Albany International’s 2016 revenues rise

But net income falls slightly


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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.

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