00 and a low estimate of $80.00. A negative shift in sentiment is evident as analysts have decreased the average price target by 10.61%. 
<img src="https://www.benzinga.com/files/images/story/2024/1731693635_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
The standing of Albany Intl among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ronald Epstein</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Underperform</td>
<td>$80.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Michael Ciarmoli</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$85.00</td>
<td>$91.00</td>
</tr>
<tr>
<td>Gautam Khanna</td>
<td>TD Cowen</td>
<td>Lowers</td>
<td>Buy</td>
<td>$81.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Michael Ciarmoli</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$91.00</td>
<td>$101.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Albany Intl. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Albany Intl compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of Albany Intl's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Albany Intl's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/AIN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Albany Intl analyst ratings.</a>
<h2>Unveiling the Story Behind Albany Intl</h2>
Albany International Corp is principally engaged in processing textiles and materials. The company consists of two business segments, the machine clothing segment, which produces and provides custom-designed fabrics and belts for the production in the paper, nonwovens, and other process industries; and the Albany engineered composites segment, which offers engineered composite parts for the aerospace and defensive industries. The machine clothing segment contributes to the majority of the company's total revenue. The company has an operation and generates revenue from the United States, Switzerland, Brazil, China, Mexico, France, and other areas.
<h3>Understanding the Numbers: Albany Intl's Finances</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Growth: Albany Intl's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 6.15%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Industrials sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Albany Intl's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 6.04%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Albany Intl's ROE excels beyond industry benchmarks, reaching 1.84%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Albany Intl's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 1.03%, the company may face hurdles in achieving optimal financial returns.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.37.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
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Demystifying Albany Intl: Insights From 4 Analyst Reviews

B of A Securities analyst Ronald Epstein maintains Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) with a Underperform and lowers the price target from $90 to $80.

B of A Securities Maintains Underperform on Albany Intl, Lowers Price Target to $80

Albany International Corp. Says Unit Heimbach Switzerland Ag Will Initiate Consultations With Employee Representatives Regarding A Proposal To Discontinue Manufacturing Operations In Olten, Switzerland, And To Transfer Production To Other Heimbach Manufacturing Facilities

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Shares of machinery companies are trading higher. Investors may be reacting to the US presidential election and its impact on the industry.

Truist Securities analyst Michael Ciarmoli maintains Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) with a Buy and lowers the price target from $91 to $85.

Truist Securities Maintains Buy on Albany Intl, Lowers Price Target to $85

Albany Revises FY24 Total Company Revenue Outlook From $1.22B - $1.26B  To $1.23B - $1.25B (Est $1.243B); Adjusted EPS Outlook From $2.90 - $3.40 To $3.10 - $3.30 (Est $3.16)

Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) reported quarterly earnings of $0.80 per share which beat the analyst consensus estimate of $0.57 by 40.35 percent. This is a 21.57 percent decrease over earnings of $1.02 per share from the same period last year. The company reported quarterly sales of $298.39 million which missed the analyst consensus estimate of $301.10 million by 0.90 percent. This is a 6.15 percent increase over sales of $281.11 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Albany Intl Q3 2024 Adj EPS $0.80 Beats $0.57 Estimate, Sales $298.39M Miss $301.10M Estimate

Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) is gearing up to announce its quarterly earnings on Wednesday, 2024-10-30. Here's a quick overview of what investors should know before the release.
Analysts are estimating that Albany Intl will report an earnings per share (EPS) of $0.90.
Albany Intl bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Performance in Previous Earnings</h3>
In the previous earnings release, the company missed EPS by $0.02, leading to a 1.83% increase in the share price the following trading session.
Here's a look at Albany Intl's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.91</td>
<td>0.87</td>
<td>0.82</td>
<td>0.92</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.89</td>
<td>0.90</td>
<td>1.22</td>
<td>1.02</td>
</tr>
<tr>
<td>Price Change %</td>
<td>2.0%</td>
<td>-10.0%</td>
<td>2.0%</td>
<td>-3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730214173_0.png" alt="eps graph" />
<h3>Performance of Albany Intl Shares</h3>
Shares of Albany Intl were trading at $72.25 as of October 28. Over the last 52-week period, shares are down 12.04%. Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release. 
<h3>Analysts' Take on Albany Intl</h3>
For investors, staying informed about market sentiments and expectations in the industry is paramount. This analysis provides an exploration of the latest insights on Albany Intl.
With 2 analyst ratings, Albany Intl has a consensus rating of Buy. The average one-year price target is $86.0, indicating a potential 19.03% upside.
<h3>Analyzing Ratings Among Peers</h3>
The analysis below examines the analyst ratings and average 1-year price targets of Barnes Gr, Standex International and Hillman Solns, three significant industry players, providing valuable insights into their relative performance expectations and market positioning.
<ul>
<li>Barnes Gr received a Neutral consensus from analysts, with an average 1-year price target of $47.5, implying a potential 34.26% downside.</li>
<li>The prevailing sentiment among analysts is an Buy trajectory for Standex International, with an average 1-year price target of $210.33, implying a potential 191.11% upside.</li>
<li>As per analysts' assessments, Hillman Solns is favoring an Buy trajectory, with an average 1-year price target of $12.25, suggesting a potential 83.04% downside.</li>
</ul>
<h3>Peer Metrics Summary</h3>
The peer analysis summary offers a detailed examination of key metrics for Barnes Gr, Standex International and Hillman Solns, providing valuable insights into their respective standings within the industry and their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Albany Intl</td>
<td>Buy</td>
<td>21.11%</td>
<td>$112.38M</td>
<td>2.55%</td>
</tr>
<tr>
<td>Barnes Gr</td>
<td>Neutral</td>
<td>12.76%</td>
<td>$124.04M</td>
<td>-3.59%</td>
</tr>
<tr>
<td>Standex International</td>
<td>Buy</td>
<td>-4.32%</td>
<td>$69.41M</td>
<td>3.16%</td>
</tr>
<tr>
<td>Hillman Solns</td>
<td>Buy</td>
<td>-0.15%</td>
<td>$184.76M</td>
<td>1.07%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Albany Intl ranks highest in revenue growth among its peers. It also leads in gross profit margin. However, it has the lowest return on equity.
<h3>About Albany Intl</h3>
Albany International Corp is principally engaged in processing textiles and materials. The company consists of two business segments, the machine clothing segment, which produces and provides custom-designed fabrics and belts for the production in the paper, nonwovens, and other process industries; and the Albany engineered composites segment, which offers engineered composite parts for the aerospace and defensive industries. The machine clothing segment contributes to the majority of the company's total revenue. The company has an operation and generates revenue from the United States, Switzerland, Brazil, China, Mexico, France, and other areas.
<h3>Financial Insights: Albany Intl</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Positive Revenue Trend: Examining Albany Intl's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 21.11% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. When compared to others in the Industrials sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Albany Intl's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 7.42%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Albany Intl's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 2.55%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Albany Intl's ROA stands out, surpassing industry averages. With an impressive ROA of 1.39%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Albany Intl's debt-to-equity ratio is below the industry average at 0.39, reflecting a lower dependency on debt financing and a more conservative financial approach.
<a href="https://www.benzinga.com/quote/AIN/earnings">To track all earnings releases for Albany Intl visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Preview Of Albany Intl's Earnings

TD Cowen analyst Gautam Khanna maintains Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) with a Buy and lowers the price target from $95 to $81.

TD Cowen Maintains Buy on Albany Intl, Lowers Price Target to $81

Truist Securities analyst Michael Ciarmoli maintains Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) with a Buy and lowers the price target from $101 to $91.

Truist Securities Maintains Buy on Albany Intl, Lowers Price Target to $91

<h3>Gainers</h3>
<ul>
<li>Pineapple Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGY#NASDAQ">PEGY</a>) shares increased by 20.2% to $0.14 during Thursday's regular session. The market value of their outstanding shares is at $1.2 million. </li>
<li>ATIF Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATIF#NASDAQ">ATIF</a>) stock rose 15.59% to $0.89. The company's market cap stands at $10.6 million. </li>
<li>Mynaric (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYNA#NASDAQ">MYNA</a>) shares increased by 13.43% to $1.52. The market value of their outstanding shares is at $38.4 million. </li>
<li>Heramba Electric (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PITA#NASDAQ">PITA</a>) stock rose 13.21% to $1.39. The market value of their outstanding shares is at $62.5 million. </li>
<li>Stem (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STEM#NYSE">STEM</a>) shares rose 13.13% to $0.37. The company's market cap stands at $60.4 million. </li>
<li>Fusion Fuel Green (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTOO#NASDAQ">HTOO</a>) stock moved upwards by 12.78% to $0.53. The market value of their outstanding shares is at $10.3 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Gaucho Group Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VINO#NASDAQ">VINO</a>) stock decreased by 15.2% to $4.31 during Thursday's regular session. The market value of their outstanding shares is at $3.8 million. </li>
<li>ShiftPixy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIXY#NASDAQ">PIXY</a>) stock fell 9.68% to $0.69. The market value of their outstanding shares is at $5.1 million. </li>
<li>Singularity Future Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGLY#NASDAQ">SGLY</a>) stock fell 9.6% to $1.58. The company's market cap stands at $5.5 million. </li>
<li>Multi Ways Holdings (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MWG#AMEX">MWG</a>) stock declined by 9.57% to $0.35. The company's market cap stands at $11.3 million. </li>
<li>Primega Group Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGHL#NASDAQ">PGHL</a>) stock decreased by 9.44% to $12.19. The market value of their outstanding shares is at $292.5 million. </li>
<li>Albany Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) shares declined by 9.09% to $79.03. The company's market cap stands at $2.4 billion. 
See Also: <a href="http://www.benzinga.com/money/best-industrials-stocks/" title="www.benzinga.com/money/best-industrials-stocks/">www.benzinga.com/money/best-industrials-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Industrials Stocks Moving In Thursday's Intraday Session

Albany International shares are trading lower after the company cut its FY24 guidance.

Albany International Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIN#NYSE">AIN</a>) shares are trading lower on premarket on Thursday <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41159952/albany-international-updates-expectations-for-aerospace-business-and-the-companys-2024-full-year-o" rel="noreferrer noopener">after the company revised its full-year outlook</a>.
The bearish outlook reflects slower revenue and profitability expectations for its aerospace business in the Engineered Composites (AEC) segment.
The company updated its labor and material cost assumptions, which, along with production suspension at a key customer, is anticipated to lead to an estimated negative adjustment of about $24 million for the third quarter of 2024.
Also, changes in other forecast assumptions can reduce second-half pre-tax earnings by an additional $8 million.
Outlook: For FY24, the company lowered revenue outlook to $1.22 billion &#8211; $1.26 billion (from $1.26 billion &#8211; $1.33 billion) versus the consensus of $1.29 billion and adjusted EPS to $2.90 &#8211; $3.40 vs. estimate of $3.74 <a target="_blank" href="https://www.benzinga.com//node/40202541" rel="noreferrer noopener">(from $3.55 &#8211; $4.05).</a>
President and CEO Gunnar Kleveland said, &#8220;We continue to see momentum in both Machine Clothing and Engineered Composites. The Heimbach integration remains on track, and Albany&#8217;s differentiated innovation is translating into robust demand across both segments.&#8221;
&#8220;At the same time, growth in our aerospace programs is resulting in more complex projects, where the manufacturing learning curve and labor ramp are steeper.&#8221;
&#8220;Notwithstanding these changes, we expect AEC will maintain high-teen EBITDA margins that are well above peer averages.&#8221;
Price Action: AIN shares are down 3.16% at $84.17 premarket at the last check Thursday.
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Following its regular quarterly review of program costs and estimates relative to certain large complex aerospace contracts the Company has updated its labor, material input and scrap cost assumptions over the duration of certain long-term contracts.
These increased cost assumptions as well as the impact of suspended production at a key customer pending their union negotiations will result in an approximate&nbsp;$24 million&nbsp;negative Estimate-at-Completion (EAC) adjustment in the&nbsp;third quarter&nbsp;of 2024. Changes in other forecast assumptions are projected to lower second-half pre-tax earnings by an additional&nbsp;$8 million.

Albany Says Growth In  Aerospace Programs Is Resulting In More Complex Projects, Where Manufacturing Learning Curve And Labor Ramp Are Steeper

Albany Cuts FY24 Total Company Revenue Outlook From $1.26B - $1.33B To $1.22B - $1.26B (Est $1.29B); Adjusted EPS Forecast From $3.55 - $4.05 To $2.90 - $3.40 (Est $3.74)

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