Albany International Cuts FY24 Guidance: Aerospace Turbulence Hits Revenue And Profit Outlook
Portfolio Pulse from Lekha Gupta
Albany International Corporation (NYSE:AIN) has revised its FY24 guidance, lowering revenue and EPS expectations due to challenges in its aerospace segment. The company anticipates a $24 million negative adjustment for Q3 2024 and a further $8 million reduction in second-half pre-tax earnings. Despite these challenges, Albany expects its AEC segment to maintain high EBITDA margins.
October 03, 2024 | 11:59 am
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Albany International has lowered its FY24 revenue and EPS guidance due to challenges in its aerospace segment, leading to a premarket share price drop of 3.16%. The company anticipates significant negative financial adjustments in Q3 2024.
Albany International's revised guidance indicates slower revenue and profitability in its aerospace segment, leading to a significant negative financial adjustment. This has resulted in a premarket share price drop, reflecting investor concerns.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100