In the three months ended December 31, 2016, net sales at machine clothing and composites manufacturer Albany International, soared 20 per cent year on year to $213.0 million. The 20 per cent sales growth in the fourth quarter includes an 11.8 per cent increase in sales, as a result of an acquisition by Albany Engineered Composites in the second quarter.
Adjusted EBITDA, a non-GAAP measure amounted to $38.3 million in the reporting quarter, which includes the loss in Japan and integration costs, compared to $38.7 million in the fourth quarter of 2015.In the three months ended December 31, 2016, net sales at machine clothing and composites manufacturer Albany International, soared 20 per cent year on year to $213.0 million. The 20 per cent sales growth in the fourth quarter includes an 11.8 per cent increase in sales, as a result of an acquisition by Albany Engineered Composites in the second quarter.#
Net income in the fourth quarter of 2016 slid to $15.8 million or $0.49 per share as against $37.6 million or $1.17 per share in the prior year’s same quarter.
According to the company, income tax-related adjustments increased earnings per share by $0.08 in the fourth quarter of 2016 vis-à-vis $0.93 in the same period of 2015. (AR)
Fibre2Fashion News Desk – India
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