Albany International Updates Expectations for Aerospace Business and the Company’s 2024 Full Year Outlook
Albany International Corporation (AIN)
Last albany international corporation earnings: 4/29 05:05 pm
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albint.com/en-us/investor/pages/home.aspx
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Source: Business Wire
Company to Hold Conference Call Today at 8:30 a.m. ET to Discuss Update ROCHESTER, N.H.--(BUSINESS WIRE)--Albany International Corp. (NYSE: AIN) announced today that it is providing a preliminary update to its full year outlook largely to reflect revised revenue and profitability expectations for the aerospace business within its Engineered Composites (AEC) segment.Following its regular quarterly review of program costs and estimates relative to certain large complex aerospace contracts the Company has updated its labor, material input and scrap cost assumptions over the duration of certain long-term contracts. These increased cost assumptions as well as the impact of suspended production at a key customer pending their union negotiations will result in an approximate $24 million negative Estimate-at-Completion (EAC) adjustment in the third quarter of 2024. Changes in other forecast assumptions are projected to lower second-half pre-tax earnings by an additional $8 million.“We cont
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News
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AIN
Earnings
- 10/30/24 - Beat
AIN
Sec Filings
- 11/15/24 - Form 8-K
- 11/5/24 - Form 4
- 11/5/24 - Form 4
- AIN's page on the SEC website