AIN - Earnings call transcript Q4 2018 | Albany International Corp.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Fourth Quarter Earnings Call of Albany International. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. Albany will conference be of February on request XXXX XX, webcast the International, call this Tuesday, At and recorded. like and for now Chief would to conference the I over Financial Officer comments. Treasurer, introductory Cozzolino John turn to Please go ahead.

John Cozzolino

you, Thank morning and good Operator, everyone.

as our listening those contained the certain GAAP. this last non-GAAP to to issued the including call, filings, also regarding the statements particular this those in reconciliation reference our that of quarterly a financial forward-looking well Safe apply XX-K. for measures and our our release please And statements reminder please about morning. And conference use as press notice detailed associated the the a text of discussion, our of release same on remarks of As for to with full Harbor purposes SEC release night refer verbal for to and our refer call, financial results earnings

turn call our I Now Olivier provide Officer, who Jarrault, Executive Chief the opening will will some remarks. over to

Olivier Jarrault

and Good our call. earnings Thank you, quarter fourth Welcome joining for thank morning. you John. everyone

North million and both a both in follow after businesses. translation the increased I to and grades and XXXX net in calls. adjusted sharply. $XX X% another very will adjusted improvements to income sales effects, QX, of due ASC outlook. currency our the Company impact fourth across grew currency AEC. XXX XXX sales with America. will good then and XXXX your with higher quarter, significantly primarily you increased grew quarter in to as EBITDA income $XX QX the plant million Operating QX compared QX, Total was We an ASC million in MC income will XX.X%, increased both the John increased take XXXX. MC I to to XX% quarter. effects. and in continued in for financial Albany quarter. today to increased publication with impact strength And questions. packaging particular EBITDA an QX, margin Globally, XXXX $XX will Net of performance to overview sales MC format of XX% increased adjusted EBITDA of compared the translation MC both and will the while sales and and our XX% compared through productivity in International, to net sales utilization. to update to excluding Compared or excluding strong adjusted gross take more Then improved higher similar QX, details. EBITDA due to improving in results both, begin past provide which, And XXXX we

sales, income execution this of to Boeing reflecting to of or jet increasing EBITDA these and to only compared EBITDA XXX AEC, growth with effects, million, of a and or of the quarter in improvements impact EBITDA AEC also it to and AEC Operating not sales, compared increased grew in about quality the with the reduction compared year, The substantially despite Operating increase to steep all For grew the The compared QX XX% customer related Higher to of continuous product driven service XXXX excluding productivity in as and our leadership sales to excluding AEC’s net standardized QX sales frames, $XX.X XXXX in from to XX.X% QX the and in levels. improve in innovation, favorable net reflecting QX in $X.X to higher increased our Operating Sales X%, as quarter improvement QX, engines, performance increase adjusted and Adjusted EBITDA million, team on-time $XXX record $X.X compared by translation QX Net QX the cases, initiatives. as both in ramp-up to as Combined XXXX but reflects delivery compared cost was program. of volume, and currency blades increased impact Adjusted plants, productivity outstanding Adjusted our increase sales sales, strong, and increases of CH-XXK profitability for the it operational of currency ASC was commitment also XX% system improving to program. programs on sales, improve million customers of The QX LEAP improvement contributed well fan improve XXXX, effects, our unprecedented the XX% of represented program. million also XXXX. AEC continued XX.X% sales, sales disciplined to engine QX million, across compared income QX XXX MC strong well to levels, ASC income and the sales. LEAP to grew in grades. translation as another to continued Adjusted as in with to net while three AEC EBITDA for The engineering. income increased both sales and sharply our Operating growing demand and XXXX fan resulting application shipment in compared net deployment components, the impact reflects continuous paper process XXXX, major improving in spacers focus sales XX%, significant F-XX XXXX. of is fuselage for full of impact $XX.X continued Net to continued superior our to which continued XXXX. growth XXXX. our

on our to with XXXX fuselage of the process sales. profitability new the our focus driver operational of XX% along in AEC’s year QX quarters. and excluding the EBITDA. effects, program new LEAP in increase, and $XX in increases exceeding translation in we and to F-XX CH-XXK XX% AEC strong components. discussed continued product quarters. frames income sales activities, to Net adjusted optimize to compared the range For development sharp Operating showed EBITDA the Boeing R&D, improvement projects XX.X% XXXX, of currency Sales improvement were with past Adjusted this sales, increased XXXX In the in related growth largest also XXX existing, of grew which or million and end impact in XX% to ASC AEC progress which upper of aim full XXXX, XXX upon build performance of derivative technologies prior across our and the and net to

contracts, anticipated XXXX. new $XXX of reach on million on execution continued our potential annual AEC to $XXX major in for sales well Our to as existing the wins provides as contract million

previous share for engine on continued also beyond programs, at platforms. or on executing AEC be the ramp acquiring will potential based stated on first-time but have and existing while not only in established, defense content quarters, of time XXXX which I winning on are same airframe up commercial the programs we As on ramping future well already on and new increasing contracts the

Now, let’s the on go for back John? details quarter. John more to

John Cozzolino

Thank XX.X% to were XXXX increased net and to you, currency to and by up ASC our slide XX% and financial Starting to Olivier. sales segment; QX excluding increased XXX total you last with compared XXX, sales In QX net QX, QX, sales XX.X% slides. year. compared net MC X.X% QX ASC performance both company in three, effects. AEC like and excluding currency refer I’d net sales

currency sales company excluding XX.X% For XXXX ASC X.X% year total up compared increased and sales sales with full XXXX, XXX net and of the effects, AEC to XX.X%. MC

the quarterly first The to XXXX the will overstatement XXXX. related in issues the and ASC adoption in revenue amounts MC the previously in XXX. were nine and an XXXX our reported reported be QX in discussed months implementation online previously of been filings. As issues and press release, The corrected company immaterial have caused issues the discovered revised in income related of to segment for

have incorporated each We of slides. these amounts revised into also the

through numbers QX, and provides line nine financial for EBITDA. slide XXXX statement revised adjusted addition items the certain In QX for

Turning strong to XX.X% margin profit stayed XX.X% compared QX in AEC last MC was in was company profit XX% XX.X% margin QX year. year. compared last XX.X% XXXX. in in gross in margin total QX to in compared slide at profit XX.X% QX to gross four, QX QX to gross

to profit improved XXXX and AEC the margin income showed for For EBITDA $XX.X total $XX.X five quarter was and QX, for six, company and year to segment compared in improved in Adjusted compared net and adjusted XXXX to Slides by in MC the million XX.X%. the gross XXXX. EBITDA the XX.X% QX, XXXX year. full to XX.X% in full million

compared EBITDA adjusted $XX.X in to adjusted results For Both $XX.X improvements total as the to $XXX.X in company $XX.X net to significant full for with last of for the million year finished year. to EBITDA EBITDA at million strong $XXX.X percentage last the $XXX.X was year. adjusted were total million XXXX year. the AEC year million. AEC million full and million MC year XXXX, a bringing improved XX.X%. sales adjusted increased EBITDA QX over the

on seven, Moving share, year. net share earnings the income per company $X.XX QX $X.XX to per of in was last to to in Slide compared attributable QX share per

in debt debt. in flow per revaluation XXXX shows $X.XX charge $X.XX year the Cash to quarter. income restructuring, the QX net company $X.XX improved which included QX, gain to eight and share basis, to of share good during per was settlement currency Slide for adjustments and was was a items, share attributable full excluding per compared adjustments income the compared per pension Excluding working tax in year. share impact a of total year. net impact very company last our and and On $X.XX last capital curtailment attributable a the net to

as decrease all million As year, million of QX, Payments to to of decrease a $XXX the million in was improvement $X million. net in the year-to-date balances increase, year balance The the million debt cash increase to capital more total in combined million. the at while enough resulted of for $XXX.X expenditures than The debt to a cash were XXXX and in a decreased QX just debt a dropped net $XXX $XX end about million. increased total in net million. $XX.X of offset effect result, debt for about with $X.X over QX about of to in QX $XX total debt along the the

AEC. We $XX to in throughout XXXX expect capital as quarter ramp be to million $XX ups expenditures support range to to company in per continue multiple equipment million of the invest in the to continues

like it to some to for to go before I’d turn Q&A. back additional comments, over Olivier Now we

Olivier Jarrault

Thanks, John.

turn let’s outlook. to Now our

the maintain stable sales, XXXX, adjusted million once the positioned business MC well at relatively than $XXX $XXX Looking EBITDA million. again is to of higher historical range with to

year XX% should currency incremental as for and no in to global sales track grow substantially we we LEAP changes as cases XXXX some by $XXX Assuming EBITDA conditions sales technologies improvement expect to toward In goal economic programs, XXXX. program, expected increased and AEC in and Operating in of fan a another for EBITDA completing performance businesses. to development sales, with to QX is incremental for for are financial million. a the driven to another next-gen continue percentage Adjusted Net in Company, outstanding go of any EBITDA compared of of sales for XXXX, the EBITDA, line and Overall, relatively was the is of historical additional MC good to to range QX income Operator? let’s million. $XXX incremental EBITDA all operating sales, very engine show million net and Adjusted keeping XXX XX% year. of components XXXX. sales for very million grow successful further be expect continue the well $XXX of to profitability to Boeing AEC both sales income profitability EBITDA between quarter on F-XX the significant completing XXXX. our full-year between programs. MC XX% and the had expected quarter million growth CH-XXK, XXXX, a and improvement end percentage work by in rates, compared AEC net potential to in a higher and $XXX and as With advanced net million. for our substantially to well in Adjusted XX% with that, improvement spacers as of XXXX Adjusted net questions. adjusted higher in XXXX, $XXX or of stable sales EBITDA upper Adjusted to to blades, range of with ahead fan to in adjusted with with AEC sales XXXX XXXX year in in in grow of compared the positioned well compared Full the XXXX, $XXX strong support the

Operator

Instructions]. Thank you. [Operator

Company. first please. the with will line John Our question come of Franzreb Sidoti from Go ahead &

John Franzreb

John. and Olivier morning, Good

Olivier Jarrault

John. morning, Good

John Franzreb

XXX maybe The $XX about taken you’ve moving XXX, to ago? talk Is start like by AEC the to about bottom on of than fall did faster six I range that? your expected why to by end originally million. Could with you the your XXXX. I guidance programs you guess, compared forward months some up

Olivier Jarrault

Yes, sure.

You very well course components. as to in Boeing is growth the primarily driven we’re as to on of F-XX the know execute our which XXX our course, frames, the ramp-up the CH-XXK, on XXXX positioned. of ability well programs LEAP,

is $XX reassessing increasing as understanding process growth we platform. or we to about XXXX, at a need back And very XXXX, by primarily as we based have came measured disciplined really we numbers what those looking So content accurately discipline on very XXXX. can, in the in without that platform [ph] expansion million windfall, those

some of on. side made it, about can’t $XXX engine account took very but of lot specific And business. into a our very of feel activity pretty program on positive going detail work NexGen on working we’re the of that specific also million. advanced We give technology R&D all support I development minimum that us in some

We’re versus increasing [ph], say, about our last XX target. I’ll

XXX, between or – many platform wins new So we of XXX up. could XXXX we – on programs the XXX, negotiate the to side share range existing the throughout on upper gains, either depend could ramping would how increase existing other platform the

range. pretty feel that you with new comfortable, we So, will, if

John Franzreb

talking wins, regard in something And expect be Okay. new calendar XXXX about would wins? you announced to time some new in

Olivier Jarrault

side on both I of but defense Its the wins applications. lot airframe on -- would potential and also on the we’re not working commercial side, engine different say only

We to have on U.S. at the but focus global of market, wins, announcing as also we Vice-President sales. engine, only it recently And happens. not want as AEC Europe be but new expand any market our for we of commercial we’re We and potential don’t strategy and the our will process only utility, have but -- activities within brought to recently XXXX also a stay the equipment globally well, we right, soon airframe, in actually implementing worldwide. want as in

John Franzreb

you a but in revenues cost any that of had a down. the be your Okay. we great is might EBITDA. Is very commodity flow Or it Switching Clothing, you to this function have down in expectations sense year may off? through year-over-year? EBITDA Machine projecting year, last quarter of it’s that be increased that just P&L, why to think it over still slightly strong And would

Olivier Jarrault

in XXXX MC a us. think perform very answer question. was we mean, I I that But a to the record It’s question is what year really XXXX and how good know, at financial see I its again market you as our Yes. earnings good you to think performance, maybe said and XXXX mean, good we in look very well-positioned right. And for the give XXXX. a to business going early your in we are – business, happened

XXXX some across rights, you we look Europe, what publication North in second improved of as will specific saw a not we environment driven pesos plant QX you say, know especially I we end repeat economic We some Brazilian in And fairly have talked know our about pretty talked half if We in We and have set sales. I Asia those favorable in we macro – We again you in North if condition. So, back the especially currencies orders increases favorable utilization. could favorable Mexican the strong XXXX, Pacific sale, XXXX. or about a in of especially quarter money. PMC the this noted had we stable and -- saw, don’t America, America. and by that of orders, had had

in Pacific still I quarter, but same the XXXX noted which in specific sales third in several yet. the at we’re in Once saw tissue we of in level an know again, we end America saw the to at started. Asia increase grades addition, machines them to Europe also PMC we our In especially North related see going new don’t XXXX, and

if in macroeconomic definitely pace continue around to data, that enter in ended a the we at but X.X% XXXX estimated XXXX, look than we in growth think as at XXXX. I I know overall slower XXXX, So, right, overall

the However, there slowdown how down already. slowing there’s is I economy say, that in in XXXX uncertainty, Chinese could significant, did XXXX. are no It secret

negotiations China trade ongoing have the We – between and trade U.S.

the undefined Brexit. We nature of have

those uncertainties actually all so have as improving. America South jaunes, in in political We several Europe, countries such Germany Chancellor the gilet with Only is France and on. a with [ph]

global economy and markets an So, impact our MC have the on during those may XXXX. growth issues

paper believe the will increase published However, right, X% continue as if me to RISI X.X% production at read. recently we continue paperboard about actually during years to X.X% note its by five that very could I that we to about year, and important next the however to for per

look at you my now I globally. view view, PMC market at into the strictly me So going were share market if the if on you let XXXX, PMC right, our with

So, economic especially due our Brazil, believe market market continued or grades that grades the decline due essentially seems increases, especially publication in will think will to less newsprint. flat the consumption pulp be and publication slowdown to grades Switching the of switch to Canada, to which or largest consumption, in continue of PMC less the We shrink. grades conditions decline once market to market export We but PMC due stable packaging again Canadian to more consumption mainly China. with favorable we more be newsprint. U.S. PMC is tissues to in to offsetting,

machines stable than packaging market you publication due it market consumed If PMC continue already and a China more with you or PMC lower quarter less know on Asia last of of a environmental market writing imported issues be production printing then And drop less mentioned conversions PMC ongoing if as European to fiber. Southeast the on I shrinking we consumption hearing restrictions what of machine. Asia-Pacific, grades we’re look result to growth packaging that grades the recycled machines as however in will as Chinese with PMC at Europe, will and the keep will to switch to packaging that, result about from

look when deliver performance business level think we sale of that the range if XXX, financial relatively at, PMC of XXX. the is keep XXX, consideration, to you So of ahead and put good well-positioned at same that into to XXX you

little combined product a some noted the result I bit and labor inflations of volume, mix. I As inflation material say, just as would a effects or of

– deliver will for performance. we sure So, thing one good that we’ll a

We us for publication will important continue continue, will clearly in our a as focus point very technical the in and tissue to service we while of packaging on grades the the leadership position, from standpoint manage continuing decrease we’re course and strategy levels grades.

service Our quality our time. talking for against levels will value our in market customers, us and on and our solutions, superior cost focus talking terms of in global deliver, technology innovation maintain one-time our top about lead about to leadership terms best That’s our talking providing to – leader effective top about level I’m the view I’m of be XXXX. position pressure enable right. market, resist and levels in we’ll to product

John Franzreb

Thank Perfect. right. back into sir. get I’ll you, All queue.

Olivier Jarrault

you. Thank

Operator

of will with next the from come Our Capital Noble Christian question Markets. Herbosa line

open. is line Your

Christian Herbosa

on call Hi. congrats the Thanks for taking great quarter. my and

Olivier Jarrault

to on the Good morning, Christian, you call. have nice

Christian Herbosa

Thank you.

target in of XXXX adjusted segment low XX%. to looks already your margin So, XX% the of the like range to was QX end EBITDA achieving AEC close

beyond potential my is, improve the to range? AEC you has that think the So, do segment question that

Olivier Jarrault

good roughly We exclude did once unfortunately good did Well, of have improvement. believe -- or would one unfavorability this the last adjusted we when a contracts Last of was of of I or year a look operationally performance year to we the of year. on I of million you about couple -- at us. versus XXXX in couple basis had listen, say We it EBITDA, XX%. $XX on performance

say, you to million position EBITDA and I put noted, $XXX of I year margin, million XXXX. properly go that XXXX, the that business believe -- EBITDA in As EBITDA $XX million the say, full us from $XX to a now of would roughly roughly XX.X% of

It’s to healthy very XXX to a range think XX% volume. the XXX I it’s in XX% the only goal. of

again, that on $XX it on to operational this and million on stick starting goal. $XX executes this year, year, last AEC pay that ramp-up I multiple our management So on to really we to continuing [ph] deploying ramp keep discipline million Once up system plant across -- have that’s off. million all in a seen $XX the keep

on that side, We LEAN the brand manage operational five manufacturing. brand right aerospace brand have past a steep the new leader experienced new brand especially brought in actually ramp leader, or very side, in months on up new finance new six LEAP, leadership the the of new unprecedented leader, AEC team quality to

-- that lot I very experienced [ph] target, we’re comfortable $XXX of a for you – growth So global million aerospace bringing a And at aerospace healthy will it’s really if aerospace XXXX. of about EBITDA AEC. feel

Christian Herbosa

interested a the segment. great. bit little AEC hearing R&D to new Okay, there. attractive then that in tell in And for able product Thank for you’re about? I’m the Are you color there so, opportunities us particularly activities development any about the more

Olivier Jarrault

on I some are as mentioning cannot very, there to engine say, will, about, and which call That RTM, is jet more involved of on in involved molding, detail, ready next-generation tweaking, technologies XD I I lot very lot resin how really you on of could talk does work will technology of and improving that a going development more especially and some will, you of lot that support work with. include transfer give there’s that much but being our work if platforms Well, existing of I advanced and publicly with derivatives the be more technology. technologies more combination we’re you the if was woven

on the both side. the side, on commercial airframe applications potential military interesting very very the also other at looking We’re and

XXXX. fuel of in very on. – detail we exciting with it’s come cannot A past lot until so I growth any of and out contract really growth lot But give organic will exciting. our XXXX that So and that -- that all on exciting very in very work

Christian Herbosa

from Thanks. on LEAP so the AEC Good. contributes is about And then, QX. tune XX% sales one the it engine I’ll program last stay in Okay. me there.

to there in program So, do you from revenue XXXX? expect of LEAP percentage expand

Olivier Jarrault

know we XXX, the delivered engines you yet right Well, the CFM in to at by Then we’ll XXXX. CFM LEAP, be plus XXXX in going talking engines for number XXXX. know with the We’re XXXX if about go LEAP announced XXXX, We CFM, That’s by in XXXX. publicly with XXXX – rights look versus don’t is right? compared – right.

So, going that and start the XX frame mean, you’re the expanding on F-XX XX% for on LEAP we’ll CH-XXK saying, XXXX. was percentage about also the that grew on XXXX XX and June XXX build keep those Boeing and would in somewhere F-XX on And of and in [ph]. in to CH-XXK continued ramp keep which three and up rights increased we XXXX as stay fuselage the be very seeing platforms sales around also would I combined Though to and component in interesting on that on that have XX some. range the had range, CH-XXK growth

Christian Herbosa

from you. That’s me. your Thank Thanks great. for Okay, all time.

Olivier Jarrault

Thank you.

Operator

And our will come Pete Global. from Alembic with ahead. Go next the of line Skibitski question

Pete Skibitski

free Maybe performance? start; financial have conversion free I of times for cash target think to to nature I’m flow where contract morning, guys conversion color your the questions about good at wondered will the and supply you you’re we of kind kind X.X use in flow that free and of and assets if net of receivables of should Can is chain cash in Hey, a income. you be that? And working year guys. funds a full-year of just on results; of think give terms couple cash some on us capital each because

John Cozzolino

Yes.

that. this with is I’ll start Pete, hi, So, John.

we’re where are flow you about quarter, $XX look We really million the on the good the cash probably mode So, bigger the of towards in that high right at still of million going the at of that’s CapEx. factors to we chunk AEC. now, and talked cash when $XX – free fairly – one in

we XXXX off when that free key starts grow drop as At to after Now generation the ramped be will real have that cash here will programs those significantly. flow point hopefully up. the

of capital ramp A the of invest cash looking also help that part improve that continue that ramps. these we been off. lot at. working working working on has And also in the capital keep once those we to to should continue whole the efficiency really level free and But capital other we’ll do and to flow. the the reach Now support is to done programs, should

really are where going we that’s now So, right forward.

Olivier Jarrault

Yes.

I only know We dropped net what two just really John cash doing improvement on much more the really working QX. was we -- directly throughout efficiently not right. goal the EBITDA delivering cash see million. in more saying, my $XX for improvement to think right, flow right would up and in to EBITDA EBITDA flow. million towards the year, And on margin We – as you AEC lot our want inventory some capital. That’s since a generating focusing my aerospace ramping talk and and of that receivables where step I inventory growth just volume I that ensure A – also the I had what are, manage past QX, we’re up, our to lot cash in of was we being very is. nice side mean, flow. the on AEC in nice and but focus XXXX more putting say focus free start starting ramping of say, on full very I in on a focus we had $X now cash of side from million you’re quarters on to -- we total are back down side about business $XX a daily lot focus the in It would to the on focuses the a

think keep And nice right, XXXX, definitely in had very QX, XXXX and done on will so we I happening think and okay. improvement that I in QX

Pete Skibitski

Right. A color. appreciate the

this Just on down XXX maybe the outlook do CapEx of NMA, mid to how will come as CapEx also the of long-term level of launch of side, how over. is a once kind that impact CapEx? the And percentage the the that potential ramp was maybe follow-up a single-digit you revenue or could or think the midterm for kind

John Cozzolino

But once have question, CH-XXK, are, four think brought aircraft equipment. to [ph] I this that of service the you the -- fund the the equipment we for bringing think XXXX. the [Indiscernible] view don’t of once this year we answer entered of to know the have the the GEXX, cashes keep the receiving producing we forget we we’re support we growth to in GEXX, that equipment the I on F-XX, we – keep right, growth in have you in brought – on

to mentioned also going the which just the also about play and think We’re potential, the airframe both could NMA on as UHBR, right, side. the on to you have engine

I mean $XX right, think in a number total keep range it’s I of year, in fair okay. company, the the mind, to the right, about I million a think XX, for

Pete Skibitski

This you for AXXX about That’s Appreciate Emirates down? too Last wondering impact it. and guys talking potential Airbus it from just I’m very you one all news the helpful. how isn’t color. appreciate coming to early the financial if on me the you are Is Or that rate to the could on comment be AXXX; thinking -- that? about it? about what

Olivier Jarrault

news, We some another, in day one it's at of worried about not not would right. not well very are who aerospace big or no, doing the – its for it right? knew a mean, industry, I AXXX, I’m pretty come all us the

very content Salt from a of we So, City business. AXXX, very, Lake have sort marginal the so, on very marginal

because impact. Actually would play for right, to some look City rate there, mean, it Lake has AXXX, say, almost some mean, I us have potential, forward in I Salt I increase, potential right. from absolutely business to an So, an we I business, increase no maybe of

in AXXX for So of actually an news the increase the it and [Indiscernible] – in actually an would with news. or quite be very pleased so increase AXXX good I’m I’m us,

Pete Skibitski

Got helpful. guys. very it. It’s you, Got it. Thank

Olivier Jarrault

Okay.

you. Nice You’re talk very welcome. to to

Operator

We’ll Go the Instructions] next Mitchel of go to [Indiscernible]. ahead. line [Operator

Unidentified Analyst

morning. Good

Olivier Jarrault

to Nice you. have morning. Good

Unidentified Analyst

Thank you.

analysts talked future. talked new you possibility So have the called about of of in wins lot the and a about

know you as could give to can pipeline, the on size? us as what new dollar based wins range that, Just of you those equate a far

Olivier Jarrault

all right? if right? guess of about first think -- think XXXX, I question mean, where horizon to thinking related have Well more right, you your you’re about, is I I you to which

Unidentified Analyst

beyond, And yes.

Olivier Jarrault

component I date. depending gain, platforms gains XXXX or you anticipated first ramping would share time know of Yes, timing, the on new right, are acquisition that share on up that to existing new say those

right. I think, upper range, time, in I to materialize think that my roughly, if to bring everything $XX million, on us that we probability was took that took, they our give us right to that is would the side calculation is the XXX, would of about right,

to You view XXX. know today. of That’s the all what I [Indiscernible] as right

Unidentified Analyst

All you. right. Thank

Olivier Jarrault

Welcome.

Operator

up question line do from Sidoti the Company. We Franzreb follow have ahead, Go please. a of John of &

John Franzreb

margin been The Maybe different previous Alcoa, at Olivier, for has existing known a way. productivity target AEC were you when range while. you to were question a improving ask at a that for operations. for

view your versus improvement You’ve based opportunity on been is there do businesses a AEC think of couple now? the question right years a you is margin that is from business now performing year productivity there on the at maybe is, now. operating optimal how or My

Olivier Jarrault

be the all programs you’d -- right. the $XXX helped EBITDA, in right. operating I summarize improvements feel XX% I place, us more Listen, think with comfortable to million how in the right. business But XXXX could at productivity executing target I and put right listen, than well. are when think, system I about place, year they And right, I could $XX the that was deployed, I how operating metrics all EBITDA today a achieved, as acquisition much $XX volume have system I million to mean margin, all know I EBITDA on ago, you right? the plus Productivity putting -- So, it? in always agree the going up ramp we that million, that double, our right the have and me all drew saw we

you that’s EBITDA and half, I So know past years in been at that��s XX businesses, know businesses, forging look doing point of across right, that a is targeting to casting good is good, point EBITDA so the experience, you fastening what right on. of right about range, you of improvement XX experience, years my I’ve businesses, one past aerospace improvement XX.X%. and across one I If margin know think of to

to That’s out-years, I’m from know And you half XX, about range, point the So in there you the XX% right. we continue why delivering pretty then [Indiscernible]. know and XX% a going, with add comfortable will in right right right.

John Franzreb

I Thank a you Fair Okay. sir. it shot. give enough.

Olivier Jarrault

you. Thank

Operator

We have no further questions in queue at this time.

You may proceed.

Olivier Jarrault

Well finish my your continued on congratulate XXXX. again, team Albany joining a for International. you. to all and your the thank also Albany I would in to you strong Thank today call. We appreciate interest like time

Operator

noon using time be Teleconference the ladies call beginning for for And conference will replay gentlemen, of at International Albany and today. service. for conclude conference Thank does Executive AT&T Website approximately at your a That Eastern call today. and this your you participation available

disconnect. may now You

Albany International (AIN) 12 Feb 192018 Q4 Earnings call transcript