The company's Q1 2017 net income attributable was $10.8 million, including a net charge of $0.8 million for income tax adjustments. Q1 2016 net income attributable to the company was $13.5 million, including favorable income tax adjustments of $1.0 million.
Albany International's Machine Clothing (MC) is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries while Albany Engineered Composites (AEC) is a rapidly growing supplier of highly engineered composite parts for the aerospace industry.
First-quarter gross profit increased to $75.9 million in 2017 from $72.5 million in 2016. Gross profit margin in Q1 2017 was 38.1 per cent compared to 42.1 per cent in Q1 2016, reflecting the change in the business mix due to higher AEC sales. MC gross profit was $69.2 million in Q1 2017, compared to $69.6 million in Q1 2016. AEC gross profit increased to $6.8 million in Q1 2017, compared to $3.1 million in Q1 2016.
"In Q1 2017, both businesses continued to perform well and in line with our short- and long-term expectations and objectives. MC once again generated strong income and strong new product performance, while AEC once again generated strong growth and executed well on each of its key programs, while continuing to position itself for improved profitability and new business," said CEO Joseph Morone.
"The Company’s income tax rate based on income from continuing operations was about 33 per cent in Q1 2017, compared to 35 per cent for the full-year 2016. We continue to expect the full-year tax rate for 2017 to be similar to the rate in 2016. Cash paid for income taxes was about $9 million in Q1, and we estimate cash taxes in 2017 to range from $25 million to $30 million," said CFO and treasurer John Cozzolino. (RR)
Fibre2Fashion News Desk – India
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