Albany International informa los resultados del primer trimestre de 2021

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ROCHESTER, N.H .– (BUSINESS WIRE) –
Albany International Corp. (NYSE: AIN) informó hoy los resultados operativos de su primer trimestre de 2021, que finalizó el 31 de marzo de 2021.

"El año de Albany International ha tenido un buen comienzo con un sólido desempeño en el primer trimestre", dijo el presidente y director ejecutivo de Albany International, Bill Higgins. por la reducción de existencias en la cadena de suministro aeroespacial comercial Con un excelente flujo de caja libre y un balance general saludable, estamos en una excelente forma financiera y continuamos enfocando nuestros esfuerzos en la ejecución operativa y la búsqueda de oportunidades de crecimiento orgánico.

“Las ventas del segmento de Machine Clothing se fortalecieron en la mayoría de las líneas de productos y regiones, lo que resultó en los ingresos más altos del segmento en el primer trimestre desde 2015. El crecimiento de las ventas y la excelente ejecución operativa se tradujeron directamente en un crecimiento de las ganancias. La cartera de pedidos del segmento sigue siendo sólida y respalda nuestra perspectiva para 2021.

“Los resultados del primer trimestre del segmento Engineered Composites son consistentes con nuestros planes y expectativas para el año. A pesar de los menores ingresos del segmento en comparación con el año pasado, logramos márgenes de EBITDA ajustados ampliados debido a la excelente ejecución del programa y los controles efectivos de costos. El segmento está bien posicionado para satisfacer la demanda futura una vez que los inventarios en la cadena de suministro se ajusten a las tasas de producción de OEM planificadas.

“En general, estamos muy satisfechos con el progreso del año y reiteramos nuestra guía para 2021. Seguimos esperando un año sólido de ejecución operativa y generación de flujo de caja libre. Dicho esto, reconocemos que siguen existiendo riesgos debido a la pandemia global, particularmente en los mercados aeroespaciales comerciales ”, concluyó Higgins.

Para el primer trimestre que finalizó el 31 de marzo de 2021:

• Las ventas netas fueron de $ 222,4 millones, una disminución de $ 13,4 millones o 6% en comparación con el año anterior. Las ventas disminuyeron $ 25.0 millones, o 25.2%, en el segmento de Compuestos de Ingeniería debido a una menor demanda de componentes de aviones comerciales, parcialmente compensado por $ 11.6 millones, o 8.5%, crecimiento en las ventas del segmento de Ropa de Máquina.

• La ganancia bruta de $ 88.5 millones fue un 1% menor que los $ 89.5 millones reportados para el mismo período de 2020.

• Los gastos de ventas, técnicos, generales y de investigación (STG & R) fueron de $ 46,7 millones, en comparación con $ 49,2 millones en el mismo período de 2020. La revaluación de los saldos en moneda extranjera disminuyó STG & R en $ 0,5 millones en 2021, en comparación con una disminución de $ 3,7 millones en el mismo período. período de 2020.

• La utilidad de operación fue de $ 41,8 millones, en comparación con $ 39,6 millones en el año anterior, un aumento del 6%, principalmente debido a menores gastos de STG & R.

• La tasa impositiva efectiva fue del 26,7%, en comparación con un 62,1% inusualmente alto para el primer trimestre de 2020. Los ajustes discretos del impuesto a la renta disminuyeron el gasto por impuesto a la renta del primer trimestre en $ 1,3 millones en 2021, en comparación con un aumento de $ 5,1 millones en el gasto por impuesto a la renta en 2020.

• La utilidad neta atribuible a la Compañía fue de $ 27,6 millones ($ 0,85 por acción), en comparación con $ 9,1 millones ($ 0,28 por acción) en el primer trimestre de 2020. Las ganancias ajustadas por acción (o EPS ajustadas, una medida no GAAP) fueron de $ 0,87 por acción en la primera trimestre de 2021, en comparación con $ 0,78 en el mismo período del año pasado.

• El EBITDA ajustado (una medida no GAAP) fue de $ 60,7 millones, en comparación con $ 59,1 millones en el primer trimestre de 2020, un aumento del 2,6%.

Consulte las tablas a continuación para ver una conciliación de las medidas que no son PCGA con sus medidas GAAP comparables.

Perspectivas para todo el año 2021

La Compañía ha actualizado la guía de ganancias por acción GAAP para reflejar los ajustes no GAAP informados en el primer trimestre. Todas las demás guías emitidas anteriormente para 2021 permanecen sin cambios:

• Ingresos totales de la empresa de entre $ 850 y $ 890 millones;

• Tasa de impuesto sobre la renta efectiva, incluidos los ajustes fiscales, del 28% al 30%;

• Depreciación y amortización total de la empresa de entre $ 70 y $ 75 millones;

• Gastos de capital en el rango de $ 50 a $ 60 millones;

• Ganancias GAAP por acción de entre $ 2,38 y $ 2,78 y ganancias ajustadas por acción de entre $ 2,40 y $ 2,80;

• EBITDA ajustado total de la compañía de $ 195 a $ 220 millones;

• Ingresos de Machine Clothing de $ 570 a $ 590 millones;

• EBITDA ajustado de ropa de máquina de entre $ 195 y $ 205 millones;

• Ingresos de Albany Engineered Composites (AEC) entre $ 275 y $ 295 millones; y

• EBITDA ajustado de Albany Engineered Composites de $ 55 a $ 65 millones.

Conciliación de medidas no GAAP con medidas GAAP comparables

Las siguientes tablas presentan las ventas netas y el efecto de los cambios en las tasas de conversión de moneda:

Las siguientes tablas presentan la utilidad bruta y el margen de utilidad bruta:

Se ha calculado una conciliación de la utilidad / (pérdida) operativa (GAAP) con el EBITDA ajustado (no GAAP) para el año actual y períodos comparables del año anterior de la siguiente manera:

El impacto por acción de los ajustes a las ganancias por acción es el siguiente:

La siguiente tabla proporciona una conciliación de las ganancias por acción con las ganancias ajustadas por acción:

Los cálculos de la deuda neta son los siguientes:

Las tablas a continuación proporcionan una conciliación del EBITDA ajustado y las EPS ajustadas (medidas no GAAP) pronosticadas para todo el año 2021 con las medidas GAAP comparables:

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. Albany International is headquartered in Rochester, New Hampshire, operates 23 facilities in 11 countries, employs approximately 4,000 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, including: net sales, and percent change in net sales, excluding the impact of currency translation effects (for each segment and on a consolidated basis); EBITDA and Adjusted EBITDA (for each segment and on a consolidated basis, represented in dollars or as a percentage of net sales); Net debt; and Adjusted earnings per share (or Adjusted EPS). Such items are provided because management believes that they provide additional useful information to investors regarding the Company’s operational performance.

Presenting Net sales and increases or decreases in Net sales, after currency effects are excluded, can give management and investors insight into underlying sales trends. Net sales, or percent changes in net sales, 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, Adjusted EBITDA and Adjusted EPS are performance measures that relate to the Company’s continuing operations. EBITDA, or net income with interest, taxes, depreciation, and amortization added back, is a common indicator of financial performance used, among other things, to analyze and compare core profitability between companies and industries because it eliminates effects due to differences in financing, asset bases and taxes. The Company calculates EBITDA by removing the following from Net income: Interest expense, net, Income tax expense, Depreciation and amortization expense. Adjusted EBITDA is calculated by: adding to EBITDA costs associated with restructuring, former CEO termination costs, and inventory write-offs associated with discontinued businesses; adding charges and credits related to pension plan settlements and curtailments; adding (or subtracting) revaluation losses (or gains); subtracting (or adding) gains (or losses) from the sale of buildings or investments; subtracting insurance recovery gains in excess of previously recorded losses; adding acquisition/integration costs and subtracting (or adding) Income (or loss) attributable to the non-controlling interest in Albany Safran Composites (ASC). Adjusted EBITDA may also be presented as a percentage of net sales by dividing it by net sales. An understanding of the impact in a particular quarter of specific restructuring costs, former CEO termination costs, acquisition/integration costs, currency revaluation, inventory write-offs associated with discontinued businesses, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect. Restructuring expenses, while frequent in recent years, are reflective of significant reductions in manufacturing capacity and associated headcount in response to shifting markets, and not of the profitability of the business going forward as restructured. Adjusted earnings per share (Adjusted EPS) is calculated by adding to (or subtracting from) net income attributable to the Company per share, on an after-tax basis: restructuring charges; former CEO severance costs; charges and credits related to pension plan settlements and curtailments; inventory write-offs associated with discontinued businesses; foreign currency revaluation losses (or gains); acquisition-related expenses; and losses (or gains) from the sale of investments.

EBITDA, Adjusted EBITDA, and Adjusted EPS, as defined by the Company, may not be similar to similarly named measures of other companies. Such measures are not considered measurements under GAAP, and should be considered in addition to, but not as substitutes for, the information contained in the Company’s statements of income.

The Company discloses certain income and expense items on a per-share basis. The Company believes that such disclosures provide important insight into underlying quarterly earnings and are financial performance metrics commonly used by investors. The Company calculates the quarterly per-share amount for items included in continuing operations by using an income tax rate based on either the tax rates in specific countries or the estimated tax rate applied to total company results. The tax rate applied excludes income tax adjustments (discrete tax adjustments and the effect of changes in the estimated income tax rate). The after-tax amount is then divided by the weighted-average number of shares outstanding for each period. Year-to-date earnings per-share effects are determined by adding the amounts calculated at each reporting period.

Net debt is, in the opinion of the Company, helpful to investors wishing to understand what the Company’s debt position would be if all available cash were applied to pay down indebtedness. The Company calculates Net debt by subtracting Cash and cash equivalents from Total debt. Total debt is calculated by adding Long-term debt, Current maturities of long-term debt, and Notes and loans payable, if any.

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 and paper-industry trends and conditions during 2021 and in future years; expectations in 2021 and in future periods of sales, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net sales), 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 sales 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/20210426005777/en/

John Hobbs

603-330-5897

john.hobbs@albint.com

Source: Albany International Corp.