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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Albany International Corp | NYSE:AIN | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.08 | 0.10% | 80.81 | 80.825 | 80.015 | 80.18 | 123,452 | 00:26:40 |
From Oct 2024 to Dec 2024
Albany International Corp. (NYSE:AIN) today reported operating results for its third quarter of 2024, which ended September 30, 2024.
"I am pleased with the overall results of the quarter as we focused on operational excellence evidenced by strong results at Machine Clothing and Free Cash Flow generation of $78 million year-to-date. We are addressing the issues announced earlier this month, with specific emphasis on our Salt Lake Facility. Revenues of $298 million was up $17 million or 6.1% over prior year," said President and CEO, Gunnar Kleveland.
"In Machine Clothing, revenues of $183 million grew year-over-year, driven by our Heimbach acquisition. Our global order backlog remains stable and we continue to make progress with the integration at Heimbach.
"In Engineered Composites, we recorded revenues of $115 million, while our profitability was impacted by our previously announced EAC adjustments. Our backlog is well over $1 billion and longer term we continue to see growth in our defense and commercial programs," concluded Kleveland.
For the third quarter ended September 30, 2024:
Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.
Outlook for Full-Year 2024:
The company is updating its guidance for the full year of 2024 as follows:
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net revenues
$
298,386
$
281,106
$
943,710
$
824,325
Cost of goods sold
208,002
179,271
632,257
520,468
Gross profit
90,384
101,835
311,453
303,857
Selling, general, and administrative expenses
52,097
51,975
162,447
147,214
Technical and research expenses
10,844
9,708
35,369
30,303
Restructuring expenses, net
2,272
82
6,584
227
Operating income
25,171
40,070
107,053
126,113
Interest expense/(income), net
2,411
3,653
8,680
10,049
Other (income)/expense, net
3,257
56
5,932
(4,910
)
Income before income taxes
19,503
36,361
92,441
120,974
Income tax expense
1,282
9,207
22,131
39,908
Net income
18,221
27,154
70,310
81,066
Net income attributable to the noncontrolling interest
192
45
366
396
Net income attributable to the Company
$
18,029
$
27,109
$
69,944
$
80,670
Earnings per share attributable to Company shareholders - Basic
$
0.58
$
0.87
$
2.24
$
2.59
Earnings per share attributable to Company shareholders - Diluted
$
0.57
$
0.87
$
2.23
$
2.58
Shares of the Company used in computing earnings per share:
Basic
31,251
31,185
31,234
31,163
Diluted
31,367
31,283
31,333
31,256
Dividends declared per Class A share
$
0.26
$
0.25
$
0.78
$
0.75
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
September 30, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
127,222
$
173,420
Accounts receivable, net
271,975
287,781
Contract assets, net
195,782
182,281
Inventories
160,617
169,567
Income taxes prepaid and receivable
8,316
11,043
Prepaid expenses and other current assets
40,399
53,872
Total current assets
$
804,311
$
877,964
Property, plant and equipment, net
583,455
601,989
Intangibles, net
40,996
44,646
Goodwill
180,912
180,181
Deferred income taxes
26,979
22,941
Noncurrent receivables, net
—
4,392
Other assets
116,548
102,901
Total assets
$
1,753,201
$
1,835,014
Liabilities and Shareholders' Equity
Accounts payable
$
77,873
$
87,104
Accrued liabilities
138,700
142,988
Current maturities of long-term debt
555
4,218
Income taxes payable
1,593
14,369
Total current liabilities
218,721
248,679
Long-term debt
361,639
452,667
Other noncurrent liabilities
154,634
139,385
Deferred taxes and other liabilities
21,531
26,963
Total liabilities
756,525
867,694
Commitments and Contingencies
Shareholders' Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
—
—
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,916,568 issued in 2024 and 40,856,910 in 2023
41
41
Additional paid in capital
452,656
448,218
Retained earnings
1,056,514
1,010,942
Accumulated items of other comprehensive income:
Translation adjustments
(137,373
)
(124,901
)
Pension and postretirement liability adjustments
(17,341
)
(17,346
)
Derivative valuation adjustment
1,165
9,079
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023
(364,665
)
(364,665
)
Total shareholders' equity
990,997
961,368
Noncontrolling interest
5,679
5,952
Total equity
996,676
967,320
Total liabilities and shareholders' equity
$
1,753,201
$
1,835,014
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities:
Net income
$
70,310
$
81,066
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
61,813
50,164
Amortization
5,190
4,614
Change in deferred taxes and other liabilities
(7,552
)
(1,264
)
Impairment of property, plant and equipment
1,425
577
Non-cash interest expense
769
1,148
Compensation and benefits paid or payable in Class A Common Stock
4,438
5,189
Provision/(recovery) for credit losses from uncollected receivables and contract assets
40
641
Foreign currency remeasurement loss/(gain) on intercompany loans
2,263
(4,704
)
Fair value adjustment on foreign currency contracts
1,105
581
Gain on sale of assets
(515
)
—
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable
17,980
(18,172
)
Contract assets
(15,194
)
(16,550
)
Inventories
5,918
(293
)
Prepaid expenses and other current assets
2,768
(3,030
)
Income taxes prepaid and receivable
2,602
1,597
Accounts payable
7,316
(6,661
)
Accrued liabilities
(8,320
)
(16,454
)
Income taxes payable
(11,995
)
(5,810
)
Noncurrent receivables
(579
)
2,276
Other noncurrent liabilities
(17
)
(3,602
)
Other, net
220
2,499
Net cash provided by operating activities
139,985
73,812
Cash flows from investing activities:
Purchase of business, net of cash acquired
—
(133,470
)
Purchases of property, plant and equipment
(61,985
)
(48,850
)
Purchased software
(101
)
(276
)
Proceeds received from sale of assets
1,033
—
Net cash used in investing activities
(61,053
)
(182,596
)
Cash flows from financing activities:
Proceeds from borrowings
48,106
71,249
Principal payments on debt
(142,691
)
(51,479
)
Debt acquisition costs
—
(4,108
)
Taxes paid in lieu of share issuance
(2,832
)
(3,136
)
Dividends paid
(24,356
)
(23,365
)
Net cash (used in)/provided by financing activities
(121,773
)
(10,839
)
Effect of exchange rate changes on cash and cash equivalents
(3,357
)
(647
)
(Decrease)/increase in cash and cash equivalents
(46,198
)
(120,270
)
Cash and cash equivalents at beginning of period
173,420
291,776
Cash and cash equivalents at end of period
$
127,222
$
171,506
The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure:
(in thousands, except percentages)
Net revenues as reported, Q3 2024
(Decrease)/ increase due to changes in currency translation rates
Q3 2024 revenues on same basis as Q3 2023 currency translation rates
Net revenues as reported, Q3 2023
% Change compared to Q3 2023, excluding currency rate effects
Machine Clothing
$
183,033
$
727
$
182,306
$
166,588
9.4
%
Albany Engineered Composites
115,353
159
115,194
114,518
0.6
%
Consolidated total
$
298,386
$
886
$
297,500
$
281,106
5.8
%
(in thousands, except percentages)
Net revenues as reported, YTD 2024
(Decrease)/ increase due to changes in currency translation rates
YTD 2024 revenues on same basis as 2023 currency translation rates
Net revenues as reported, YTD 2023
% Change compared to 2023, excluding currency rate effects
Machine Clothing
$
561,828
$
(999
)
$
562,827
$
479,027
17.5
%
Albany Engineered Composites
381,882
161
381,721
345,298
10.5
%
Consolidated total
$
943,710
$
(838
)
$
944,548
$
824,325
14.6
%
The following table presents Gross profit and Gross profit margin:
(in thousands, except percentages)
Gross profit,
Q3 2024
Gross profit margin, Q3 2024
Gross profit,
Q3 2023
Gross profit margin, Q3 2023
Machine Clothing
$
88,921
48.6
%
$
79,257
47.6
%
Albany Engineered Composites
1,463
1.3
%
22,578
19.7
%
Consolidated total
$
90,384
30.3
%
$
101,835
36.2
%
(in thousands, except percentages)
Gross profit,
YTD 2024
Gross profit margin, YTD 2024
Gross profit,
YTD 2023
Gross profit margin, YTD 2023
Machine Clothing
$
262,449
46.7
%
$
238,031
49.7
%
Albany Engineered Composites
49,004
12.8
%
65,826
19.1
%
Consolidated total
$
311,453
33.0
%
$
303,857
36.9
%
A reconciliation from Net 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 September 30, 2024
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
51,481
$
(10,293
)
$
(22,967
)
$
18,221
Interest expense/(income), net
—
—
2,411
2,411
Income tax expense
—
—
1,282
1,282
Depreciation and amortization expense
8,094
13,154
1,062
22,310
EBITDA (non-GAAP)
59,575
2,861
(18,212
)
44,224
Restructuring costs
2,976
34
31
3,041
Foreign currency revaluation (gains)/losses (a)
1,435
(348
)
1,793
2,880
Other transition expenses
—
993
(509
)
484
Strategic/integration costs
410
—
2,559
2,969
Pre-tax (income) attributable to noncontrolling interest
(41
)
(8
)
—
(49
)
Adjusted EBITDA (non-GAAP)
$
64,355
$
3,532
$
(14,338
)
$
53,549
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)
35.2
%
3.1
%
—
17.9
%
Three months ended September 30, 2023
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
50,710
$
9,374
$
(32,930
)
$
27,154
Interest expense/(income), net
—
—
3,653
3,653
Income tax expense
—
—
9,207
9,207
Depreciation and amortization expense
5,976
12,510
975
19,461
EBITDA (non-GAAP)
56,686
21,884
(19,095
)
59,475
Restructuring costs
82
—
—
82
Foreign currency revaluation (gains)/losses (a)
(656
)
19
516
(121
)
CEO transition expenses
—
—
2,052
2,052
Inventory step-up impacting Cost of goods sold
1,370
—
—
1,370
Strategic/integration costs
—
273
1,642
1,915
Pre-tax (income) attributable to noncontrolling interest
—
(73
)
—
(73
)
Adjusted EBITDA (non-GAAP)
$
57,482
$
22,103
$
(14,885
)
$
64,700
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)
34.5
%
19.3
%
—
23.0
%
Nine months ended September 30, 2024
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
153,276
$
8,329
$
(91,295
)
$
70,310
Interest expense/(income), net
—
—
8,680
8,680
Income tax expense
—
—
22,131
22,131
Depreciation and amortization expense
24,276
39,374
3,353
67,003
EBITDA (non-GAAP)
177,552
47,703
(57,131
)
168,124
Restructuring costs
4,581
3,144
146
7,871
Foreign currency revaluation (gains)/losses (a)
(1,247
)
(110
)
636
(721
)
Other transition expenses
—
993
984
1,977
Strategic/integration costs
1,468
182
3,409
5,059
Pre-tax (income) attributable to noncontrolling interest
(110
)
(193
)
—
(303
)
Adjusted EBITDA (non-GAAP)
$
182,244
$
51,719
$
(51,956
)
$
182,007
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)
32.4
%
13.5
%
—
19.3
%
Nine months ended September 30, 2023
(in thousands)
Machine Clothing
Albany Engineered
Composites
Corporate expenses
and other
Total Company
Net income/(loss) (GAAP)
$
153,400
$
27,460
$
(99,794
)
$
81,066
Interest expense/(income), net
—
—
10,049
10,049
Income tax expense
—
—
39,908
39,908
Depreciation and amortization expense
15,682
36,246
2,850
54,778
EBITDA (non-GAAP)
169,082
63,706
(46,987
)
185,801
Restructuring costs
227
—
—
227
Foreign currency revaluation (gains)/losses (a)
1,870
19
(3,609
)
(1,720
)
CEO transition expenses
—
—
2,052
2,052
Inventory step-up impacting Cost of goods sold
1,370
—
—
1,370
Strategic/integration costs
—
813
2,005
2,818
Pre-tax (income) attributable to noncontrolling interest
—
(474
)
—
(474
)
Adjusted EBITDA (non-GAAP)
$
172,549
$
64,064
$
(46,539
)
$
190,074
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)
36.0
%
18.6
%
—
23.1
%
Per share impact of the adjustments to earnings per share are as follows:
Three months ended September 30, 2024
(in thousands, except per share amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
3,041
$
345
$
2,696
$
0.09
Foreign currency revaluation (gains)/losses (a)
2,880
1,000
1,880
0.06
Other transition expenses
484
121
363
0.01
Strategic/integration costs
2,969
799
2,170
0.07
Three months ended September 30, 2023
(in thousands, except per share amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
82
$
21
$
61
$
0.00
Foreign currency revaluation (gains)/losses (a)
(121
)
(35
)
(86
)
0.00
CEO transition expenses
2,052
—
2,052
0.07
Inventory step-up impacting Cost of goods sold
1,370
411
959
0.03
Strategic/integration costs
1,915
476
1,439
0.05
Nine months ended September 30, 2024
(in thousands, except per share amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
7,871
$
1,511
$
6,360
$
0.20
Foreign currency revaluation (gains)/losses (a)
(721
)
(262
)
(459
)
(0.01
)
Other transition expenses
1,977
443
1,534
0.05
Strategic/integration costs
5,059
1,373
3,686
0.12
Nine months ended September 30, 2023
(in thousands, except per share amounts)
Pre tax
Amounts
Tax
Effect
After tax
Effect
Per share
Effect
Restructuring costs
$
227
$
68
$
159
$
0.01
Foreign currency revaluation (gains)/losses (a)
(1,720
)
(504
)
(1,216
)
(0.04
)
CEO transition expenses
2,052
—
2,052
0.07
Withholding tax related to internal restructuring
—
(3,026
)
3,026
0.10
Inventory step-up impacting Cost of goods sold
1,370
411
959
0.03
Strategic/integration costs
2,818
725
2,093
0.07
The following table provides a reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share:
Three months ended September 30,
Nine months ended September 30,
Per share amounts (Diluted)
2024
2023
2024
2023
Earnings per share attributable to Company shareholders - Basic (GAAP)
$
0.58
$
0.87
$
2.24
$
2.59
Effect of dilutive stock-based compensation plans
(0.01
)
—
(0.01
)
(0.01
)
Earnings per share attributable to Company shareholders - Diluted (GAAP)
$
0.57
$
0.87
$
2.23
$
2.58
Adjustments, after tax:
Restructuring costs
0.09
—
0.20
0.01
Foreign currency revaluation (gains)/losses (a)
0.06
—
(0.01
)
(0.04
)
CEO and other transition expenses
0.01
0.07
0.05
0.07
Withholding tax related to internal restructuring
—
—
—
0.10
Inventory step-up impacting Cost of goods sold
—
0.03
—
0.03
Strategic/integration costs
0.07
0.05
0.12
0.07
Adjusted Diluted Earnings per share (non-GAAP)
$
0.80
$
1.02
$
2.59
$
2.82
The calculations of net debt are as follows:
(in thousands)
September 30, 2024
December 31, 2023
September 30, 2023
Current maturities of long-term debt
$
555
$
4,218
$
27,246
Long-term debt
361,639
452,667
463,339
Total debt
362,194
456,885
490,585
Cash and cash equivalents
127,222
173,420
171,506
Net debt (non-GAAP)
$
234,972
$
283,465
$
319,079
The calculation of net leverage ratio as of September 30, 2024 is as follows:
Total Company
Twelve months
ended
Nine months ended
Trailing twelve
months ended
(in thousands)
December 31,
2023
September 30,
2023
September 30,
2024
September 30, 2024
(non-GAAP) (b)
Net income/(loss) (GAAP)
$
111,610
$
81,066
$
70,310
$
100,854
Interest expense/(income), net
13,601
10,049
8,680
12,232
Income tax expense
48,846
39,908
22,131
31,069
Depreciation and amortization expense
76,733
54,778
67,003
88,958
EBITDA (non-GAAP)
250,790
185,801
168,124
233,113
Restructuring costs
282
227
7,871
7,926
Foreign currency revaluation (gains)/losses (a)
1,296
(1,720
)
(721
)
2,295
CEO and other transition expenses
2,719
2,052
1,977
2,644
Inventory step-up impacting Cost of goods sold
5,480
1,370
—
4,110
Strategic/integration costs
5,194
2,818
5,059
7,435
Pre-tax (income) attributable to noncontrolling interest
(665
)
(474
)
(303
)
(494
)
Adjusted EBITDA (non-GAAP)
$
265,096
$
190,074
$
182,007
$
257,029
(in thousands, except for net leverage ratio)
September 30, 2024
Net debt (non-GAAP)
$
234,972
Trailing twelve months Adjusted EBITDA (non-GAAP)
257,029
Net leverage ratio (non-GAAP)
0.91
(a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.
(b) Calculated as amounts incurred during the twelve months ended December 31, 2023, less those incurred during the nine months ended September 30, 2023, plus those incurred during the nine months September 30, 2024.
The tables below provide a reconciliation of forecasted full-year 2024 Adjusted EBITDA and Adjusted Diluted EPS (non-GAAP measures) to the comparable GAAP measures.
Forecast of Full Year 2024 Adjusted EBITDA
Machine Clothing
Engineered Composites
(in millions)
Low
High
Low
High
Net income attributable to the Company (GAAP) (c)
$
198
$
203
$
11
$
17
Income attributable to the noncontrolling interest
—
—
(1
)
(1
)
Interest expense/(income), net
—
—
—
—
Income tax expense
—
—
—
—
Depreciation and amortization
32
32
53
52
EBITDA (non-GAAP)
230
235
63
68
Restructuring costs
7
7
3
3
Foreign currency revaluation (gains)/losses (d)
(1
)
(1
)
—
—
Strategic/integration costs
2
2
—
—
Other transition expenses
—
—
1
1
Pre-tax (income)/loss attributable to non-controlling interest
—
—
1
1
Adjusted EBITDA (non-GAAP)
$
238
$
243
$
68
$
73
(c) Interest, Other income/expense and Income taxes are not allocated to the business segments
Forecast of Full Year 2024 Adjusted EBITDA
Total Company
(in millions)
Low
High
Net income attributable to the Company (GAAP)
$
84
$
90
Income attributable to the noncontrolling interest
(1
)
(1
)
Interest expense/(income), net
15
15
Income tax expense
31
34
Depreciation and amortization
91
92
EBITDA (non-GAAP)
220
230
Restructuring costs
10
10
Foreign currency revaluation (gains)/losses (d)
(1
)
(1
)
Strategic/integration costs
5
5
Other transition expenses
2
2
Pre-tax (income)/loss attributable to non-controlling interest
1
1
Adjusted EBITDA (non-GAAP)
$
237
$
247
Total Company
Forecast of Full Year 2024 Earnings per share (diluted) (e)
Low
High
Net income attributable to the Company (GAAP)
$
2.69
$
2.89
Restructuring costs
0.26
0.26
Foreign currency revaluation (gains)/losses (d)
(0.01
)
(0.01
)
Other transition expenses
0.03
0.03
Strategic/integration costs
0.13
0.13
Adjusted Diluted Earnings per share (non-GAAP)
$
3.10
$
3.30
(d) Due to the uncertainty of these items, we are unable to forecast the full year impact for 2024. Amounts above represent actual results for the nine months ended September 30, 2024.
(e) Calculations based on weighted average shares outstanding estimate of approximately 31.3 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 belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. 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. Albany International is headquartered in Rochester, New Hampshire, operates 32 facilities in 14 countries, employs approximately 6,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.
Non-GAAP Measures
This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted diluted earnings per share (or Adjusted Diluted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company’s operational performance.
Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These amounts are then compared to the U.S. dollar amount as reported in the current period.
EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted Diluted EPS are performance measures that relate to the Company’s continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company’s ongoing or expected future operational performance. Excluded costs or benefits, such as restructuring costs, foreign currency revaluation gains and losses, and costs related to strategic, acquisition, integration and other transition-related initiatives that the Company may take, do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues.
The Company defines Adjusted Diluted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company’s ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results.
The Company’s Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Diluted EPS may not be comparable to similarly titled measures of other companies.
Net debt aids investors in understanding the Company’s debt position if all available cash were applied to pay down indebtedness.
Net leverage ratio informs the investors of the Company's financial leverage at the end of the reporting period, providing an indicator of the Company's ability to repay its debt.
We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Forward-Looking Statements
This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.
Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to geopolitical events; paper-industry trends and conditions during the current year and in future years; expectations in the current period and in future periods of revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted Diluted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030119209/en/
Investor / Media Contact: JC Chetnani VP-Investor Relations and Treasurer jc.chetnani@albint.com
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