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In a recent filing with the Securities and Exchange Commission, Albany International Corp . (NYSE:AIN) disclosed the resignation of its Vice President – Controller and Chief Accounting Officer, John J. Tedone, effective March 20, 2025. The company, known for its manufacturing in the broadwoven fabric mills industry and currently valued at $2.3 billion, stated that Tedone, who has held the position since May 1, 2023, is leaving to pursue another professional opportunity and that his departure is not due to any disagreement on financial disclosures or accounting practices. According to InvestingPro, Albany International maintains strong financial health with a current ratio of 3.23x, indicating robust liquidity management.
Following Tedone’s resignation, Robert Starr, the Executive Vice President and Chief Financial Officer of Albany International, will serve as the interim Principal Accounting Officer until a permanent replacement is found. The company’s filing noted that no new compensatory arrangements would be made for Starr in his temporary role. The company has demonstrated consistent financial performance, with InvestingPro data showing revenue of $1.23 billion in the last twelve months and a healthy gross profit margin of 32.8%.
Starr’s professional background and biographical details are available in the company’s Annual Report on Form 10-K, filed on February 26, 2025, which is incorporated by reference into the SEC filing. Albany International has initiated the process of searching for Tedone’s successor.
The announcement comes as a routine corporate update, with no immediate financial implications for the company. Albany International continues its operations without interruption, and the transition in the accounting leadership is expected to be seamless, with Starr’s experience providing stability in the interim period.
The information for this news article is based on a press release statement filed with the SEC.
In other recent news, Albany International Corp. reported its fourth-quarter 2024 earnings, which did not meet analyst expectations. The company posted an earnings per share (EPS) of $0.58, falling short of the forecasted $0.65, and recorded revenues of $286.9 million, below the anticipated $299.69 million. This performance marked a decrease from the previous year’s fourth quarter, with a notable decline in net revenue by 11.3% and gross profit by 24.6%. Albany International attributed the revenue shortfall to reduced sales in its Machine Clothing segment and a 25% drop in net revenues in its Albany Engineered Composites segment.
Despite these challenges, the company achieved record full-year revenues of $1.25 billion for 2024. Looking ahead, Albany International has provided guidance for 2025, projecting total company revenue between $1.165 and $1.265 billion, which remains below the consensus estimate of $1.29 billion. In a strategic move, the company has also approved stock-based compensation awards for its executives under its 2023 Incentive Plan, aiming to align executive interests with shareholder value.
Analyst Michael Ciarmoli from Truist noted the company’s revenue and margin declines, particularly in the Albany Engineered Composites segment. Albany International’s management emphasized their strong balance sheet and the re-initiation of their share repurchase program, with $15 million of shares repurchased in the fourth quarter of 2024. Investors will be keenly observing the company’s progress in 2025, especially in its Machine Clothing and Engineered Composites segments, and its ability to meet adjusted EBITDA and EPS targets.
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