Albany International reports Q3 EPS 85c, one estimate 70c
Net sales were $253.3M, an increase of 14.0% compared to 2017. Excluding the impact of the adoption of the new revenue recognition standard and currency translation effects, Net sales increased 15.5%.Consensus for Q3 revenue is $240.48M. CFO and Treasurer John Cozzolino said, "Due to the Company's strong operating results, cash flow was positive in the third quarter. Overall, total debt increased about $5 million to $530 million as of the end of the quarter. The increase in total debt includes a $12.7 million, non-cash increase in finance lease obligations resulting from the modification of the Company's lease for its primary manufacturing facility in Salt Lake City. The lease modification executed during the third quarter extended the lease to December 31, 2029 and included additional manufacturing space to support anticipated growth in Salt Lake City. Cash balances increased about $6 million to $161 million. The combined effect of the reported changes in cash and total debt resulted in a $1 million decrease in net debt, and a $13 million decrease in net debt when excluding the impact of the lease modification. The Company's leverage ratio, as defined in our revolving credit facility, was 2.05 at the end of Q3 as compared to 2.23 at the end of Q2, well below our current limit of 3.75.