Albany International’s 2016 revenues rise
But net income falls slightly
Albany International Corp.’s 2016 revenues were up compared to the previous year thanks to an acquisition, but its profits were slightly down because it didn’t get the big tax write-off it got in 2015.
The Rochester-based advanced textiles and materials processing company closed out 2016 with net income of $53 million, or $1.64 a share, a slight decline from $57 million the previous year.
On paper, profit in the last quarter – $16 million – was less than half of 2015, but back then the company got a $26 million tax benefit, whereas quarterly taxes this year were nearly $5 million.
Albany also suffered a $2.5 million charge partly related to a loss caused by a theft of cash from the company’s subsidiary in Japan. The earnings report offered no further details.
Net sales for the year totaled $780 million, an $80 million increase, thanks to strong quarterly sales of $213 million – a fifth more than a year ago. About $12 million of the quarterly sales increase was a result of the company’s $210 million acquisition in April of Harris Corp.’s Salt Lake City-based composite aero structures division. Harris has added $67 million in revenue in 2016.