Categories: Company News

Albany Worldwide raises dividend by 4%


ROCHESTER, N.H. – Albany Worldwide Corp . (NYSE:AIN) introduced a quarterly dividend improve of 4%, or $0.01 per share, on its Class A Widespread Inventory. The brand new dividend of $0.27 per share is scheduled for cost on January 8, 2025, to shareholders on document as of December 17, 2024. In line with InvestingPro knowledge, this marks the corporate’s sixth consecutive yr of dividend will increase, sustaining a powerful 24-year streak of constant dividend funds.

The corporate, a worldwide developer and producer of engineered elements with a market capitalization of $2.51 billion, operates two main enterprise segments: Machine Clothes and Albany Engineered Composites. Machine Clothes is acknowledged as a world chief in producing consumable belts essential for numerous industrial functions, together with paper and non-wovens manufacturing. The Albany Engineered Composites division focuses on designing and manufacturing superior material-based elements for aerospace, serving each business and navy sectors.

With headquarters in Rochester, New Hampshire, Albany Worldwide maintains a worldwide presence, working 30 services throughout 13 nations and using round 5,600 people. The corporate’s dedication to progress in its specialised sectors is mirrored in its constant monetary methods and shareholder worth initiatives, with InvestingPro reporting a robust monetary well being rating and strong liquidity place with present property considerably exceeding short-term obligations.

This incremental dividend improve represents the corporate’s confidence in its monetary stability and ongoing efficiency, supported by income of $1.27 billion within the final twelve months. Primarily based on InvestingPro‘s Truthful Worth evaluation, the inventory is at the moment buying and selling close to its Truthful Worth. As a listed entity on the New York Inventory Change, Albany Worldwide continues to give attention to delivering worth to its traders by its strategic operations and monetary administration.

The knowledge supplied relies on a press launch assertion from Albany Worldwide Corp.

In different latest information, Albany Worldwide Corp. reported a 6.1% improve in consolidated web gross sales for Q3 2024, reaching $298 million, regardless of changes within the Engineered Composites sector. The agency’s free money stream noticed important enchancment, with the corporate adjusting its full-year income steerage and a slight improve within the adjusted earnings per share (EPS) midpoint. Machine Clothes gross sales rose, whereas Engineered Composites gross sales remained regular. Gross revenue took a success resulting from a $22 million adjustment within the Engineered Composites section, and adjusted EBITDA for the quarter dropped to $54 million. Nevertheless, year-to-date free money stream surged to $78 million. Albany Worldwide has tightened its full-year income steerage for 2024, with an adjusted EPS midpoint now at $3.20. When it comes to future expectations, the corporate plans to offer full-year 2025 steerage on the year-end and focus on long-term methods at an Investor Day in Spring 2025. These are the latest developments, with no hypothesis or private predictions included.

This text was generated with the help of AI and reviewed by an editor. For extra info see our T&C.

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