Albany International Reports Second-Quarter 2022 Results, Raises 2022 Guidance

ROCHESTER, N.H.–(BUSINESS WIRE)–Albany International Corp. (NYSE:AIN) today reported operating results for its second quarter of 2022, which ended June 30, 2022.

“We are pleased to report another quarter of excellent results,” said Albany International President and Chief Executive Officer, Bill Higgins. “Our revenue of $261 million was up on both a year-over-year and sequential basis driven by growth in our Engineered Composites segment from recovering commercial aircraft production and previously announced new business wins. Machine Clothing markets remained healthy, and the Machine Clothing segment delivered another strong performance in the quarter. Second quarter GAAP earnings per share was $1.25, which benefited from 20 cents of currency revaluation gains. Adjusted earnings per share was $1.06 up from $1.01 reported last year.

“As a result of the excellent performance to date, we are increasing our guidance for 2022. Of course, risks remain in 2022 in the form of ongoing inflation, supply chain and logistics challenges, and the indirect effects of the Russian invasion of Ukraine. Our updated outlook for the year incorporates these risks. Our team has done a great job managing these challenges and serving our customers which has enabled us to continue to win new business,” concluded Higgins.

For the second quarter ended June 30, 2022:

Net sales were $261.4 million, up 11.5%, or 14.6% after adjusting for currency translation, when compared to the prior year, primarily due to year-over-year growth in sales related to the CH-53K and LEAP programs within the Engineered Composites segment.
Gross profit of $100.6 million was 1.1% lower than the $101.7 million reported for the same period of 2021.
Selling, Technical, General, and Research (STG&R) expenses were $49.9 million, compared to $51.8 million in the same period of 2021. The decrease was driven by the favorable effect of the revaluation of foreign currency in the Machine Clothing segment.
Operating income was $50.7 million, compared to $50.0 million in the prior year, an increase of 1.5%.
The effective tax rate was 26.9%, compared to 30.0% for the second quarter of 2021. This year-over-year decrease was mainly due to favorable discrete tax adjustments recognized in the second quarter of 2022.
Net income attributable to the Company was $39.2 million ($1.25 per share), compared to $31.4 million ($0.97 per share) in the second quarter of 2021. Adjusted earnings per share (or Adjusted EPS, a non-GAAP measure) was $1.06 per share in the second quarter of 2022, compared to $1.01 in the same period of last year.
Adjusted EBITDA (a non-GAAP measure) was $66.0 million, compared to $69.4 million in the second quarter of 2021, a decrease of 4.9%.

Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.

Outlook for Full-Year 2022

The Company has updated its guidance for the full year 2022 as follows:

Total company revenue of between $970 million and $1.01 billion;
Effective income tax rate, including tax adjustments, of 28% to 30%;
Total company depreciation and amortization of between $71 and $72 million;
Capital expenditures in the range of $75 to $85 million;
GAAP earnings per share of between $3.45 and $3.75;
Adjusted earnings per share of between $3.30 and $3.60;
Total company Adjusted EBITDA of $230 to $250 million;
Machine Clothing revenue of $590 to $610 million;
Machine Clothing Adjusted EBITDA of between $210 and $225 million;
Albany Engineered Composites revenue of between $380 and $400 million; and
Albany Engineered Composites Adjusted EBITDA of between $75 and $80 million.

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022		2021
Net sales	$	261,369		$	234,519		$	505,538		$	456,880
Cost of goods sold		160,776			132,791			313,341			266,606

Gross profit		100,593			101,728			192,197			190,274
Selling, general, and administrative expenses		39,745			42,009			82,452			79,203
Technical and research expenses		10,161			9,762			20,050			19,243
Restructuring expenses, net		(28	)		(9	)		226			43

Operating income		50,715			49,966			89,469			91,785
Interest expense, net		3,933			4,218			7,542			7,787
Other (income)/expense, net		(7,045	)		862			(10,973	)		1,462

Income before income taxes		53,827			44,886			92,900			82,536
Income tax expense		14,458			13,446			25,456			23,486

Net income		39,369			31,440			67,444			59,050
Net income attributable to the noncontrolling interest		168			43			506			70
Net income attributable to the Company	$	39,201		$	31,397		$	66,938		$	58,980

Earnings per share attributable to Company shareholders – Basic	$	1.25		$	0.97		$	2.12		$	1.82

Earnings per share attributable to Company shareholders – Diluted	$	1.25		$	0.97		$	2.11		$	1.82

Shares of the Company used in computing earnings per share:
Basic		31,268			32,375			31,571			32,363

Diluted		31,378			32,422			31,668			32,411

Dividends declared per share, Class A and Class B	$	0.21		$	0.20		$	0.42		$	0.40

ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)

	June 30, 2022			December 31, 2021
ASSETS
Cash and cash equivalents	$	320,870		$	302,036
Accounts receivable, net		199,489			191,985
Contract assets, net		135,907			112,546
Inventories		133,667			117,882
Income taxes prepaid and receivable		1,979			1,958
Prepaid expenses and other current assets		43,187			32,394
Total current assets	$	835,099		$	758,801

Property, plant and equipment, net		419,142			436,417
Intangibles, net		35,722			39,081
Goodwill		176,775			182,124
Deferred income taxes		17,894			26,376
Noncurrent receivables, net		29,843			31,849
Other assets		98,580			81,416
Total assets	$	1,613,055		$	1,556,064

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	$	70,430		$	68,954
Accrued liabilities		110,074			124,325
Current maturities of long-term debt		—			—
Income taxes payable		7,656			14,887
Total current liabilities		188,160			208,166

Long-term debt		485,000			350,000
Other noncurrent liabilities		107,049			107,794
Deferred taxes and other liabilities		11,064			12,499
Total liabilities		791,273			678,459

SHAREHOLDERS’ EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued		—			—
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; 40,784,934 issued in 2022 and 40,760,577 in 2021		41			41
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; none issued and outstanding in 2022 and 104 in 2021		—			—
Additional paid in capital		439,450			436,996
Retained earnings		916,805			863,057
Accumulated items of other comprehensive income:
Translation adjustments		(147,271	)		(105,880	)
Pension and postretirement liability adjustments		(38,182	)		(38,490	)
Derivative valuation adjustment		11,753			(1,614	)
Treasury stock (Class A), at cost; 9,674,542 shares in 2022 and 8,665,090 in 2021		(364,923	)		(280,143	)
Total Company shareholders’ equity		817,673			873,967
Noncontrolling interest		4,109			3,638
Total equity		821,782			877,605
Total liabilities and shareholders’ equity	$	1,613,055		$	1,556,064

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022			2021
OPERATING ACTIVITIES
Net income	$	39,369		$	31,440		$	67,444		$	59,050
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		15,679			15,971			31,276			32,560
Amortization		1,433			2,280			3,598			4,573
Change in deferred taxes and other liabilities		804			974			2,596			5,416
Impairment of property, plant, equipment, and inventory		(206	)		353			2,662			538
Non-cash interest expense		279			265			561			310
Compensation and benefits paid or payable in Class A Common Stock		1,702			1,639			2,447			1,626
Provision for credit losses from uncollected receivables and contract assets		(532	)		27			1,326			(83	)
Foreign currency remeasurement (gain)/loss on intercompany loans		1,125			(723	)		(1,260	)		(1,031	)
Fair value adjustment on foreign currency options		596			1			(381	)		140

Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable		1,267			(129	)		(14,407	)		(3,365	)
Contract assets		(24,140	)		9,539			(23,868	)		25,643
Inventories		(13,586	)		(1,821	)		(21,135	)		(10,384	)
Prepaid expenses and other current assets		(2,498	)		(606	)		(4,474	)		(1,505	)
Income taxes prepaid and receivable		(1,889	)		1,156			(60	)		(309	)
Accounts payable		7,851			(4,580	)		7,476			4,608
Accrued liabilities		7,605			2,062			(11,745	)		(17,423	)
Income taxes payable		3,151			4,121			(7,739	)		(3,956	)
Noncurrent receivables		1,250			1,099			1,864			1,587
Other noncurrent liabilities		(1,338	)		(2,166	)		(3,252	)		(4,263	)
Other, net		5,182			1,051			4,784			1,908
Net cash provided by operating activities		43,104			61,953			37,713			95,640

INVESTING ACTIVITIES
Purchases of property, plant and equipment		(19,940	)		(10,302	)		(35,659	)		(22,836	)
Purchased software		(331	)		(286	)		(366	)		(288	)
Net cash used in investing activities		(20,271	)		(10,588	)		(36,025	)		(23,124	)

FINANCING ACTIVITIES
Proceeds from borrowings		58,000			—			135,000			8,000
Principal payments on debt		—			(34,002	)		—			(56,009	)
Principal payments on finance lease liabilities		(264	)		(355	)		(654	)		(704	)
Purchase of Treasury shares		(42,550	)		—			(84,780	)		—
Taxes paid in lieu of share issuance		—			—			(770	)		(998	)
Proceeds from options exercised		—			21			7			149
Dividends paid		(6,657	)		(6,474	)		(13,399	)		(12,942	)
Net cash provided by/(used in) financing activities		8,529			(40,810	)		35,404			(62,504	)

Effect of exchange rate changes on cash and cash equivalents		(17,907	)		4,904			(18,258	)		2,002

Increase in cash and cash equivalents		13,455			15,459			18,834			12,014
Cash and cash equivalents at beginning of period		307,415			237,871			302,036			241,316
Cash and cash equivalents at end of period	$	320,870		$	253,330		$	320,870		$	253,330

The following table presents the reconciliation of Net sales to net sales excluding the effect of changes in currency translation rates, a non-GAAP measure:

(in thousands, except percentages)	Net sales as reported, Q2 2022		Decrease due to changes in currency translation rates			Q2 2022 sales on same basis as Q2 2021 currency translation rates		Net sales as reported, Q2 2021		% Change compared to Q2 2021, excluding currency rate effects
Machine Clothing	$	151,670	$	(5,447	)	$	157,117	$	159,921	(1.8	) %
Albany Engineered Composites		109,699		(1,994	)		111,693		74,598	49.7	%
Consolidated total	$	261,369	$	(7,441	)	$	268,810	$	234,519	14.6	%

(in thousands, except percentages)	Net sales as reported, YTD 2022		Decrease due to changes in currency translation rates			YTD 2022 sales on same basis as 2021 currency translation rates		Net sales as reported, YTD 2021		% Change compared to 2021, excluding currency rate effects
Machine Clothing	$	305,732	$	(7,975	)	$	313,707	$	308,127	1.8	%
Albany Engineered Composites		199,806		(3,152	)		202,958		148,753	36.4	%
Consolidated total	$	505,538	$	(11,127	)	$	516,665	$	456,880	13.1	%

The following table presents Gross profit and Gross profit margin:

(in thousands, except percentages)	Gross profit, Q2 2022		Gross profit margin, Q2 2022		Gross profit, Q2 2021		Gross profit margin, Q2 2021
Machine Clothing	$	78,857	52.0	%	$	84,597	52.9	%
Albany Engineered Composites		21,736	19.8	%		17,131	23.0	%
Consolidated total	$	100,593	38.5	%	$	101,728	43.4	%

(in thousands, except percentages)	Gross profit, YTD 2022		Gross profit margin, YTD 2022		Gross profit, YTD 2021		Gross profit margin, YTD 2021
Machine Clothing	$	158,202	51.7	%	$	160,990	52.2	%
Albany Engineered Composites		33,995	17.0	%		29,284	19.7	%
Consolidated total	$	192,197	38.0	%	$	190,274	41.6	%

A reconciliation from operating income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

Three months ended June 30, 2022
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Operating income/(loss) (GAAP)	$	54,861		$	9,535		$	(13,681	)	$	50,715
Interest, taxes, other income/(expense)		—			—			(11,346	)		(11,346	)
Net income/(loss) (GAAP)		54,861			9,535			(25,027	)		39,369
Interest expense, net		—			—			3,933			3,933
Income tax expense		—			—			14,458			14,458
Depreciation and amortization expense		4,880			11,450			782			17,112
EBITDA (non-GAAP)		59,741			20,985			(5,854	)		74,872
Restructuring expenses, net		(30	)		—			2			(28	)
Foreign currency revaluation (gains)/losses		(1,816	)		210			(7,271	)		(8,877	)
Acquisition/integration costs		—			269			—			269
Pre-tax (income) attributable to noncontrolling interest		—			(205	)		—			(205	)
Adjusted EBITDA (non-GAAP)	$	57,895		$	21,259		$	(13,123	)	$	66,031
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales) (non-GAAP)		38.2	%		19.4	%		—			25.3	%


Three months ended June 30, 2021
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Operating income/(loss) (GAAP)	$	55,902		$	7,164		$	(13,100	)	$	49,966
Interest, taxes, other income/(expense)		—			—			(18,526	)		(18,526	)
Net income/(loss) (GAAP)		55,902			7,164			(31,626	)		31,440
Interest expense, net		—			—			4,218			4,218
Income tax expense		—			—			13,446			13,446
Depreciation and amortization expense		5,138			12,194			919			18,251
EBITDA (non-GAAP)		61,040			19,358			(13,043	)		67,355
Restructuring expenses, net		10			(48	)		29			(9	)
Foreign currency revaluation (gains)/losses		1,908			(244	)		174			1,838
Acquisition/integration costs		—			300			—			300
Pre-tax (income) attributable to noncontrolling interest		—			(65	)		—			(65	)
Adjusted EBITDA (non-GAAP)	$	62,958		$	19,301		$	(12,840	)	$	69,419
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales) (non-GAAP)		39.4	%		25.9	%		—			29.6	%

Six months ended June 30, 2022
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Operating income/(loss) (GAAP)	$	104,505		$	10,730		$	(25,766	)	$	89,469
Interest, taxes, other income/(expense)		—			—			(22,025	)		(22,025	)
Net income/(loss) (GAAP)		104,505			10,730			(47,791	)		67,444
Interest expense, net		—			—			7,542			7,542
Income tax expense		—			—			25,456			25,456
Depreciation and amortization expense		9,803			23,489			1,582			34,874
EBITDA (non-GAAP)		114,308			34,219			(13,211	)		135,316
Restructuring expenses, net		213			—			13			226
Foreign currency revaluation (gains)/losses		(759	)		633			(11,011	)		(11,137	)
Dissolution of business relationships in Russia		1,787			—			781			2,568
Acquisition/integration costs		—			551			—			551
Pre-tax (income) attributable to noncontrolling interest		—			(457	)		—			(457	)
Adjusted EBITDA (non-GAAP)	$	115,549		$	34,946		$	(23,428	)	$	127,067
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP)		37.8	%		17.5	%		—			25.1	%


Six months ended June 30, 2021
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Operating income/(loss) (GAAP)	$	106,264		$	10,102		$	(24,581	)	$	91,785
Interest, taxes, other income/(expense)		—			—			(32,735	)		(32,735	)
Net income/(loss) (GAAP)		106,264			10,102			(57,316	)		59,050
Interest expense, net		—			—			7,787			7,787
Income tax expense		—			—			23,486			23,486
Depreciation and amortization expense		10,258			25,061			1,814			37,133
EBITDA (non-GAAP)		116,522			35,163			(24,229	)		127,456
Restructuring expenses, net		(58	)		41			60			43
Foreign currency revaluation (gains)/losses		1,415			332			341			2,088
Acquisition/integration costs		—			614			—			614
Pre-tax (income) attributable to noncontrolling interest		—			(111	)		—			(111	)
Adjusted EBITDA (non-GAAP)	$	117,879		$	36,039		$	(23,828	)	$	130,090
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP)		38.3	%		24.2	%		—			28.5	%

Per share impact of the adjustments to earnings per share are as follows:

Three months ended June 30, 2022 (in thousands, except per share amounts	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	(28	)	$	(4	)	$	(24	)	$	0.00
Foreign currency revaluation (gains)/losses		(8,877	)		(2,492	)		(6,385	)		(0.20	)
Acquisition/integration costs		269			80			189			0.01

Three months ended June 30, 2021 (in thousands, except per share amounts)	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	(9	)	$	(3	)	$	(6	)	$	0.00
Foreign currency revaluation (gains)/losses		1,838			781			1,057			0.03
Acquisition/integration costs		300			90			210			0.01

Six months ended June 30, 2022 (in thousands, except per share amounts)	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	226		$	69		$	157		$	0.01
Foreign currency revaluation (gains)/losses		(11,137	)		(3,135	)		(8,002	)		(0.25	)
Dissolution of business relationships in Russia		2,568			332			2,236			0.07
Acquisition/integration costs		551			164			387			0.02

Six months ended June 30, 2021 (in thousands, except per share amounts)	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	43		$	12		$	31		$	0.00
Foreign currency revaluation (gains)/losses		2,088			646			1,442			0.04
Acquisition/integration costs		614			184			430			0.02

The following table provides a reconciliation of Earnings per share to Adjusted Earnings per share:

	Three months ended June 30,					Six months ended June 30,
Per share amounts (Basic)		2022			2021		2022		2021
Earnings per share (GAAP)	$	1.25		$	0.97	$	2.12		$	1.82
Adjustments, after tax:
Restructuring expenses, net		—			—		0.01			—
Foreign currency revaluation (gains)/losses		(0.20	)		0.03		(0.25	)		0.04
Dissolution of business relationships in Russia		—			—		0.07			—
Acquisition/integration costs		0.01			0.01		0.02			0.02
Adjusted Earnings per share (non-GAAP)	$	1.06		$	1.01	$	1.97		$	1.88

The calculations of net debt are as follows:

(in thousands)	June 30, 2022		March 31, 2022		December 31, 2021
Current maturities of long-term debt	$	—	$	—	$	—
Long-term debt		485,000		427,000		350,000
Total debt		485,000		427,000		350,000
Cash and cash equivalents		320,870		307,415		302,036
Net debt (non-GAAP)	$	164,130	$	119,585	$	47,964

The calculation of net leverage ratio as of June 30, 2022 is as follows:

Total Company
	Twelve months ended			Six months ended						Trailing twelve months ended
(in thousands)	December 31, 2021			June 30, 2021			June 30, 2022			June 30, 2022 (non-GAAP) (a)
Operating income/(loss) (GAAP)	$	178,011		$	91,785		$	89,469		$	175,695
Interest, taxes, other income/(expense)		(59,243	)		(32,735	)		(22,025	)		(48,533	)
Net income/(loss) (GAAP)		118,768			59,050			67,444			127,162
Interest expense, net		14,891			7,787			7,542			14,646
Income tax expense		47,163			23,486			25,456			49,133
Depreciation and amortization expense		74,255			37,133			34,874			71,996
EBITDA (non-GAAP)		255,077			127,456			135,316			262,937
Restructuring expenses, net		1,331			43			226			1,514
Foreign currency revaluation (gains)/losses		(1,442	)		2,088			(11,137	)		(14,667	)
Aviation Manufacturing Job Protection (AMJP) grant		(4,731	)		—			—			(4,731	)
Dissolution of business relationships in Russia		—			—			2,568			2,568
Acquisition/integration costs		1,166			614			551			1,103
Pre-tax (income) attributable to noncontrolling interest		(510	)		(111	)		(457	)		(856	)
Adjusted EBITDA (non-GAAP)	$	250,891		$	130,090		$	127,067		$	247,868

(in thousands, except for net leverage ratio)	June 30, 2022
Net debt (non-GAAP)	$	164,130
Trailing twelve months Adjusted EBITDA (non-GAAP)		247,868
Net leverage ratio (non-GAAP)		0.66

(a) Calculated as amounts incurred during the twelve months ended December 31, 2021, less those incurred during the six months ended June 30, 2021, plus those incurred during the six months ended June 30, 2022.

The tables below provide a reconciliation of forecasted full-year 2022 Adjusted EBITDA and Adjusted EPS (non-GAAP measures) to the comparable GAAP measures:

Forecast of Full Year 2022 Adjusted EBITDA	Machine Clothing						AEC
(in millions)	Low			High			Low		High
Net income attributable to the Company (GAAP) (b)	$	190		$	204		$	25	$	29
Income attributable to the noncontrolling interest		—			—			—		—
Interest expense, net		—			—			—		—
Income tax expense		—			—			—		—
Depreciation and amortization		19			20			48		49
EBITDA (non-GAAP)		209			224			73		78
Restructuring expenses, net (c)		—			—			—		—
Foreign currency revaluation (gains)/losses (c)		(1	)		(1	)		1		1
Acquisition/integration costs (c)		—			—			1		1
Dissolution of business relationships in Russia		2			2			—		—
Pre-tax (income)/loss attributable to non-controlling interest		—			—			—		—
Adjusted EBITDA (non-GAAP)	$	210		$	225		$	75	$	80
(b) Interest, Other income/expense and Income taxes are not allocated to the business segments

Forecast of Full Year 2022 Adjusted EBITDA	Total Company
(in millions)	Low			High
Net income attributable to the Company (GAAP)	$	109		$	118
Income attributable to the noncontrolling interest		—			—
Interest expense, net		14			15
Income tax expense		43			52
Depreciation and amortization		71			72
EBITDA (non-GAAP)		237			257
Restructuring expenses, net (c)		—			—
Foreign currency revaluation (gains)/losses (c)		(11	)		(11	)
Acquisition/integration costs (c)		1			1
Dissolution of business relationships in Russia		3			3
Pre-tax (income)/loss attributable to non-controlling interest		—			—
Adjusted EBITDA (non-GAAP)	$	230		$	250

	Total Company
Forecast of Full Year 2022 Earnings per share (basic) (d)	Low			High
Net income attributable to the Company (GAAP)	$	3.45		$	3.75
Restructuring expenses, net (c)		0.01			0.01
Foreign currency revaluation (gains)/losses (c)		(0.25	)		(0.25	)
Dissolution of business relationships in Russia		0.07			0.07
Acquisition/integration costs (c)		0.02			0.02
Adjusted Earnings per share (non-GAAP)	$	3.30		$	3.60

(c) Due to the uncertainty of these items, we are unable to forecast these items for 2022
(d) Calculations based on weighted average shares outstanding estimate of approximately 31.4 million.

About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed, consumable fabrics and process belts essential for the manufacture of all grades of paper products. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms.

Contacts

John Hobbs

603-330-5897

john.hobbs@albint.com

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Albany International Reports Second-Quarter 2022 Results, Raises 2022 Guidance

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