Albany Says Growth In Aerospace Programs Is Resulting In More Complex Projects, Where Manufacturing Learning Curve And Labor Ramp Are Steeper
Portfolio Pulse from Benzinga Newsdesk
Albany International (AIN) has updated its cost assumptions for large aerospace contracts, leading to a $24 million negative EAC adjustment in Q3 2024 and a projected $8 million reduction in second-half pre-tax earnings due to increased costs and suspended production at a key customer.
October 03, 2024 | 10:10 am
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Albany International (AIN) is facing increased costs in its aerospace programs, leading to a $24 million negative EAC adjustment in Q3 2024 and an $8 million reduction in second-half pre-tax earnings. This is due to updated labor, material, and scrap cost assumptions, as well as suspended production at a key customer.
The news directly impacts Albany International's financial outlook with a significant $24 million negative adjustment and an $8 million reduction in earnings, indicating potential short-term stock price pressure.
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