ROCHESTER, N.H. - Albany International Corp . (NYSE:AIN) announced a quarterly dividend increase of 4%, or $0.01 per share, on its Class A Common Stock. The new dividend of $0.27 per share is scheduled for payment on January 8, 2025, to shareholders on record as of December 17, 2024. According to InvestingPro data, this marks the company's 6th consecutive year of dividend increases, maintaining an impressive 24-year streak of consistent dividend payments.
The company, a global developer and manufacturer of engineered components with a market capitalization of $2.51 billion, operates two primary business segments: Machine Clothing and Albany Engineered Composites. Machine Clothing is recognized as a world leader in producing consumable belts necessary for various industrial applications, including paper and non-wovens production. The Albany Engineered Composites division focuses on designing and manufacturing advanced material-based components for aerospace, serving both commercial and military sectors.
With headquarters in Rochester, New Hampshire, Albany International maintains a global presence, operating 30 facilities across 13 countries and employing around 5,600 individuals. The company's commitment to growth in its specialized sectors is reflected in its consistent financial strategies and shareholder value initiatives, with InvestingPro reporting a strong financial health score and robust liquidity position with current assets significantly exceeding short-term obligations.
This incremental dividend increase represents the company's confidence in its financial stability and ongoing performance, supported by revenue of $1.27 billion in the last twelve months. Based on InvestingPro's Fair Value analysis, the stock is currently trading near its Fair Value. As a listed entity on the New York Stock Exchange, Albany International continues to focus on delivering value to its investors through its strategic operations and financial management.
The information provided is based on a press release statement from Albany International Corp.
In other recent news, Albany International Corp. reported a 6.1% increase in consolidated net sales for Q3 2024, reaching $298 million, despite adjustments in the Engineered Composites sector. The firm's free cash flow saw significant improvement, with the company adjusting its full-year revenue guidance and a slight increase in the adjusted earnings per share (EPS) midpoint. Machine Clothing sales rose, while Engineered Composites sales remained steady. Gross profit took a hit due to a $22 million adjustment in the Engineered Composites segment, and adjusted EBITDA for the quarter dropped to $54 million. However, year-to-date free cash flow surged to $78 million. Albany International has tightened its full-year revenue guidance for 2024, with an adjusted EPS midpoint now at $3.20. In terms of future expectations, the company plans to provide full-year 2025 guidance at the year-end and discuss long-term strategies at an Investor Day in Spring 2025. These are the recent developments, with no speculation or personal predictions included.
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