Albany International Corp (AIN) has reported 19.72 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $10.84 million, or $0.34 a share in the quarter, compared with $13.50 million, or $0.42 a share for the same period last year. On an adjusted basis, profit per share for the quarter was stable at $0.46, when compared with the last year period. Revenue during the quarter grew 15.64 percent to $199.28 million from $172.33 million in the previous year period. Gross margin for the quarter contracted 398 basis points over the previous year period to 38.09 percent. Total expenses were 88.93 percent of quarterly revenues, up from 87.08 percent for the same period last year. That has resulted in a contraction of 185 basis points in operating margin to 11.07 percent.
Operating income for the quarter was $22.06 million, compared with $22.27 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $43.52 million compared with $41.30 million in the prior year period. At the same time, adjusted EBITDA margin contracted 213 basis points in the quarter to 21.84 percent from 23.96 percent in the last year period.
Chief executive officer Joseph Morone said, “In Q1 2017, both businesses continued to perform well and in line with our short- and long-term expectations and objectives. MC once again generated strong income and strong new product performance, while AEC once again generated strong growth and executed well on each of its key programs, while continuing to position itself for improved profitability and new business.
Operating cash flow turns negative
Albany International Corp has spent $4.57 million cash to meet operating activities during the quarter as against cash inflow of $5.38 million in the last year period. The company has spent $25.08 million cash to meet investing activities during the quarter as against cash outgo of $8.08 million in the last year period.
The company has spent $11.20 million cash to carry out financing activities during the quarter as against cash outgo of $16.71 million in the last year period.
Cash and cash equivalents stood at $143.33 million as on Mar. 31, 2017, down 15.50 percent or $26.28 million from $169.62 million on Mar. 31, 2016.
Working capital declines
Albany International Corp has witnessed a decline in the working capital over the last year. It stood at $296.54 million as at Mar. 31, 2017, down 10.77 percent or $35.80 million from $332.35 million on Mar. 31, 2016. Current ratio was at 2.58 as on Mar. 31, 2017, down from 3.76 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 102 days for the quarter from 152 days for the last year period. Days sales outstanding went down to 72 days for the quarter compared with 80 days for the same period last year.
Days inventory outstanding has decreased to 55 days for the quarter compared with 99 days for the previous year period. At the same time, days payable outstanding was almost stable at 26 days for the quarter, when compared with the previous year period.
Debt increases substantially
Albany International Corp has witnessed an increase in total debt over the last one year. It stood at $480.45 million as on Mar. 31, 2017, up 87.91 percent or $224.77 million from $255.68 million on Mar. 31, 2016. Total debt was 38.07 percent of total assets as on Mar. 31, 2017, compared with 25.19 percent on Mar. 31, 2016. Debt to equity ratio was at 0.91 as on Mar. 31, 2017, up from 0.49 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 5.10 for the quarter from 9.95 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
