Albany International Corp, a global advanced textiles and materials processing company, has reported net income of $17.6 million in Q4 2018. Net sales of the company were $251.6 million in Q4, an increase of 11.0 per cent compared to Q4 2017. Excluding the impact of adoption of ASC 606 revenue recognition standard, net sales increased 14.5 per cent.

Albany International has two core businesses. 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

Excluding the impact of ASC 606 and currency translation effects, the net sales in MC increased 4.5 per cent compared to Q4 2017, according to a press release by Albany. Net sales for AEC, excluding the impact of ASC 606 and currency translation effects, increased 34 per cent, while profitability continued to improve compared to Q4 2017.

“Q4 2018 was once again a very good quarter for Albany International as strong performance continued across both businesses,” said CEO Olivier Jarrault. “Total company net sales increased 11 per cent, or 15 per cent excluding the impact of ASC 606 and currency translation effects. Compared to Q4 2017, net income and adjusted EBITDA both increased sharply.

“Overall, Q4 was another very good quarter for the company, completing a year of outstanding financial performance in both businesses. MC net sales, operating income and adjusted EBITDA all increased in Q4 and for the full-year compared to 2017, with adjusted EBITDA well ahead of the upper end of the historical range of $180-$195 million. MC is well positioned for relatively stable sales in 2019 and with the potential for adjusted EBITDA in 2019 between $195-$205 million. AEC had another strong quarter with growth in net sales, operating income and adjusted EBITDA, completing a very successful year. AEC is expected to continue to grow substantially in 2019, with additional incremental improvement in profitability compared to 2018.” (PC)