Albany International Corp., a global advanced textiles and materials processing company with core businesses in machine clothing and engineered composites, reported Q3 2012 income from continuing operations of $9.1 million ($0.29 per share). These results include restructuring charges of $2.7 million ($0.06 per share), foreign currency revaluation losses of $3.6 million ($0.07 per share), and net unfavorable income tax adjustments of $1.3 million ($0.04 per share).
Q3 2011 income from continuing operations was $14.5 million ($0.46 per share). These results included restructuring charges of $2.7 million ($0.06 per share) and foreign currency revaluation gains of $6.6 million ($0.14 per share).
Net sales from continuing operations were $194.6 million, a decrease of 2.8 percent compared to Q3 2011.
A transition to new contract terms with a major customer in North America, accelerating the transfer of inventory ownership to that customer, increased Q3 net sales by $8 million, and will have a smaller positive residual impact on sales over the next two quarters.
Gross profit was $79.7 million (40.9 percent of net sales) in the third quarter of 2012, compared to $78.1 million (39.0 percent of net sales) in the same period of 2011. The increase in gross profit percentage was primarily due to Machine Clothing, where gross profit margins increased from 42.1 percent in 2011 to 44.6 percent in 2012 as a result of high plant utilization in the Americas and favorable geographic sales mix.
Selling, technical, general, and research (STG&R) expenses were $53.8 million, or 27.6 percent of net sales, in the third quarter of 2012. STG&R expenses included losses of $1.4 million related to the revaluation of non-functional-currency assets and liabilities. In the third quarter of 2011, STG&R expenses were $48.6 million, or 24.3 percent of net sales, including gains of $5.8 million related to the revaluation of non-functional-currency assets and liabilities.
