Latest news with #CH-53K
Yahoo
30-04-2025
- Business
- Yahoo
Albany (NYSE:AIN) Misses Q1 Revenue Estimates
Industrial equipment and engineered products manufacturer Albany (NYSE:AIN) fell short of the market's revenue expectations in Q1 CY2025, with sales falling 7.8% year on year to $288.8 million. The company's full-year revenue guidance of $1.22 billion at the midpoint came in 1.4% below analysts' estimates. Its non-GAAP profit of $0.73 per share was 17.4% above analysts' consensus estimates. Is now the time to buy Albany? Find out in our full research report. Revenue: $288.8 million vs analyst estimates of $294.1 million (7.8% year-on-year decline, 1.8% miss) Adjusted EPS: $0.73 vs analyst estimates of $0.62 (17.4% beat) Adjusted EBITDA: $55.72 million vs analyst estimates of $54.09 million (19.3% margin, 3% beat) The company reconfirmed its revenue guidance for the full year of $1.22 billion at the midpoint Adjusted EPS guidance for the full year is $3.20 at the midpoint, roughly in line with what analysts were expecting EBITDA guidance for the full year is $250 million at the midpoint, below analyst estimates of $252.4 million Operating Margin: 9.8%, down from 12.4% in the same quarter last year Free Cash Flow was -$13.48 million compared to -$17.26 million in the same quarter last year Market Capitalization: $2.04 billion "Overall, I am pleased to report that our businesses are executing to the plan that we laid out at the start of this transition year. Our new business segment leaders are performing well as they restructure and strengthen their respective operations. Machine Clothing continues to deliver consistent strong results, and the integration of Heimbach is proceeding to plan. We expect to see the benefits of the Heimbach integration efforts accelerate into the second half of this year as our actions take effect. AEC is executing well on its current portfolio of programs, and the segment continues to win new business. The team is making progress on process improvements on our CH-53K and Gulfstream programs, and we had lower EAC adjustments in the quarter," said President and CEO, Gunnar Kleveland. Founded in 1895, Albany (NYSE:AIN) is a global textiles and materials processing company, specializing in machine clothing for paper mills and engineered composite structures for aerospace and other industries. Examining a company's long-term performance can provide clues about its quality. Any business can have short-term success, but a top-tier one grows for years. Unfortunately, Albany's 3% annualized revenue growth over the last five years was sluggish. This was below our standard for the industrials sector and is a poor baseline for our analysis. Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. Albany's annualized revenue growth of 6.7% over the last two years is above its five-year trend, but we were still disappointed by the results. We can better understand the company's revenue dynamics by analyzing its most important segments, Machine Clothing and Engineered Composites, which are 60.5% and 39.5% of revenue. Over the last two years, Albany's Machine Clothing revenue (paper manufacturing belts) averaged 10.7% year-on-year growth while its Engineered Composites revenue (aerospace components) averaged 2.3% growth. This quarter, Albany missed Wall Street's estimates and reported a rather uninspiring 7.8% year-on-year revenue decline, generating $288.8 million of revenue. Looking ahead, sell-side analysts expect revenue to grow 2.4% over the next 12 months, a deceleration versus the last two years. This projection doesn't excite us and implies its products and services will see some demand headwinds. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories. Albany has been an efficient company over the last five years. It was one of the more profitable businesses in the industrials sector, boasting an average operating margin of 15.4%. This result isn't surprising as its high gross margin gives it a favorable starting point. Looking at the trend in its profitability, Albany's operating margin decreased by 9 percentage points over the last five years. This raises questions about the company's expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. In Q1, Albany generated an operating profit margin of 9.8%, down 2.7 percentage points year on year. Since Albany's operating margin decreased more than its gross margin, we can assume it was less efficient because expenses such as marketing, R&D, and administrative overhead increased. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company's growth is profitable. Sadly for Albany, its EPS declined by 5.6% annually over the last five years while its revenue grew by 3%. This tells us the company became less profitable on a per-share basis as it expanded due to non-fundamental factors such as interest expenses and taxes. We can take a deeper look into Albany's earnings to better understand the drivers of its performance. As we mentioned earlier, Albany's operating margin declined by 9 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; taxes and interest expenses can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. For Albany, its two-year annual EPS declines of 12% show it's continued to underperform. These results were bad no matter how you slice the data. In Q1, Albany reported EPS at $0.73, down from $0.90 in the same quarter last year. Despite falling year on year, this print easily cleared analysts' estimates. We also like to analyze expected EPS growth based on Wall Street analysts' consensus projections, but there is insufficient data. We enjoyed seeing Albany beat analysts' EPS expectations this quarter. We were also happy its EBITDA outperformed Wall Street's estimates. On the other hand, its revenue missed and its full-year revenue guidance fell slightly short of Wall Street's estimates. Overall, this was a weaker quarter. The stock remained flat at $65.60 immediately after reporting. Albany didn't show it's best hand this quarter, but does that create an opportunity to buy the stock right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
Associated Press
30-04-2025
- Business
- Associated Press
Albany International Reports First-Quarter 2025 Results
ROCHESTER, N.H.--(BUSINESS WIRE)--Apr 30, 2025-- Albany International Corp. (NYSE:AIN) today reported operating results for its first quarter of 2025, which ended March 31, 2025. 'Overall, I am pleased to report that our businesses are executing to the plan that we laid out at the start of this transition year. Our new business segment leaders are performing well as they restructure and strengthen their respective operations. Machine Clothing continues to deliver consistent strong results, and the integration of Heimbach is proceeding to plan. We expect to see the benefits of the Heimbach integration efforts accelerate into the second half of this year as our actions take effect. AEC is executing well on its current portfolio of programs, and the segment continues to win new business. The team is making progress on process improvements on our CH-53K and Gulfstream programs, and we had lower EAC adjustments in the quarter,' said President and CEO, Gunnar Kleveland. 'While we see uncertainty in the markets, we were not affected by tariffs or other disruptions in the first quarter. Due to our mostly regional set up for both suppliers and customers, the overall direct impact of tariffs, as they currently stand, is not expected to materially impact our financial or operational performance,' concluded Kleveland. For the first quarter ended March 31, 2025: Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures. Outlook for Full-Year 2025: The company has re-affirmed guidance for the full year of 2025 as follows: The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure: The following table presents Gross profit and Gross profit margin: A reconciliation from Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows: Per share impact of the adjustments to earnings per share are as follows: The following table provides a reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share: The calculations of net debt are as follows: Free cash flow is defined as GAAP 'Net cash provided by operating activities' in a period less 'Purchases of property, plant and equipment' and 'Purchased software' in the same period. Management believes free cash flow provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Management uses free cash flow internally to assess overall liquidity. The following table illustrates the calculation of free cash flow: The calculation of net leverage ratio as of March 31, 2025 is as follows: The tables below provide a reconciliation of forecasted full-year 2025 Adjusted EBITDA and Adjusted Diluted EPS (non-GAAP measures) to the comparable GAAP measures. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Albany International is headquartered in Rochester, New Hampshire, operates 30 facilities in 13 countries, employs approximately 5,400 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at Basis of Presentation Certain amounts in prior year financial statements have been reclassified to conform to current year presentation. Non-GAAP Measures This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted Diluted earnings per share (or Adjusted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company's operational performance. Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These current year revenues converted at prior year rates are then compared to the U.S. dollar amount as reported in the prior period. EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted EPS are performance measures that relate to the Company's continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company's ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues. The Company defines Adjusted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company's ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results. The Company's Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS may not be comparable to similarly titled measures of other companies. Net debt aids investors in understanding the Company's debt position if all available cash were applied to pay down indebtedness. Net leverage ratio informs the investors of the Company's financial leverage at the end of the reporting period, providing an indicator of the Company's ability to repay its debt. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Forward-Looking Statements This press release may contain statements, estimates, guidance or projections that constitute 'forward-looking statements' as defined under U.S. federal securities laws. Generally, the words 'believe,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'project,' 'will,' 'should,' 'look for,' 'guidance,' 'guide,' and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to geopolitical events; paper-industry trends and conditions during 2025 and in future years; expectations in 2025 and in future periods of revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company's businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company's AEC business segment and the revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company's financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements. Statements expressing management's assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers' products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases. View source version on CONTACT: Investor / Media Contact: JC Chetnani VP-Investor Relations and Treasurer [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW HAMPSHIRE INDUSTRY KEYWORD: AIR TRANSPORT AEROSPACE MANUFACTURING SOURCE: Albany International Corp. Copyright Business Wire 2025. PUB: 04/30/2025 04:20 PM/DISC: 04/30/2025 04:21 PM
Fibre2Fashion
23-04-2025
- Business
- Fibre2Fashion
US' Hexcel sees sales & EPS decline in Q1 2025, adjusts guidance
American public industrial materials company Hexcel Corporation has registered sales of $457 million in the first quarter (Q1) of 2025, a decline of 3.3 per cent year-over-year (YoY). The gross margin stood at 22.4 per cent. Selling, general and administrative (SG&A) expenses as a percentage of sales were 9.5 per cent YoY. The GAAP diluted earnings per share (EPS) was $0.35, and adjusted diluted EPS declined to $0.37 from Q1 2024. The Research and Technology (R&T) expenses as a percentage of sales stood at 3.0 per cent, and adjusted operating income was $45.3 million or 9.9 per cent of sales. Hexcel Corporation has reported Q1 2025 sales of $457 million, down 3.3 per cent YoY, with adjusted EPS at $0.37. Commercial Aerospace sales fell 6.4 per cent, while Defence, Space & Other grew 2 per cent. The company revised its 2025 guidance due to slower production ramps, especially for the Airbus A350. CEO Gentile reaffirmed Hexcel's strong positioning, highlighting cost control. The other operating expense for Q1 2025 included charges of $1.1 million related to a previously announced divestiture. The impact of exchange rates on operating income as a percentage of sales was favourable by approximately 60 basis points (bps) in Q1 2025, Hexcel said in a press release. In Q1 2025, Commercial Aerospace sales totalled $280.1 million, reflecting a 6.4 per cent decline (6.3 per cent in constant currency) compared to Q1 2024, as customers continued to face challenges in ramping up production rates. Sales in the Defence, Space & Other segment reached $176.4 million, marking a 2.0 per cent increase (2.7 per cent in constant currency). This included 2.9 per cent growth (3.3 per cent in constant currency) in the Defence & Space sub-segment, driven by programmes such as the CH-53K, Black Hawk, classified contracts, various Space initiatives, and an international fighter jet programme. However, this was partially offset by a 1.8 per cent sales decline in Industrial (though a 0.3 per cent increase in constant currency), where Automotive showed year-over-year growth, while Wind continued to weaken, and Recreation remained soft. The company has revised its 2025 guidance, projecting sales between $1.88 billion and $1.95 billion, down from the earlier range of $1.95 billion to $2.05 billion. Adjusted diluted EPS is expected to range from $1.85 to $2.05, lowered from the previous estimate of $2.05 to $2.25. Free cash flow is forecast at approximately $190 million, a reduction from the earlier projection of over $220 million. Capital expenditures are now expected to be less than $90 million, compared to the prior estimate of under $100 million. The company maintains an effective tax rate forecast of 21 per cent. 'The underlying value proposition of Hexcel remains robust, driven by the demand for our innovative lightweight composites, which will generate strong cyclical and secular sales growth over time,' said Tom Gentile, chairman, chief executive officer (CEO) and president of Hexcel Corporation . 'Hexcel's value proposition is fortified by our extensive intellectual property, scale, and deep customer relationships globally. With a strong balance sheet and a compelling multi-year cash generation profile, Hexcel is well-positioned to navigate the current environment and for the future. However, because of continued supply chain driven delays in commercial aircraft production rate ramps, particularly on the Airbus A350 program, our 2025 growth will not be what we initially forecasted. As a result, we are revising our 2025 guidance.' 'We will continue to focus on the fundamentals of our business this year, carefully managing costs given the current realities in the commercial aerospace market. This includes tightly managing our headcount as we right size for the demand we have and not outpacing the future rate increases by our Original Equipment Manufacturer (OEM) customers,' continued Gentile. Fibre2Fashion News Desk (SG)
