Albany International to record a $16M charge in Q2
Albany International expects to record a Q2 pre-tax charge of approximately $16M associated with revisions in the estimated profitability of two contracts in the Albany Engineered Composites segment. The charge is principally due to Q2 downward revisions of estimated customer demand for the components manufactured by AEC related to the two contracts. The charge is driven primarily by a reduction in the estimated future demand for the components included in the contracts, as well as by program inefficiencies. The estimated total charge of $16M for both contracts will be included in Cost of goods sold for the AEC segment.