Albany net sales up 6.1% to $215.6 million in Q2 2017

Net income attributable to the company, excluding adjustments (a non-GAAP measure), was $0.16 per share in Q2 2017, compared to $0.48 in Q2 2016. Adjusted EBITDA (a non-GAAP measure) was $30.6 million in Q2 2017, compared to $46.6 million in Q2 2016.

Albany’s income in Q2 2017 before income taxes was $3 million, including restructuring charges of $2 million, and losses from foreign currency revaluation of $3.5 million. Q2 2017 income before income taxes also includes a $15.8 million charge to cost of goods sold related to the revisions in the contract estimates noted above. Q2 2016 net income before income taxes was $16.2 million, including restructuring charges of $6.6 million, $3.8 million of acquisition expenses, and gains of $1.9 million from foreign currency revaluation.

Other income/expense, net in Q2 2017 was expense of $1.9 million, including losses related to the revaluation of non-functional-currency balances of $1.9 million. Q2 2016 other income/expense, net, was income of $2 million, including income related to the revaluation of non-functional-currency balances of $1.6 million.

The company’s income tax rate based on income from continuing operations was 32.8 per cent for Q2 2017, compared to 38.7 per cent for Q2 2016. The decrease in the rate was due to a shift in the mix of pre-tax income in the jurisdictions in which the company operates. Discrete tax items and the effect of a change in the estimated income tax rate increased income tax expense by $0.8 million in Q2 2017, and decreased income tax expense by $0.2 million in Q2 2016.

“Aside from the charge associated with future losses on the BR 725 and A380 programs, Q2 was another strong quarter for Albany International. MC once again generated stable sales and strong income, while AEC grew sharply and took another incremental step toward improved profitability. Both businesses are now a little ahead of our expectations for the full year, and remain firmly on track toward their longer-term objectives of stable MC cash flow and sharp AEC growth coupled with gradually improving profitability,” said Joseph Morone, CEO of Albany. (KD)

Fibre2Fashion News Desk – India