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ALBANY INTERNATIONAL CORP /DE/

CIK:0000819793|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenues	$ 329,482	$ 311,399	$ 640,815	$ 600,173
Cost of goods sold	221,581	213,892	433,120	406,180
Gross profit	107,901	97,507	207,695	193,993
Selling, general, and administrative expenses	56,068	58,502	114,367	112,314
Technical and research expenses	11,722	12,552	24,679	24,448
Restructuring expenses, net	7,973	4,183	11,138	6,698
Operating income/(loss)	32,138	22,270	57,511	50,533
Interest expense, net	6,068	5,150	11,535	8,805
Other (income)/expense, net	39	3,534	(3,154)	4,517
Income before income taxes	26,031	13,586	49,130	37,211
Income tax expense	8,327	4,254	15,977	10,530
Net income	17,704	9,332	33,153	26,681
Net income attributable to the noncontrolling interest	290	149	458	143
Net income attributable to the Company	$ 17,414	$ 9,183	$ 32,695	$ 26,538
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.61	$ 0.31	$ 1.15	$ 0.87
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.61	$ 0.31	$ 1.14	$ 0.87
Shares of the Company used in computing earnings per share:
Basic (in shares)	28,361	29,928	28,341	30,373
Diluted (in shares)	28,588	30,090	28,568	30,535
Dividends declared per Class A share (in dollars per share)	$ 0.28	$ 0.27	$ 0.56	$ 0.54

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 33,153	$ 26,681
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	32,853	40,085
Amortization	1,294	2,957
Change in deferred taxes	2,179	(2,761)
Loss/(gain) on disposal of property, plant and equipment	324	(66)
Non-cash interest expense	515	513
Compensation and benefits paid or payable in Class A Common Stock	5,009	3,654
Provision/(recovery) for credit losses from uncollected receivables and contract assets	(101)	1,021
Foreign currency remeasurement loss/(gain) on intercompany loans	(3,788)	7,171
Gain on sale of assets	0	(1,566)
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(12,899)	(4,490)
Contract assets	(8,778)	(15,329)
Inventories	(22,912)	(8,179)
Prepaid expenses and other current assets	(5,195)	(2,565)
Income taxes prepaid and receivable	2,769	743
Accounts payable	14,488	26,878
Accrued liabilities	(23,259)	(23,314)
Income taxes payable	(11,034)	(17,191)
Noncurrent receivables	0	(201)
Other noncurrent liabilities	288	(2,927)
Other, net	(1,914)	3,719
Net cash provided by operating activities	2,992	34,833
Cash flows from investing activities:
Purchases of property, plant and equipment	(21,170)	(29,526)
Purchased software	(12)	(1,005)
Proceeds received from sale of assets	0	3,243
Proceeds from sale of investment	1,660	0
Net cash used in investing activities	(19,522)	(27,288)
Cash flows from financing activities:
Proceeds from borrowings	83,000	171,995
Repayment of borrowings	(85,000)	(58,046)
Purchase of Treasury shares	0	(120,448)
Taxes paid in lieu of share issuance	(1,333)	(1,316)
Dividends paid	(15,867)	(16,693)
Net cash used in financing activities	(19,200)	(24,508)
Effect of exchange rate changes on cash and cash equivalents	729	8,369
Decrease in cash and cash equivalents	(35,001)	(8,594)
Cash and cash equivalents at beginning of period	112,350	115,283
Cash and cash equivalents at end of period	77,349	106,689
Supplemental disclosure of cash flow information:
Cash paid for interest, net	12,451	10,710
Cash paid for income taxes	$ 23,056	$ 26,278

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 77,349	$ 112,350
Accounts receivable, net	252,133	235,084
Contract assets, net	77,287	87,102
Inventories	146,158	121,589
Income taxes prepaid and receivable	41,191	43,937
Prepaid expenses and other current assets	40,402	34,990
Assets held for sale	306,722	293,783
Total current assets	941,242	928,835
Property, plant and equipment, net	467,424	482,568
Intangibles, net	19,667	21,428
Goodwill	160,552	162,507
Deferred income taxes	66,319	68,499
Other assets	56,161	54,872
Total assets	1,711,365	1,718,709
Liabilities and Shareholders' Equity
Accounts payable	75,075	64,499
Accrued liabilities	133,829	139,385
Income taxes payable	24,524	35,090
Liabilities held for sale	187,108	203,323
Total current liabilities	420,536	442,297
Long-term debt	450,669	455,663
Other noncurrent liabilities	85,983	86,850
Deferred income taxes	2,088	1,797
Total liabilities	959,276	986,607
Commitments and Contingencies (Note 17)
Shareholders' Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid in capital	464,148	460,472
Retained earnings	993,170	976,373
Accumulated items of other comprehensive income:
Translation adjustments	(121,743)	(119,008)
Pension and postretirement liability adjustments	(23,065)	(23,911)
Derivative valuation adjustment	131	(619)
Treasury stock (Class A), at cost; 12,685,782 shares in 2026 and 12,685,782 in 2025	(566,993)	(567,139)
Total shareholders' equity	745,689	726,209
Noncontrolling interest	6,400	5,893
Total equity	752,089	732,102
Total liabilities and shareholders' equity	1,711,365	1,718,709
Common Class A
Shareholders' Equity:
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 41,056,929 issued in 2026 and 40,989,106 in 2025	$ 41	$ 41