Albany Worldwide’s Q3 FY20 gross sales slip to $212 mn


Albany Worldwide Corp, a world superior textiles and supplies processing firm, reported 21.eight per cent gross sales decline to $211.9 million in its third quarter (Q2) FY20 ended on September 30, 2020 in comparison with $271.1 million in similar interval final yr. Internet revenue attributable to the corporate for the quarter had been $29.5 million (Q3 FY19: $40.zero million).

 

For the reported quarter, gross revenue got here all the way down to $87.three million ($104.1 million). Promoting, basic, and administrative bills remained flat at $39.5 million. Firm’s working revenue for Q3 FY20 was $38.7 million ($55.6 million).

 

“We’re reporting one other quarter of robust monetary efficiency regardless of the difficult enterprise situations ensuing from the pandemic. Over the previous 9 months, we’ve adjusted our headcount, managed prices and executed properly throughout our organisation,” Invoice Higgins, Albany Worldwide president and chief govt officer, stated in a press launch.

 

Gross sales of Machine Clothes throughout Q3 FY20 had been $138.7 million ($151.three million). Albany Engineered Composites gross sales had been $73.2 million (119.eight million).

 

“We count on near-term Albany Engineered Composites outcomes might be pushed by our present portfolio of protection and industrial applications. Longer-term, we count on natural development to be pushed by further standard composite contract wins and the usage of our proprietary 3D composite applied sciences in a broader array of demanding aerospace functions,” Higgins stated.

 

In its future outlook for FY20, Albany expects whole income of between $870-$890 million.

Fibre2Fashion Information Desk (JL)

Albany Worldwide Corp, a world superior textiles and supplies processing firm, reported 21.eight per cent gross sales decline to $211.9 million in its third quarter (Q3) FY20 ended on September 30, 2020 in comparison with $271.1 million in similar interval final yr. Internet revenue attributable to the corporate for the quarter had been $29.5 million (Q3 FY19: $40.zero million).





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