US based producer of advanced textiles Albany International chalked a turnaround by reporting net income in the three months ending June 30, 2016 as against net loss in the same period of last year.
In the second quarter of 2016, net income was $10.4 million or $0.32 per share, compared to net loss of $2.2 million or $0.07 loss per share in the same quarter of 2015.US based producer of advanced textiles Albany International chalked a turnaround by reporting net income in the three months ending June 30, 2016 as against net loss in the same period of last year. In the second quarter of 2016, net income was $10.4 million or $0.32 per share, compared to net loss of $2.2 million or $0.07 loss per share in the same...#
Net sales surged $203.2 million in the reporting quarter, up 17.9 per cent over the prior year's second quarter, with acquisitions accounting for 14.9 per cent increase in net sales.
Adjusted EBITDA more than doubled to $46.6 million in the quarter under review vis-à-vis $18.8 million in the second quarter of previous year.
“Results for the second quarter of 2015 included a charge of $14.0 million or a loss of $0.28 per share, the company explained.
Albany International said that in the second quarter of 2016, the company completed the acquisition of Harris Corporation's composite aerostructures division. (AR)
Fibre2fashion News Desk - India
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