Albany International Q2 revenue misses on Machine Clothing weakness

The company sees third-quarter consolidated net revenue between $320 million and $330 million. Machine Clothing third-quarter net revenue is expected between $165 million and $170 million, and Albany International expects adjusted EPS between $0.60 and $0.70.

• Engineered Composites growth: The company said higher volume in Engineered Composites, especially from commercial and defense aerospace programs, drove the revenue increase.
• Machine Clothing softness: Machine Clothing revenues fell due to cyclical declines in the Americas and equipment downtime.
• Cost containment: Albany International attributed improved gross profit and lower SG&A expenses to cost controls and efficiency gains.

The current average analyst rating on the shares is hold, with no strong buy or buy ratings, 3 hold ratings and 1 sell or strong sell rating.

The average consensus recommendation for the industrial machinery and equipment peer group is buy. Wall Street's median 12-month price target for Albany International Corp is , about its August 3 closing price of .