Albany International reports 4Q results.
Rochester-based Albany International Corp. reported fourth quarter income of $8.7 million, a 6 percent increase from 2012, when the company had income of $8.2 million. Per-share earnings were 27 cents.
The company said the results were aided by a net reduction in restructuring costs of $2.1 million and income tax adjustments of $600,000, and were hurt by foreign currency revaluation losses of $1.6 million.
Net sales were $189.6 million, a decrease of 2.4 percent compared to the same period in 2012.
Also in the fourth quarter, Albany reported that Safran S.A. had obtained a 10 percent noncontrolling equity interest in Albany Safran Composites LLC, a joint venture, for $28 million.
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|Title Annotation:||The Bottom Line|
|Publication:||New Hampshire Business Review|
|Article Type:||Financial report|
|Date:||Mar 7, 2014|
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