The 10-second takeaway
For the quarter ended March 31 (Q1), Albany International met expectations on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue dropped slightly. Non-GAAP earnings per share increased significantly. GAAP earnings per share dropped significantly.
Gross margins grew, operating margins grew, net margins dropped.
Albany International logged revenue of $186.7 million. The four analysts polled by S&P Capital IQ expected sales of $184.9 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.28. The five earnings estimates compiled by S&P Capital IQ averaged $0.29 per share. Non-GAAP EPS of $0.28 for Q1 were 75% higher than the prior-year quarter's $0.16 per share. (The prior-year quarter included $1.51 per share in earnings from discontinued operations.) GAAP EPS of $0.36 for Q1 were 76% lower than the prior-year quarter's $1.50 per share. (The prior-year quarter included $1.51 per share in earnings from discontinued operations.)
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 39.0%, 110 basis points better than the prior-year quarter. Operating margin was 12.4%, 770 basis points better than the prior-year quarter. Net margin was 6.2%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $196.0 million. On the bottom line, the average EPS estimate is $0.42.
Next year's average estimate for revenue is $782.1 million. The average EPS estimate is $1.50.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 28 members out of 51 rating the stock outperform, and 23 members rating it underperform. Among 12 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), nine give Albany International a green thumbs-up, and three give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Albany International is hold, with an average price target of $27.33.
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