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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report:    February 26, 2025
(Date of earliest event reported)
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
Delaware1-1002614-0462060
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S Employer
Identification No.)
216 Airport Drive Rochester, New Hampshire
03867
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code       603-330-5850
None
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Class A Common Stock, $0.001 par value per shareAIN
The New York Stock Exchange (NYSE)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
☐    Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02.  Results of Operations and Financial Condition.
On February 26, 2025 Albany International issued a news release reporting fourth quarter 2024 financial results. The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on February 27, 2025. The news release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d)    Exhibits. The following exhibit is being furnished herewith:
99.1    News release dated February 26, 2025 reporting fourth-quarter 2024 financial results.



Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALBANY INTERNATIONAL CORP.
By:/s/ Robert D. Starr
Name:Robert D. Starr
Title:Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: February 26, 2025


EXHIBIT INDEX





Exhibit 99.1
image.jpg
Albany International Reports Fourth-Quarter 2024 Results
Board Authorizes New $250 Million Share Repurchase Program

ROCHESTER, N.H. — (BUSINESS WIRE) — February 26, 2025 — Albany International Corp. (NYSE:AIN) today reported operating results for its full year and fourth quarter of 2024, which ended December 31, 2024.

"We continue to perform well in both our businesses, as evidenced by strong results at Machine Clothing and ongoing operational progress steered by new leadership at Engineered Composites," said Gunnar Kleveland, President and Chief Executive Officer. "For the full year we reported record revenues of nearly one and a quarter billion dollars driven by organic growth and our Heimbach acquisition. With increased focus on working capital and cash flow, we generated Free Cash Flow of $59 million in the fourth quarter, and $137 million for the full year underlining the strength of the combined businesses. Our balance sheet continues to be in excellent shape giving us the ability to execute our growth strategy.

"With our proven ability to both grow and generate excess cash, as part of our capital allocation strategy, we have re-initiated our share repurchase program. In the fourth quarter of 2024 we repurchased $15 million of shares. The Board has also authorized a new share repurchase program which supersedes our current program and is now up to $250 million."

For the fourth-quarter ended December 31, 2024:
•Net revenues were $286.9 million, down 11.3%, or 11.0% after adjusting for currency translation, when compared to the prior year. MC's net revenues decreased 1.9%, driven by decreased sales in packaging and publication grades, in part offset by increased sales in engineered fabrics. AEC's net revenues decreased 25.0%, driven by a decrease of net revenues across commercial and defense programs, most notably on the LEAP and CH-53K programs.
•Gross profit of $90.3 million was 24.6% lower than the $119.9 million reported for the same period of 2023, driven by reductions in the estimated profitability of long-term contracts at AEC and by lower Heimbach gross margins at MC.
•Selling, General, and Administrative expenses were $48.4 million, compared to $67.7 million in the same period of 2023; the decrease was driven primarily by reductions in expense at Heimbach, decreases in marketing and personnel-related costs at AEC and Corporate, and decreases due to changes in currency translation rates.
•Operating income was $24.3 million, compared to $41.8 million in the prior year, a decrease of 41.8%, driven by decreased Gross profit and increased Restructuring expenses, which was partially offset by lower Selling, General, and Administrative expenses.



•The effective tax rate for the quarter was 28.0% compared to a 22.6% effective tax rate in the fourth quarter of 2023. The increase in tax rate was due to a shift in taxable income to higher-rate jurisdictions, as well as due to less favorable discrete tax adjustments as compared to the prior year.
•Net income attributable to the Company was $17.7 million ($0.56 per share), compared to $30.5 million ($0.97 per share) in the fourth quarter of 2023. Adjusted Diluted earnings per share (or Adjusted EPS, a non-GAAP measure) was $0.58 per share, compared to $1.22 per share for the same period of last year.
•Adjusted EBITDA (a non-GAAP measure) was $50.0 million, compared to $75.0 million in the fourth quarter of 2023, a decrease of 33.4%.

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

"We are on sound financial footing as we enter 2025," said Robert Starr, Chief Financial Officer. "Our businesses continue to perform and generated healthy cash flow this year.

"Starting in the fourth quarter our Global Information System costs (or GIS), which were previously included in Corporate SG&A expenses, are now allocated to the business segments. This presentation better reflects the performance of the individual segments and is how we will review segment performance on a go-forward basis. Our consolidated EPS remains unchanged, but our Adjusted EBITDA margins for the individual segments will be impacted by this allocation."

Outlook for the Full-Year 2025:
Albany International's initial financial guidance for the full-year 2025:
•Machine Clothing revenue between $705 and $755 million;
•Machine Clothing Adjusted EBITDA between $220 and $240 million;
•Albany Engineered Composites revenue between $460 and $510 million;
•Albany Engineered Composites Adjusted EBITDA between $60 and $70 million;
•Total company revenue between $1.165 and $1.265 billion;
•Total company Adjusted EBITDA between $240 and $260 million;
•Effective income tax rate at approximately 31%;
•Capital expenditures in the range of $85 to $95 million; and
•Diluted Earnings Per Share between $3.00 and $3.40.




ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Net revenues$286,905 $323,584 $1,230,615 $1,147,909 
Cost of goods sold196,582 203,723 828,839 724,191 
Gross profit90,323 119,861 401,776 423,718 
Selling, general, and administrative expenses48,435 67,701 210,882 214,915 
Technical and research expenses10,728 10,324 46,097 40,627 
Restructuring expenses, net6,854 55 13,438 282 
Operating income24,306 41,781 131,359 167,894 
Interest expense, net3,869 3,552 12,549 13,601 
Other (income)/expense, net(4,211)(1,253)1,721 (6,163)
Income before income taxes24,648 39,482 117,089 160,456 
Income tax expense6,903 8,938 29,034 48,846 
Net income17,745 30,544 88,055 111,610 
Net income attributable to the noncontrolling interest66 94 432 490 
Net income attributable to the Company$17,679 $30,450 $87,623 $111,120 
Earnings per share attributable to Company shareholders - Basic$0.57 $0.98 $2.81 $3.56 
Earnings per share attributable to Company shareholders - Diluted$0.56 $0.97 $2.80 $3.55 
Shares of the Company used in computing earnings per share:
Basic31,223 31,195 31,231 31,171 
Diluted31,355 31,332 31,338 31,276 
Dividends declared per share, Class A$0.27 $0.26 $1.05 $1.01 


ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)
December 31, 2024December 31, 2023
ASSETS
Cash and cash equivalents$115,283 $173,420 
Accounts receivable, net246,688 287,781 
Contract assets, net166,557 182,281 
Inventories145,845 169,567 
Income taxes prepaid and receivable19,187 11,043 
Prepaid expenses and other current assets37,132 53,872 
Total current assets$730,692 $877,964 
Property, plant and equipment, net563,431 601,989 
Intangibles, net38,127 44,646 
Goodwill176,261 180,181 
Deferred income taxes28,757 22,941 
Noncurrent receivables, net— 4,392 
Other assets111,428 102,901 
Total assets$1,648,696 $1,835,014 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable$66,095 $87,104 
Accrued liabilities141,904 142,988 
Current maturities of long-term debt— 4,218 
Income taxes payable18,367 14,369 
Total current liabilities226,366 248,679 
Long-term debt318,531 452,667 
Other noncurrent liabilities138,830 139,385 
Deferred taxes and other liabilities16,022 26,963 
Total liabilities699,749 867,694 
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; 40,917,539 issued in 2024 and 40,856,910 in 202341 41 
Additional paid in capital452,933 448,218 
Retained earnings1,065,763 1,010,942 
Accumulated items of other comprehensive income:
Translation adjustments(181,555)(124,901)
Pension and postretirement liability adjustments(14,328)(17,346)
Derivative valuation adjustment(106)9,079 
Treasury stock (Class A), at cost; 9,844,746 shares in 2024 and 9,661,845 in 2023(379,210)(364,665)
Total Company shareholders' equity943,538 961,368 
Noncontrolling interest5,409 5,952 
Total equity948,947 967,320 
Total liabilities and shareholders' equity$1,648,696 $1,835,014 


ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Twelve Months Ended December 31,
20242023
OPERATING ACTIVITIES
Net income$88,055 $111,610 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation82,452 70,374 
Amortization6,842 6,359 
Change in deferred taxes and other liabilities(15,331)(2,046)
Impairment of property, plant, equipment, and inventory2,038 1,773 
Non-cash interest expense1,025 1,404 
Compensation and benefits paid or payable in Class A Common Stock4,715 6,936 
Provision/(recovery) for credit losses from uncollected receivables and contract assets310 640 
Foreign currency remeasurement (gain)/loss on intercompany loans81 (2,831)
Fair value adjustment on foreign currency options— (139)
Gain on sale of assets(513)— 
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable31,764 (11,038)
Contract assets12,289 (32,156)
Inventories14,627 15,093 
Prepaid expenses and other current assets4,002 1,530 
Income taxes prepaid and receivable(8,574)(2,897)
Accounts payable(3,084)(5,672)
Accrued liabilities(1,275)(10,441)
Income taxes payable6,918 (1,988)
Noncurrent receivables(780)3,723 
Other noncurrent liabilities(7,702)(9,783)
Other, net582 7,605 
Net cash provided by operating activities218,441 148,056 
INVESTING ACTIVITIES
Purchase of business, net of cash acquired— (133,470)
Purchases of property, plant and equipment(80,249)(83,560)
Purchased software(958)(869)
Proceeds received from sale of assets1,027 — 
Net cash used in investing activities(80,180)(217,899)
FINANCING ACTIVITIES
Proceeds from borrowings145,595 78,040 
Principal payments on debt(279,838)(92,274)
Debt acquisition costs— (4,108)
Purchase of Treasury shares(14,175)— 
Taxes paid in lieu of share issuance(2,931)(3,136)
Dividends paid(32,483)(31,163)
Net cash used in financing activities(183,832)(52,641)
Effect of exchange rate changes on cash and cash equivalents(12,566)4,128 
Increase/(decrease) in cash and cash equivalents(58,137)(118,356)
Cash and cash equivalents at beginning of period173,420 291,776 
Cash and cash equivalents at end of period$115,283 $173,420 





Financial tables and reconciliation of non-GAAP measures to comparable GAAP measures
The following tables present Net revenues and the effect of changes in currency translation rates:
(in thousands, except percentages)Net revenues as reported, Q4 2024(Decrease) due to changes in currency translation ratesQ4 2024 revenues on same basis as Q4 2023 currency translation ratesNet revenues as reported, Q4 2023% Change compared to Q4 2023, excluding currency rate effects
Machine Clothing$188,079 $(897)$188,976 $191,741 (1.4)%
Albany Engineered Composites98,826 (111)98,937 131,843 (25.0)%
Consolidated total$286,905 $(1,008)$287,913 $323,584 (11.0)%
(in thousands, except percentages)Net revenues as reported, YTD 2024(Decrease)/increase due to changes in currency translation ratesYTD 2024 revenues on same basis as 2023 currency translation ratesNet revenues as reported, YTD 2023% Change compared to 2023, excluding currency rate effects
Machine Clothing$749,907 $(1,896)$751,803 $670,768 12.1 %
Albany Engineered Composites480,708 50 480,658 477,141 0.7 %
Consolidated total$1,230,615 $(1,846)$1,232,461 $1,147,909 7.4 %

The following tables present Gross profit and Gross profit margin:
(in thousands, except percentages)Gross profit,
Q4 2024		Gross profit margin, Q4 2024Gross profit,
Q4 2023		Gross profit margin, Q4 2023
Machine Clothing$83,595 44.4 %$93,527 48.8 %
Albany Engineered Composites6,728 6.8 %26,334 20.0 %
Consolidated total$90,323 31.5 %$119,861 37.0 %

(in thousands, except percentages)Gross profit,
YTD 2024		Gross profit margin, YTD 2024Gross profit,
YTD 2023		Gross profit margin, YTD 2023
Machine Clothing$346,044 46.1 %$331,558 49.4 %
Albany Engineered Composites55,732 11.6 %92,160 19.3 %
Consolidated total$401,776 32.6 %$423,718 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 December 31, 2024
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$41,927 $(7,911)$(16,271)$17,745 
Interest expense, net— — 3,869 3,869 
Income tax expense— — 6,903 6,903 
Depreciation and amortization expense8,479 13,528 284 22,291 
EBITDA (non-GAAP)50,406 5,617 (5,215)50,808 
Restructuring expenses, net6,584 505 183 7,272 
Foreign currency revaluation (gains)/losses (a)(3,314)100 (4,479)(7,693)
Strategic/integration costs7 — 60 67 
Other transition expenses— (241)(244)(485)
Pre-tax (income) attributable to noncontrolling interest (14)7 — (7)
Adjusted EBITDA (non-GAAP)$53,669 $5,988 $(9,695)$49,962 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)28.5 %6.1 %— 17.4 %
Three months ended December 31, 2023
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$42,937 $10,378 $(22,771)$30,544 
Interest expense, net— — 3,552 3,552 
Income tax expense— — 8,938 8,938 
Depreciation and amortization expense8,410 13,211 334 21,955 
EBITDA (non-GAAP)51,347 23,589 (9,947)64,989 
Restructuring expenses, net55 — — 55 
Foreign currency revaluation (gains)/losses (a)2,247 44 725 3,016 
CEO and other transition expenses— — 667 667 
Inventory step-up impacting Cost of goods sold4,110 — — 4,110 
Strategic/integration costs984 268 1,124 2,376 
Pre-tax (income) attributable to noncontrolling interest(24)(167)— (191)
Adjusted EBITDA (non-GAAP)$58,719 $23,734 $(7,431)$75,022 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)30.6 %18.0 %— 23.2 %


Twelve months ended December 31, 2024
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$183,632 $(11,603)$(83,974)$88,055 
Interest expense, net— — 12,549 12,549 
Income tax expense— — 29,034 29,034 
Depreciation and amortization expense33,917 54,228 1,149 89,294 
EBITDA (non-GAAP)217,549 42,625 (41,242)218,932 
Restructuring expenses, net11,165 3,649 329 15,143 
Foreign currency revaluation (gains)/losses (a)(4,561)(10)(3,843)(8,414)
Strategic/integration costs1,475 182 3,469 5,126 
Other transition expenses— 752 740 1,492 
Pre-tax (income) attributable to noncontrolling interest (124)(186)— (310)
Adjusted EBITDA (non-GAAP)$225,504 $47,012 $(40,547)$231,969 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)30.1 %9.8 %— 18.8 %
Twelve months ended December 31, 2023
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$188,429 $27,351 $(104,170)$111,610 
Interest expense, net— — 13,601 13,601 
Income tax expense— — 48,846 48,846 
Depreciation and amortization expense24,616 50,764 1,353 76,733 
EBITDA (non-GAAP)213,045 78,115 (40,370)250,790 
Restructuring expenses, net282 — — 282 
Foreign currency revaluation (gains)/losses (a)4,117 63 (2,884)1,296 
CEO and other transition expenses— — 2,719 2,719 
Inventory step-up impacting Cost of goods sold5,480 — — 5,480 
Strategic/integration costs984 1,081 3,129 5,194 
Pre-tax (income) attributable to noncontrolling interest(24)(641)— (665)
Adjusted EBITDA (non-GAAP)$223,884 $78,618 $(37,406)$265,096 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)33.4 %16.5 %— 23.1 %



Per share impact of the adjustments to diluted earnings per share are as follows:
Three months ended December 31, 2024
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring expenses, net$7,272 $1,244 $6,028 $0.19 
Foreign currency revaluation (gains)/losses (a)(7,693)(2,599)(5,094)(0.16)
Strategic/integration costs67 (75)142 0.00 
Other transition expenses(485)(121)(364)(0.01)
Three months ended December 31, 2023
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring expenses, net$55 $13 $42 $0.00 
Foreign currency revaluation (gains)/losses (a)3,016 933 2,083 0.07 
CEO and other transition expenses667 — 667 0.02 
Inventory step-up impacting Cost of goods sold4,110 908 3,202 0.10 
Acquisition/integration costs2,376 486 1,890 0.06 
Year ended December 31, 2024
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring expenses, net$15,143 $2,758 $12,385 $0.40 
Foreign currency revaluation (gains)/losses (a)(8,414)(2,839)(5,575)(0.18)
Strategic/integration costs5,126 1,308 3,818 0.12 
Other transition expenses1,492 373 1,119 0.04 
Year ended December 31, 2023
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring expenses, net$282 $70 $212 $0.01 
Foreign currency revaluation (gains)/losses (a)1,296 416 880 0.03 
CEO and other transition expenses2,719 — 2,719 0.09 
Withholding tax related to internal restructuring— (3,026)3,026 0.10 
Inventory step-up impacting Cost of goods sold5,480 1,211 4,269 0.14 
Acquisition/integration costs5,194 951 4,243 0.14 




The following table provides a reconciliation of Earnings per share to Adjusted Diluted Earnings per share:
Three months ended December 31,Twelve months ended December 31,
Per share amounts2024202320242023
Earnings per share attributable to Company shareholders - Basic (GAAP)$0.57 $0.98 $2.81 $3.56 
Effect of dilutive stock-based compensation plans(0.01)(0.01)(0.01)(0.01)
Earnings per share attributable to Company shareholders - Diluted (GAAP)$0.56 $0.97 $2.80 $3.55 
Adjustments, after tax:
Restructuring costs0.19 — 0.40 0.01 
Foreign currency revaluation (gains)/losses (a)(0.16)0.07 (0.18)0.03 
Strategic/integration costs— 0.06 0.12 0.14 
CEO and other transition expenses(0.01)0.02 0.04 0.09 
Inventory step-up impacting Cost of goods sold— 0.10 — 0.14 
Withholding tax related to internal restructuring— — — 0.10 
Adjusted Diluted Earnings per share (non-GAAP)$0.58 $1.22 $3.18 $4.06 
(a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.
The calculations of net debt are as follows:
(in thousands)December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Current maturities of long-term debt$— $555 $2,732 $4,445 $4,218 
Long-term debt318,531 361,639 374,325 434,689 452,667 
Total debt318,531 362,194 377,057 439,134 456,885 
Cash and cash equivalents115,283 127,222 116,439 125,412 173,420 
Net debt (non GAAP)$203,248 $234,972 $260,618 $313,722 $283,465 

Free cash flow is defined as GAAP "Net cash provided by operating activities" in a period less "Purchases of property, plant and equipment" and "Purchased software" in the same period. Management believes free cash flow provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Management uses free cash flow internally to assess overall liquidity. The following table illustrates the calculation of free cash flow:
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Net cash provided by operating activities$78,456 $74,244 $218,441 $148,056 
Purchases of property, plant and equipment
(18,264)(34,710)(80,249)(83,560)
Purchased software(857)(593)(958)(869)
Free cash flow$59,335 $38,941 $137,234 $63,627 





The calculation of net leverage ratio as of December 31, 2024 is as follows:
Total Company
Twelve months ended
(in thousands)December 31, 2024
Net income/(loss) (GAAP)$88,055 
Interest expense, net12,549 
Income tax expense29,034 
Depreciation and amortization expense89,294 
EBITDA (non-GAAP)218,932 
Restructuring expenses, net15,143 
Foreign currency revaluation (gains)/losses (a)(8,414)
Other transition expenses1,492 
Strategic/integration costs5,126 
Pre-tax (income) attributable to noncontrolling interest (310)
Adjusted EBITDA (non-GAAP)$231,969 
(in thousands, except for net leverage ratio)December 31, 2024
Net debt (non-GAAP)$203,248 
Adjusted EBITDA (non-GAAP)231,969 
Net leverage ratio (non-GAAP)0.88 



The tables below provide a reconciliation of initial outlook for the full-year 2025 Adjusted EBITDA and Adjusted EPS (non-GAAP measures) to the comparable GAAP measures:
Initial Outlook Full Year 2025 Adjusted EBITDA
Machine ClothingAEC
(in millions)LowHighLowHigh
Net income attributable to the Company (GAAP) (b)$186 $202 $10 $16 
Income attributable to the noncontrolling interest— — (1)(1)
Interest expense, net— — — — 
Income tax expense— — — — 
Depreciation and amortization34 38 50 54 
EBITDA (non-GAAP)220 240 59 69 
Restructuring expenses, net (c)— — — — 
Foreign currency revaluation (gains)/losses (c)— — — — 
Strategic/integration costs (c)— — — — 
Pre-tax (income)/loss attributable to non-controlling interest— — 1 1 
Adjusted EBITDA (non-GAAP)$220 $240 $60 $70 
(b) Interest, Other income/expense and Income taxes are not allocated to the business segments.
Initial Outlook Full Year 2025 Adjusted EBITDA
Total Company
(in millions)LowHigh
Net income attributable to the Company (GAAP)$94 $107 
Income attributable to the noncontrolling interest(1)(1)
Interest expense, net15 13 
Income tax expense42 47 
Depreciation and amortization89 93 
EBITDA (non-GAAP)239 259 
Restructuring expenses, net (c)— — 
Foreign currency revaluation (gains)/losses (c)— — 
Strategic/integration costs (c)— — 
Pre-tax (income)/loss attributable to non-controlling interest1 1 
Adjusted EBITDA (non-GAAP)$240 $260 
Total Company
Forecast of Full Year 2025 Earnings per share (diluted) (d)
LowHigh
Net income attributable to the Company (GAAP)$3.00 $3.40 
Restructuring expenses, net (c)— — 
Foreign currency revaluation (gains)/losses (c)— — 
Strategic/integration costs (c)— — 
Adjusted Diluted Earnings per share (non-GAAP)$3.00 $3.40 
(c)  Due to the uncertainty of these items, we are unable to forecast these items for 2025.
(d)  Calculations based on estimated diluted shares outstanding 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 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 30 facilities in 13 countries, employs approximately 5,400 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 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 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. Such excluded costs or benefits 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 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 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 2025 and in future years; expectations in 2025 and in future periods of revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted 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.

Investor / Media Contact:
JC Chetnani
VP-Investor Relations and Treasurer
jc.chetnani@albint.com

v3.25.0.1
Cover Page
Feb. 26, 2025
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity File Number 1-10026
Entity Registrant Name ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 216 Airport Drive
Entity Tax Identification Number 14-0462060
Entity Address, Postal Zip Code 03867
City Area Code 603
Local Phone Number 330-5850
Entity Emerging Growth Company false
Entity Central Index Key 0000819793
Amendment Flag false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Address, City or Town Rochester
Entity Address, State or Province NH
Class A Common Stock  
Trading Symbol AIN
Security Exchange Name NYSE
Title of 12(b) Security Class A Common Stock, $0.001 par value per share
Albany (NYSE:AIN)
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