Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Albany International Reports First-Quarter 2023 Results

Albany International Corp. (NYSE:AIN) today reported operating results for its first quarter of 2023, which ended March 31, 2023.

"We are pleased to report another strong quarter,” said Albany International President and Chief Executive Officer, Bill Higgins. "Both of our businesses segments performed well and are on-track with their near-term and strategic plans.

"Our revenue of $269 million was up $25 million or 10% year-over-year. Engineered Composites grew first quarter sales approximately 29% compared to the first quarter of 2022 driven by higher program revenues from CH-53K, LEAP and contributions from our smaller programs. Machine Clothing markets remained healthy and the business segment posted stable revenue compared to the first quarter of 2022 with outstanding profitability.

"First quarter 2023 GAAP earnings per share was $0.86. Adjusted earnings per share for the quarter was $0.91, unchanged from 2022's first quarter result. Overall, we're very pleased with the start of the year and are reiterating our guidance for 2023," concluded Higgins.

For the first quarter ended March 31, 2023:

  • Net sales were $269.1 million, up 10.2%, or 12.2% after adjusting for currency translation, when compared to the prior year, primarily due to year-over-year growth in sales related to the CH-53K and LEAP programs within the Engineered Composites segment
  • Gross profit of $99.3 million was 8.4% higher than the $91.6 million reported for the same period of 2022; overall gross margin declined by 60 basis points, primarily due to higher contribution from the lower-margin Engineered Composites segment
  • Selling, Technical, General, and Research (STG&R) expenses were $58.8 million, compared to $52.6 million in the same period of 2022; the increase was driven by higher personnel-related costs and professional fees
  • Operating income was $40.5 million, compared to $38.8 million in the prior year, an increase of 4.6%
  • Effective tax rate for the quarter was 28.2%, effectively flat compared to the prior year quarter
  • Net income attributable to the Company was $26.9 million ($0.86 per share), compared to $27.7 million ($0.87 per share) in the first quarter of 2022; Adjusted earnings per share (or Adjusted EPS, a non-GAAP measure) was $0.91 in the first quarter of both the current and prior year quarter
  • Adjusted EBITDA (a non-GAAP measure) was $60.4 million, compared to $61.0 million in the first quarter of 2022, a decrease of 1.1%.



    Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.

Outlook for Full-Year 2023

The Company has updated its GAAP earnings per share guidance to incorporate Q1 2023 financial results. All other previously issued guidance for 2023 remains unchanged:

  • Total company revenue between $1.01 and $1.05 billion;
  • Effective income tax rate, including tax adjustments, between 28% and 30%;
  • Total company depreciation and amortization between $70 and $75 million;
  • Capital expenditures in the range of $90 to $100 million;
  • GAAP earnings per share between $3.05 and $3.55;
  • Adjusted earnings per share between $3.10 and $3.60;
  • Total company Adjusted EBITDA between $225 to $255 million;
  • Machine Clothing revenue between $590 to $610 million;
  • Machine Clothing Adjusted EBITDA between $205 and $225 million;
  • Albany Engineered Composites (AEC) revenue between $420 to $440 million; and
  • Albany Engineered Composites Adjusted EBITDA between $80 to $90 million.

ALBANY INTERNATIONAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(unaudited)

 

Three Months Ended

March 31,

 

 

2023

 

 

 

2022

 

Net sales

$

269,096

 

 

$

244,169

 

Cost of goods sold

 

169,778

 

 

 

152,565

 

 

 

 

 

Gross profit

 

99,318

 

 

 

91,604

 

Selling, general, and administrative expenses

 

48,479

 

 

 

42,707

 

Technical and research expenses

 

10,277

 

 

 

9,889

 

Restructuring expenses, net

 

20

 

 

 

254

 

 

 

 

 

Operating income

 

40,542

 

 

 

38,754

 

Interest expense, net

 

3,290

 

 

 

3,609

 

Other (income)/expense, net

 

(455

)

 

 

(3,928

)

 

 

 

 

Income before income taxes

 

37,707

 

 

 

39,073

 

Income tax expense

 

10,621

 

 

 

10,998

 

 

 

 

 

Net income

 

27,086

 

 

 

28,075

 

Net income attributable to the noncontrolling interest

 

197

 

 

 

338

 

Net income attributable to the Company

$

26,889

 

 

$

27,737

 

 

 

 

 

Earnings per share attributable to Company shareholders - Basic

$

0.86

 

 

$

0.87

 

 

 

 

 

Earnings per share attributable to Company shareholders - Diluted

$

0.86

 

 

$

0.87

 

 

 

 

 

Shares of the Company used in computing earnings per share:

 

 

 

Basic

 

31,131

 

 

 

31,877

 

 

 

 

 

Diluted

 

31,217

 

 

 

31,961

 

 

 

 

 

Dividends declared per share, Class A and Class B

$

0.25

 

 

$

0.21

 

ALBANY INTERNATIONAL CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 

 

March 31,

2023

 

December 31,

2022

ASSETS

 

 

 

Cash and cash equivalents

$

304,258

 

 

$

291,776

 

Accounts receivable, net

 

216,035

 

 

 

200,018

 

Contract assets, net

 

153,817

 

 

 

148,695

 

Inventories

 

153,777

 

 

 

139,050

 

Income taxes prepaid and receivable

 

8,711

 

 

 

7,938

 

Prepaid expenses and other current assets

 

52,857

 

 

 

50,962

 

Total current assets

$

889,455

 

 

$

838,439

 

 

 

 

 

Property, plant and equipment, net

 

450,254

 

 

 

445,658

 

Intangibles, net

 

32,874

 

 

 

33,811

 

Goodwill

 

179,255

 

 

 

178,217

 

Deferred income taxes

 

15,843

 

 

 

15,196

 

Noncurrent receivables, net

 

27,322

 

 

 

27,913

 

Other assets

 

100,755

 

 

 

103,021

 

Total assets

$

1,695,758

 

 

$

1,642,255

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Accounts payable

$

76,241

 

 

$

69,707

 

Accrued liabilities

 

103,986

 

 

 

126,385

 

Current maturities of long-term debt

 

 

 

 

 

Income taxes payable

 

4,464

 

 

 

15,224

 

Total current liabilities

 

184,691

 

 

 

211,316

 

 

 

 

 

Long-term debt

 

491,000

 

 

 

439,000

 

Other noncurrent liabilities

 

108,371

 

 

 

108,758

 

Deferred taxes and other liabilities

 

14,181

 

 

 

15,638

 

Total liabilities

 

798,243

 

 

 

774,712

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued

 

 

 

 

 

Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; 40,842,023 issued in 2023 and 40,785,434 in 2022

 

41

 

 

 

41

 

Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; none issued and outstanding in 2023 and 2022

 

 

 

 

 

Additional paid in capital

 

441,917

 

 

 

441,540

 

Retained earnings

 

950,415

 

 

 

931,318

 

Accumulated items of other comprehensive income:

 

 

 

Translation adjustments

 

(132,970

)

 

 

(146,851

)

Pension and postretirement liability adjustments

 

(16,699

)

 

 

(15,783

)

Derivative valuation adjustment

 

14,805

 

 

 

17,707

 

Treasury stock (Class A), at cost; 9,674,542 shares in 2023 and 2022

 

(364,923

)

 

 

(364,923

)

Total Company shareholders' equity

 

892,586

 

 

 

863,049

 

Noncontrolling interest

 

4,929

 

 

 

4,494

 

Total equity

 

897,515

 

 

 

867,543

 

Total liabilities and shareholders' equity

$

1,695,758

 

 

$

1,642,255

 

ALBANY INTERNATIONAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended March 31,

 

 

2023

 

 

 

2022

 

OPERATING ACTIVITIES

 

 

 

Net income

$

27,086

 

 

$

28,075

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

Depreciation

 

15,864

 

 

 

15,597

 

Amortization

 

1,503

 

 

 

2,165

 

Change in deferred taxes and other liabilities

 

(887

)

 

 

1,792

 

Impairment of property, plant, equipment, and inventory

 

100

 

 

 

2,868

 

Non-cash interest expense

 

280

 

 

 

282

 

Compensation and benefits paid or payable in Class A Common Stock

 

378

 

 

 

745

 

Provision/(recovery) for credit losses from uncollected receivables and contract assets

 

309

 

 

 

1,858

 

Foreign currency remeasurement (gain)/loss on intercompany loans

 

(1,732

)

 

 

(2,385

)

Fair value adjustment on foreign currency options

 

58

 

 

 

(977

)

 

 

 

 

Changes in operating assets and liabilities that provided/(used) cash:

 

 

 

Accounts receivable

 

(13,702

)

 

 

(15,674

)

Contract assets

 

(4,403

)

 

 

272

 

Inventories

 

(12,360

)

 

 

(7,549

)

Prepaid expenses and other current assets

 

(2,191

)

 

 

(1,976

)

Income taxes prepaid and receivable

 

(693

)

 

 

1,829

 

Accounts payable

 

5,214

 

 

 

(375

)

Accrued liabilities

 

(23,137

)

 

 

(19,350

)

Income taxes payable

 

(10,996

)

 

 

(10,890

)

Noncurrent receivables

 

867

 

 

 

614

 

Other noncurrent liabilities

 

7

 

 

 

(1,914

)

Other, net

 

2,042

 

 

 

(398

)

Net cash used in operating activities

 

(16,393

)

 

 

(5,391

)

 

 

 

 

INVESTING ACTIVITIES

 

 

 

Purchases of property, plant and equipment

 

(16,275

)

 

 

(15,719

)

Purchased software

 

 

 

 

(35

)

Net cash used in investing activities

 

(16,275

)

 

 

(15,754

)

 

 

 

 

FINANCING ACTIVITIES

 

 

 

Proceeds from borrowings

 

58,000

 

 

 

77,000

 

Principal payments on debt

 

(6,000

)

 

 

 

Principal payments on finance lease liabilities

 

 

 

 

(390

)

Purchase of Treasury shares

 

 

 

 

(42,230

)

Taxes paid in lieu of share issuance

 

(3,136

)

 

 

(770

)

Proceeds from options exercised

 

 

 

 

7

 

Dividends paid

 

(7,778

)

 

 

(6,742

)

Net cash provided by financing activities

 

41,086

 

 

 

26,875

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

4,064

 

 

 

(351

)

 

 

 

 

Increase in cash and cash equivalents

 

12,482

 

 

 

5,379

 

Cash and cash equivalents at beginning of period

 

291,776

 

 

 

302,036

 

Cash and cash equivalents at end of period

$

304,258

 

 

$

307,415

 

The following table presents the reconciliation of Net sales to net sales excluding the effect of changes in currency translation rates, a non-GAAP measure:

(in thousands, except percentages)

Net sales as

reported, Q1

2023

Decrease due to

changes in

currency

translation rates

Q1 2023 sales

on same basis

as Q1 2022

currency

translation rates

Net sales as

reported, Q1

2022

% Change

compared to Q1

2022, excluding

currency rate

effects

Machine Clothing

$

153,222

$

(3,468

)

$

156,690

$

154,062

1.7

%

Albany Engineered Composites

 

115,874

 

(1,496

)

 

117,370

 

90,107

30.3

%

Consolidated total

$

269,096

$

(4,964

)

$

274,060

$

244,169

12.2

%

 

 

 

 

 

 

The following table presents Gross profit and Gross profit margin:

(in thousands, except percentages)

Gross profit,

Q1 2023

Gross profit margin,

Q1 2023

Gross profit,

Q1 2022

Gross profit margin,

Q1 2022

Machine Clothing

$

77,855

50.8

%

$

79,345

51.5

%

Albany Engineered Composites

 

21,463

18.5

%

 

12,259

13.6

%

Consolidated total

$

99,318

36.9

%

$

91,604

37.5

%

A reconciliation from Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

Three months ended March 31, 2023

(in thousands)

Machine Clothing

Albany Engineered

Composites

Corporate expenses

and other

Total

Company

Net income/(loss) (GAAP)

$

48,964

 

$

9,418

 

$

(31,296

)

$

27,086

 

Interest expense, net

 

 

 

 

 

3,290

 

 

3,290

 

Income tax expense

 

 

 

 

 

10,621

 

 

10,621

 

Depreciation and amortization expense

 

4,775

 

 

11,664

 

 

928

 

 

17,367

 

EBITDA (non-GAAP)

 

53,739

 

 

21,082

 

 

(16,457

)

 

58,364

 

Restructuring expenses, net

 

20

 

 

 

 

 

 

20

 

Foreign currency revaluation (gains)/losses (a)

 

1,960

 

 

(133

)

 

60

 

 

1,887

 

Acquisition/integration costs

 

 

 

269

 

 

 

 

269

 

Pre-tax (income) attributable to noncontrolling interest

 

 

 

(189

)

 

 

 

(189

)

Adjusted EBITDA (non-GAAP)

$

55,719

 

$

21,029

 

$

(16,397

)

$

60,351

 

Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales) (non-GAAP)

 

36.4

%

 

18.1

%

 

 

 

22.4

%

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2022

(in thousands)

Machine Clothing

Albany Engineered

Composites

Corporate expenses

and other

Total

Company

Net income/(loss) (GAAP)

$

49,644

 

$

1,195

 

$

(22,764

)

$

28,075

 

Interest expense, net

 

 

 

 

 

3,609

 

 

3,609

 

Income tax expense

 

 

 

 

 

10,998

 

 

10,998

 

Depreciation and amortization expense

 

4,923

 

 

12,039

 

 

800

 

 

17,762

 

EBITDA (non-GAAP)

 

54,567

 

 

13,234

 

 

(7,357

)

 

60,444

 

Restructuring expenses, net

 

243

 

 

 

 

11

 

 

254

 

Foreign currency revaluation (gains)/losses (a)

 

1,057

 

 

423

 

 

(3,740

)

 

(2,260

)

Dissolution of business relationships in Russia

 

1,787

 

 

 

 

781

 

 

2,568

 

Acquisition/integration costs

 

 

 

282

 

 

 

 

282

 

Pre-tax (income) attributable to noncontrolling interest

 

 

 

(252

)

 

 

 

(252

)

Adjusted EBITDA (non-GAAP)

$

57,654

 

$

13,687

 

$

(10,305

)

$

61,036

 

Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales) (non-GAAP)

 

37.4

%

 

15.2

%

 

 

 

25.0

%

Per share impact of the adjustments to earnings per share are as follows:

Three months ended March 31, 2023

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring expenses, net

$

20

 

$

4

 

$

16

 

$

0.00

 

Foreign currency revaluation (gains)/losses (a)

 

1,887

 

 

553

 

 

1,334

 

 

0.04

 

Acquisition/integration costs

 

269

 

 

77

 

 

192

 

 

0.01

 

 

 

 

 

 

Three months ended March 31, 2022

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring expenses, net

$

254

 

$

73

 

$

181

 

$

0.01

 

Foreign currency revaluation (gains)/losses (a)

 

(2,260

)

 

(653

)

 

(1,607

)

 

(0.05

)

Dissolution of business relationships in Russia

 

2,568

 

 

332

 

 

2,236

 

 

0.07

 

Acquisition/integration costs

 

282

 

 

84

 

 

198

 

 

0.01

 

The following table provides a reconciliation of Earnings per share to Adjusted Earnings per share:

 

Three months ended March 31,

Per share amounts (Basic)

2023

 

2022

Earnings per share (GAAP)

$

0.86

$

0.87

 

Adjustments, after tax:

 

 

Restructuring expenses, net

 

 

0.01

 

Foreign currency revaluation (gains)/losses (a)

 

0.04

 

(0.05

)

Dissolution of business relationships in Russia

 

 

0.07

 

Acquisition/ integration costs

 

0.01

 

0.01

 

Adjusted Earnings per share (non-GAAP)

$

0.91

$

0.91

 

(a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.

The calculations of net debt are as follows:

(in thousands)

March 31, 2023

December 31, 2022

March 31, 2022

Current maturities of long-term debt

$

$

$

Long-term debt

 

491,000

 

439,000

 

427,000

Total debt

 

491,000

 

439,000

 

427,000

Cash and cash equivalents

 

304,258

 

291,776

 

307,415

Net debt (non-GAAP)

$

186,742

$

147,224

$

119,585

The calculation of net leverage ratio as of March 31, 2023 is as follows:

Total Company

 

Twelve

months

ended

Three months ended

Trailing twelve

months ended

(in thousands)

December 31,

2022

March 31,

2022

March 31,

2023

March 31, 2023

(non-GAAP) (b)

Net income/(loss) (GAAP)

$

96,508

 

$

28,075

 

$

27,086

 

$

95,519

 

Interest expense, net

 

14,000

 

 

3,609

 

 

3,290

 

 

13,681

 

Income tax expense

 

35,472

 

 

10,998

 

 

10,621

 

 

35,095

 

Depreciation and amortization expense

 

69,049

 

 

17,762

 

 

17,367

 

 

68,654

 

EBITDA (non-GAAP)

 

215,029

 

 

60,444

 

 

58,364

 

 

212,949

 

Restructuring expenses, net

 

106

 

 

254

 

 

20

 

 

(128

)

Foreign currency revaluation (gains)/losses (a)

 

(9,829

)

 

(2,260

)

 

1,887

 

 

(5,682

)

Dissolution of business relationships in Russia

 

2,275

 

 

2,568

 

 

 

 

(293

)

Pension settlement expense

 

49,128

 

 

 

 

 

 

49,128

 

IP address sales

 

(3,420

)

 

 

 

 

 

(3,420

)

Acquisition/integration costs

 

1,057

 

 

282

 

 

269

 

 

1,044

 

Pre-tax (income) attributable to noncontrolling interest

 

(817

)

 

(252

)

 

(189

)

 

(754

)

Adjusted EBITDA (non-GAAP)

$

253,529

 

$

61,036

 

$

60,351

 

$

252,844

 

(in thousands, except for net leverage ratio)

March 31, 2023

Net debt (non-GAAP)

$ 186,742

Trailing twelve months Adjusted EBITDA (non-GAAP)

252,844

Net leverage ratio (non-GAAP)

0.74

(b) Calculated as amounts incurred during the twelve months ended December 31, 2022, less those incurred during the three months ended March 31, 2022, plus those incurred during the three months ended March 31, 2023.

The tables below provide a reconciliation of forecasted full-year 2023 Adjusted EBITDA and Adjusted EPS (non-GAAP measures) to the comparable GAAP measures

Forecast of Full Year 2023 Adjusted EBITDA

Machine Clothing

 

AEC

(in millions)

Low

High

 

Low

High

Net income attributable to the Company (GAAP) (c)

$

184

 

$

203

 

 

$

32

 

$

41

 

Income attributable to the noncontrolling interest

 

 

 

 

 

 

(1

)

 

(1

)

Interest expense, net

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

20

 

 

20

 

 

 

48

 

 

49

 

EBITDA (non-GAAP)

 

204

 

 

223

 

 

 

79

 

 

89

 

Restructuring expenses, net (d)

 

 

 

 

 

 

 

 

 

Foreign currency revaluation (gains)/losses (d)

 

1

 

 

2

 

 

 

(1

)

 

(1

)

Acquisition/integration costs (d)

 

 

 

 

 

 

1

 

 

1

 

Pre-tax (income)/loss attributable to non-controlling interest

 

 

 

 

 

 

1

 

 

1

 

Adjusted EBITDA (non-GAAP)

$

205

 

$

225

 

 

$

80

 

$

90

 

(c) Interest, Other income/expense and Income taxes are not allocated to the business segments

 

 

 

 

 

 

Forecast of Full Year 2023 Adjusted EBITDA

Total Company

 

 

 

(in millions)

Low

High

 

 

 

Net income attributable to the Company (GAAP)

$

95

 

$

111

 

 

 

 

Income attributable to the noncontrolling interest

 

(1

)

 

(1

)

 

 

 

Interest expense, net

 

16

 

 

19

 

 

 

 

Income tax expense

 

37

 

 

46

 

 

 

 

Depreciation and amortization

 

74

 

 

75

 

 

 

 

EBITDA (non-GAAP)

 

221

 

 

250

 

 

 

 

Restructuring expenses, net (d)

 

1

 

 

1

 

 

 

 

Foreign currency revaluation (gains)/losses (d)

 

1

 

 

2

 

 

 

 

Acquisition/integration costs (d)

 

1

 

 

1

 

 

 

 

Pre-tax (income)/loss attributable to non-controlling interest

 

1

 

 

1

 

 

 

 

Adjusted EBITDA (non-GAAP)

$

225

 

$

255

 

 

 

 

 

 

 

 

 

 

 

Total Company

 

 

 

Forecast of Full Year 2023 Earnings per share (basic) (e)

Low

High

 

 

 

Net income attributable to the Company (GAAP)

$

3.05

 

$

3.55

 

 

 

 

Restructuring expenses, net (d)

 

 

 

 

 

 

 

Foreign currency revaluation (gains)/losses (d)

 

0.04

 

 

0.04

 

 

 

 

Acquisition/integration costs (d)

 

0.01

 

 

0.01

 

 

 

 

Adjusted Earnings per share (non-GAAP)

$

3.10

 

$

3.60

 

 

 

 

 

 

 

 

 

 

(d) Due to the uncertainty of these items, we are unable to forecast these items for 2023

(e) Calculations based on weighted average shares outstanding estimate of approximately 31.1 million

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 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 more than 4,200 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, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net sales and percent change in net sales, excluding the impact of currency translation effects ; EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted earnings per share (or Adjusted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company’s operational performance.

Presenting Net sales and change in Net sales, after currency effects are excluded, provides 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 (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted EPS are performance measures that relate to the Company’s continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company’s ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net sales.

The Company defines Adjusted EPS as basic earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company’s ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results.

The Company’s Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS may not be comparable to similarly titled measures of other companies.

Net debt aids investors in understanding the Company’s debt position if all available cash were applied to pay down indebtedness.

Net leverage ratio informs the investors of the Company's financial leverage at the end of the reporting period, providing an indicator of the Company's ability to repay its debt.

We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

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 conditions, including inflationary cost pressures, as well as global events, which include but are not limited to, the ongoing COVID-19 pandemic and the Russia-Ukraine military conflicts; paper-industry trends and conditions during 2022 and in future years; expectations in 2022 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.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 Sausalito.com & California Media Partners, LLC. All rights reserved.