AIN - Earnings call transcript Q4 2024 | Albany International Corp.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. My name is Desrie, and I will be your conference operator today. At this time, I would like to welcome everyone to Fourth Quarter 2024 Albany International Earnings Call. [Operator Instructions]

I would now like to turn the conference over to JC Chetnani, VP IR and Treasurer.

begin. may You

John Franzreb

and International's Desrie, everyone. to Welcome Thank Quarter good XXXX International's Fourth Earnings Albany you, morning, Conference Call.

for press use non-GAAP their night notice regarding As refer of text of results. certain reminder those forward-looking is the the to on reconciliation a a release call, Contained to in our and our statements release financial detailing last our measures the issued GAAP. quarterly financial listening please and the

apply conference this verbal call, of to purposes statements our this same the morning. For remarks those

we are Today, uncertainties forward-looking contain a those actual will could results from which implied. and risks and expressed make statements or differ to that number and cause of

February risks uncertainties, as of a well to our XX, our discussion SEC For filings, on please XXXX, and full including as both these refer XX-K. release our earnings

Now our turn remarks. Kleveland, over President provide to and I Gunnar opening the will Gunnar? who will call CEO,

Gunnar Kleveland

morning, call. you, an and in earnings financial detail quarter welcome, Good you results our and our later fourth Thank everyone. business discuss Rob performance, I'll the for our Thank XXXX. will JC. and outlook for provide then of overview joining

operational leadership results perform We evidenced steered strong our and in at at new progress ongoing Machine businesses well by by Engineered Composites. Clothing as all continue to

While are next the several we the strong, AEC, revenues recognize fundamentals improving additional profitability over years. EAC overall and higher business adjustments at and we expect

for nearly year by of we the $X.XX strength For the flow, full working the growth million driven cash and on of With AEC we $XXX quarter free combined and flow billion, Heimbach the capital revenues year, generated acquisition. and focus million fourth in our the full record reported underlying of at businesses. organic $XX the cash

our continues sheet excellent giving to to ability the execute strategy. balance be shape, growth Our us in

With allocation to flow part our value sheet, and able capital of projected and strategy. shareholders return are current the cash balance we strong to as the

program. initiated share our have We repurchase

of supersedes we new of $XXX shares. quarter which Board authorized is XXXX, fourth has turn million. repurchased now to million our and The In the program, a also program repurchase $XX share up

to comparative quarter were Turning strong quarter the businesses. slightly period. a last in below same due revenues year to floating our the fourth Machine

the unprofitable second operations improves while lower it lines, the to Heimbach primarily Our was And This to line consolidate in performance. of plan. term, focus our of it line and half the XXXX top bottom the short product in business. growth, is part discontinue integration leads our at

fourth publications. again grades, by we market. the end In grew fabrics, remain pulp to quarter, terms publication the MC our comparisons and our remained offset stable, engineered of and prior Tissue strong driven for down year, by packaging partially positive, largest the in but in products year-over-year were trends packaging, sales especially and long-term

a contributor, In XXXX. Europe terms flat of trends. we'll to continues into geographies. be year-over-year, growth South while North generally was America with strong be remained stable America for some improving looking and slightly

Asia with in was also China. weakness flat generally slight year-over-year

through the stable. and in customers move their footprint. as working is transition paper our is consolidation backlog customer MC with optimize base, global Our they we're to There product our some

At Heimbach, on track. our integration plan is

continue We to using complement company and our a Albany business in have operations product legacy and both technology, Heimbach brand. The consolidated the streamlined footprint. the is we geography sell and to the

Heimbach in free and flow results. our contributing progressing, is process cash integration we made to working significantly capital cross-functional consolidated levels have Our considerable improvement

and Our financial goals. synergies exit strong, meet run on is rate are to track on our we

EAC and million, and adjustments These impacted going by fourth by forecast programs. And of forward, results. driven EAC financial revenues. in excellent we lower In revenues CH-XXK we single-digit the recorded growth delivers Clothing revenue adjustments the low Engineered quarter Composites Machine prospects. were additional our Paper Overall, the segment, LEAP Gulfstream $XX

further our needed but program EAC curve CH-XXK material to the learning due on progress adjustments and make to to continue challenges. We

training Lake frontline leadership and and large Salt team our robust City and learning projected program, processes in invested has new processes is their with The well customer in leadership, establishing operating the and of curve be enabling a a next the improvements. and is CH-XXK Our for This rate. will program growth plan is profitable operating our middle into aligned significant us decade. and growth

a with program growth we After an making the LEAP, we're as CH-XXK customer progress term. quarter, will space this source and solid Gap] an medium and For on other terms revenue. about and [Audio LTA exposure Gulfstream, a manufacturing the into In in of long more and signed parts confident XXXX. from of. coming additional also We're anticipate interim be have in our reduced largest [Audio volume Gap] the customers growing revenue.

Gap] situation at On the other years, In to LEAP, as composite and Boeing continue traditional both are and structures XXXX mobility we and technology. programs. XD the volumes, taking [Audio approach next our also advanced monitor our we growth Gap] at [Audio in a lower and LEAP proprietary our conservative several both with woven project air Boeing as projecting well

As both and $XXX Safran some for as and of a capacity recovers. closely work production ready result, Boeing ample by monitor Boeing our million to We recovery ramp from are we're We news projecting and demand Airbus. remain encouraged with with quickly LEAP revenues XXXX. up the of approximately Airbus

in capability in engine hypersonic by funding be growth and medium shape positioned with invested funds grow supplemented will our have With is is customer significant opportunities, a developing and medium with long multiple we investment growth in the Our in term. with significant business Jassem and capacity, the near Larssen internal net and parts and Defense technology. this term. stable potential part and Hypersonics approach to generally

of quarter, During and million. awarded existing the both for we long-term were contracts new $XXX customers

year other and This they year-end provide only our that confidence XXXX. AEC As current existing platforms. This at $X.X and the us LEAP these and purchase to which into include visibility business volumes beyond beyond performance will our be does into billion. opportunities to is orders, does added awards backlog, translate was relates our backlog not AEC

we at stabilize enable AEC, With a profitability. Machine improving our growth Overall, integration XXXX and is the a action critical growth took AEC, of major future and optimization and to necessary to and while did was opportunities will year operations and improve for all for dividends at this actions a reset Clothing, several growth at ahead. that pay

cash with stronger share through one exited a best In for XXXX repurchase shareholders have record will our program to cash XXXX, with and We of structure years on our operational returned and dividends. generation we our technologies enviable give continuously growth. foundation position our the Material markets. strengthen us and is our our our develop businesses materials in deliver weaving an around foundation of and science future ability to to

to and capital on continue focus will deployment business performance. We cash strong

as this additional operations, up healthier in of a well improvements We planning AEC, realignment centerstage. is workforce. to MC, major that and effort facilities and systems, consolidating management, Italy. and the in sets as operations top integration we recently taking At adding is announced chain road of All next in the are steps talent processes also improve and supply spirt. divesting team X business Heimbach enabling At for we are a successful remains much the noncore

we New for as key well year, team to in office As business, of the grow to roles. talent improved this Portsmouth, all having get we as access new Hampshire strengthen together also corporate benefit headquarter will in the and consolidate the employees the

down transition we'll midyear York current New We available the The year. to XXXX, have while and Rochester been Albany, take approximately making moving close X our office office AEC. will

the performance are program. year, in our short-term incentive cash we included Last executive Additionally, compensation overhauling compensation. we

shareholder return, For XXXX, long-term align we capital from change will to and return X/X X/X actions on invested long-term X/X We incentive these EBITDA. will compensation further value the XXX% believe compensation with creative. total incentive EBITDA

financial objectives. a are supportive excellent in cash sheet position forward, our balance strong drive and achieve shareholder we long-term value with Looking to and flow

rate vast of While and our issues. the we to hard have outlook, discrete impacted completed have items the the majority run address work short-term

made our is leadership Heimbach current rebalanced Our the with our These us program integration months actions AEC XX over announced, on long-term enhancements to plan. to we have outlook our with at to key reflect underway combined better we team and actions, position focus our the conditions. well past have

targets, months, much manufacturing us, the these we're of Clothing X more there segment growth focused with goals: specific years. behind activities the product we for growth opportunity and our on over are integration next the leadership. believe First, we the focused We with will primary share on In details Machine technology, with coming X but in is

of engine at programs won advantage. science are structures, our and proprietary across fortunate AEC to we wide a Second, material range have with

disciplined capital additional refinements over our term. with key and made together program, have positions growth overall can compelling long we Taken on this we investments initiatives. rate for margins segment through the to us XXXX, And R&D third, a in programs inorganic growth the with the line top robust contribution enhance allocation to

powder organic advantage and take We of opportunities. have $X will in billion both and inorganic dry

I would opportunity XXXX dedication. as for take investors well the also support our employees to work through to and like their as thank for hard our this

it on the With that, details Rob quarter. hand now more to I'll over to Rob? provide

Robert Starr

outlook morning, quarter XXXX. and fourth Gunnar, everyone. you, Thank then I provide and good for results our our will review

I how cost. results, our fourth that reporting as information basis. GIS those Before in fourth view cost the a report it's segment SG&A go-forward of information costs regarding the to individual corporate we our and is and shown this performance segments aggregate or of important our made Previously, our we now wanted segment the at reviewing global an discuss part reflects that we global are quarter system It better change we were will in the review performance expenses, on level. quarter how

margins segments remains impacted segments individual same, be EBITDA gross allocation. but for individual the EPS margins and the this adjusted unchanged our consolidated individual the the Our by remain will for

GAAP to million lower adjustments net in strong the the the with million versus coupled million were packaging in to and impact in will discuss publication came the XXXX in we sales including Consolidated comparison the of costs. QX, the will $XXX margins million, Clothing million $XXX last at year, on million we by comparison allocation volumes revenue down negative America, in basis, top lower discuss fourth of increased X.X% due of starting North a $XX $XX the revenues Machine of LEAP $XXX the GIS sales without for EAC quarter, and in conversation in quarter primarily the fourth with XXXX lower the of net our quarter fourth a quarter $XX prior sales XXX purposes, from million. focus driven in AEC from with by which line For XXXX, but quarter $XXX AAC, will further. on fourth grades primarily and driven at primarily versus $X offset million decreased in Engineered a Fabrics. lower sales net year, of a margins,

in Of However, growth we the Air million to Advanced in the the in $XX $X related program with remaining negative to continue to $X Mobility experience recognized platforms. space our and CH-XXK million Gulfstream million related quarter, adjustments and across EAC cumulative was the the profit million amount gross number $XX Machine prior at year, Consolidated at catch-up $XX adjustment due million in from margins the of Heimbach. and by to million a $XXX programs. $XX Clothing million, lower driven gross down EAC of

year, decreased XX% primarily X.X%, fourth of XX.X% prior relatively decreased and flat quarter in detailed margin gross gross X% versus that of previously. margins at XXXX from to adjustments quarter lower due Clothing the largely fourth to quarter Machine in EAC expenses XXXX Net remained fourth Heimbach. revenue. the XX.X% to at in we're of in AEC gross the R&D XXXX, the from were driven by margins

adjustments X.X% as versus incentive wages prior rate in million in the allocated reduced the adjusted to and of from divisions rate quarter expenses the income XX.X% to due the in impacts. higher prior the well down compared prior XX.X% for effective revenue as year a to versus year. expenses lower was tax percentage GIS for Corporate revenue compensation to as jurisdictions less year. to to tax million or taxable of year, discrete prior at were to $X or The shift in quarter favorable $XX the for as SG&A a and XX% exchange foreign Consolidated due XX.X% the were benefits, revenue due X.X% expenses mainly of

year. largely GAAP the last diluted the year. After last $X.XX activities, for was net in EPS quarter share was acquisition to the same EAC Heimbach last million in $X.XX period other the in adjusted to the non-GAAP reduction primarily restructuring our GAAP detailed was related the per attributable quarter versus to compared this $XX million the company in as diluted income year, period adjustments. to due adjustments $XX reconciliation, $X.XX $X.XX and same EPS versus

fourth prior prior prior in EBITDA was including EBITDA, $XX versus period. the the million adjusted versus decrease costs, million GIS Clothing XX.X% of XX.X% the were $XX $XX Consolidated year. in adjusted a year was X.X% Machine Adjusted the EBITDA year. for quarter versus million margins

Excluding as year. prior compared margins fourth Clothing adjusted to were EBITDA GIS XX.X% costs, quarter in current Machine the the for XX.X%

adjusted period. in X.X% GIS cost Adjusted million AEC $XX AEC year. year of million sales the prior compared was prior EBITDA, versus at as the or in including $X XX% EBITDA margins to

Excluding GIS costs, in for X.X% AEC margins the the compared as XX.X% quarter prior were adjusted year. fourth to

the year. quarter, $XX cash capital with by $XX year-to-date prior to expenditures of million million, offset million in cash This positive free flow the cash $XX flow was free of our flow During $XXX brings million million. versus operating $XX

over and facility. of balance remains Our balance our cash capacity of borrowing a committed under million $XXX credit million strong sheet $XXX with

outlook to key in which our notably between outlook AEC not highlight of be costs estimated want most combined associated does economic guidance currently and low in our Europe, weaker-than-expected challenges consolidation, our that end headquarter with reflect programs. reflects discussing our our I XXXX, million. conditions, to the $X for $X are Before The million with

in end of upside guide AEC, higher Machine our Asian for better-than-expected the platforms. high Mobility At to our of volumes midpoint Advanced in recovery The guide reflects our European and our and Clothing. growth accelerated Air LEAP markets represents

divest due X% noncore approximately expect those year. headwinds to decline for to Clothing is to on a to In to forecasted items, our X in line X%, and sales approximately Adjusting compared XXXX, decision Machine decline we assets. grow comparable basis exchange by the foreign top largely prior by a as

the operational point Heimbach forecast XXX in is on for in focus continued basis full EBITDA efficiencies margin adjusted improvement year. delivering and Our an result synergies and to approximate

more will in the show modest at our Mobility, of growth range. EBITDA Air of midpoint a top by offset Advanced than CH-XXK adjusted lead. margins by XXXX, AEC's slightly expect line In led largely we as now and X% adjusted EBITDA to Again, margins X% our segments our and are include years. reminder, GIS impact closing is for margins prior margins. The the approximately comparable for machine approximately both for not AAC strictly costs. XX%

business performance at recovery In is combined approximately to reflecting total, FX EBITDA Machine and improved ventures, Clothing in headwinds X% by in spite adjusted our consolidated underlying of expected grow investment at new with our AEC.

certain EPS line. We are, below however, facing the headwinds

quarter as interest prior our rate placed is last interest expense XXXX which year. expired Our to were increase in swaps, forecasted back of in the fourth

our take We to reducing This all have hedges. interest debt by partially offset debt the placing and this of utilizing natural balance overall has increase. offset impact of euro advantage opportunities the new cost significantly to helped hedge

XXXX. loss interest is increase Our million approximately to in by projected $X

that to of to XXXX forecasted rate our to are headwind that with respect is items second note from is This number in tax face XXXX. The we Please discrete of due XX.X% to to a in to repeat that is our benefited XXXX. increase expected rate not rate higher a jurisdictions. income in XX% taxable shift effective

this range EPS $X.XX with $X.XX. of of and the XXXX midpoint between to guide All our translates for an $X at

Heimbach expected net This terms of to rapid the XXXX we our the QX earnings QX. to with earnings is of In of stronger cadence, combined be XX% of synergies. to be second acceleration net than results half due recorded the and expect project in AEC

Now the questions. for open I'd to like Operator? call

Operator

Instructions] from and JPMorgan. line first with of Steve our comes Tusa [Operator the question

Unknown Analyst

AEC. question is on My [indiscernible] first Steve. is This for on

what's expect on you've update AEC the to some year? do where for of 'XX an outlook a to margins, XXXX implied through the embedded you through how versus range ramp seeing exit your these [indiscernible] XX.X% the then as year. the provided of on XQ But in And But progress it's CH-XXK been how You Gulfstream, the margins X%. challenges. rate kind

like get the back You that probably for of because in back you half? impact can't adjusting the to X% mentioned to maybe get can back you but reallocation, the cost XX% the the range, XX%

Gunnar Kleveland

that AEC. it as projection plan I from believe plan the performance time, be in -- current We the mid- Well, can is, for and with our with of stated we performance GIS, XXXX. -- But through take us will projection the so at we with high-teens we and over going the now too. adjustment our is XXXX to can current

Robert Starr

Yes.

important are best have Just The is if guide [indiscernible]. which through But the to think our as in actions estimate perform go-forward that margins, it better these is program just to to EAC current our reflected fourth time. we've to To than I that I going may the in Gunnar's way point, that an of estimate reflect going remember think the place number is we to our EAC it's outlook about do quarter at a forward. XX.X%. that best adjustments reflects over taken how the of

Unknown Analyst

a you how on then as for ramp free some about maybe that cash these And resolved? year. But XXXX? should issues Okay. think great. are a did XXX% And over as we is on this which well follow-up basis flow, the of go-forward then

Robert Starr

Yes. it's good no, No, a question.

We about year. range call cash and $XX $XXX expect this flow million to it, between, million

at Our That's done we of net really are the target. terms internal team working above And capital our balances. return conversion. what XX% net income really to flow cash of attacking a targets in phenomenal the job has

level year new Gunnar going saw capital, So efficiency. probably terms to of a cash sheet aligned performance balance our this with on forward, focus overall working and structures, mentioned, taking are the and of what but right, people as slight comp in is you down incentive

Operator

Arment of comes next question Baird. Our from line the Peter with

Peter Arment

more the a that Boeing's with we're Is mentioned rate view you given history of just conservative years? trying we've -- more it obviously, about bit little in an a potential seen or higher -- rates just I'm inventory breaks. with talk issue kind square seeing couple just cautiousness of production maybe that the you last on to could of Gunnar, Boeing

Gunnar Kleveland

it good others it that question, in also And the delivery we positive adjustments. recovery. being see what we move Peter. we're And the like -- I signs before LEAP working I cautious. to but -- Safran. am to we're are alone specifically, industry, cautious a Boeing That's is, said, has talk as the as about with I cautious we actual of at And a inventory -- is about there working is the I not being on rate through. on function is But think I It make are some -- I

We are the continuously going aligned hopeful we a be strong year is end next -- month-by-month. that beginning tunnel. there the a is to is light on because are end And of at our firmly build could plan be ramp-up towards the there. year there be believe. I And year. the to of I this am a

what preparing now. is there right for the So ramp-up we're

Robert Starr

And thing the footprint with Peter, there. just experience one and quickly. based the our manufacturing ability program, ramp our other to very on have we

flexibility they the as to conditions adjust to have evolve. market we So

Peter Arment

Okay.

in be. need potentially higher year half So the back if cadence potentially the of

CH-XXK. you've Gunnar replaced that on team also about Obviously, the So feeling the year, there confident team. last you're

we the quarter? Just for just kind about talk 'XX? that kind you how program improvement this through do into about think past of that some the go you And challenges worked we that of as how do of

Gunnar Kleveland

our this external easier of With areas extensive planning. Chris development helm. program. balance outside the were with got their the is lot frontline chain chain supply chain fourth supply X I our processes. with much then the work of leadership of the chain, say and supply with there supply is a employees the internal -- quite Stone training actions our in than the He the would our on The to The at quarter, with Yes. in where factory focus

So And areas. improvement. planning, added leadership and those made been made first areas we've the in supply we've have also key talent in this chain training year, frontline of of quarter or

complex strong in has operational aircraft. assembly of So we have background that leadership

in have has supply complex and has talent strong planning chain. we supply that background that assembly new a aircraft have a AEC for leader background We strong in chain -- also

well as the adding what me that's So with on confidence gives forward. in talent focus a improvements the with the about there, path the as

Peter Arment

then I this about how working appreciate And do just the year? or think color. for Rob, that we capital, lastly, cadence-wise just around

Robert Starr

on Yes. to to capital. working We're going continue focus

is some make balance -- think you're going to see we're I capital what our to headway year. going this continue to on working

be these our adjustments. minus expect We to higher, earnings clearly net all

again, take vendors a job. as at once we're -- it well right? continue think, in Machine done phenomenal customers, chain, whether we the team finding down of and to just balances. is also, So Heimbach, because And as our supply the working Everyone's I to work integrate capital particular, kind it's chipping our has in Clothing this of with to opportunities working

Operator

question Michael And of from the our Securities. with next comes line Ciarmoli Truist

Michael Ciarmoli

LEAP, back just of year. this thinking up XX% LEAP about to where guess to I planned guess, is I volumes production XX%.

accurate. guys I down are don't you think math Maybe the know I exactly if is to XX%. XX%

all the And the presumably, that how in So think we inventory about destocking? channel? should is

Gunnar Kleveland

And There that second half, depending then program. happens a what for the in the is the the of Michael. Airbus, Airbus I Remember, ready LEAP some recovery ability of is how first on the of to major channel. half, destocking grow. and across frankly, part we're would And whole say

well. monitoring so And as we're that

Robert Starr

and has XX% right? where that XX%. last growth I bit ended, deliveries. -- so we're And 'XX you is Safran mentioned we're Yes. we down know, being with in for I'm the They really do a ahead not probably Safran, see or too XX% and expectations far to right? an GE get LEAP to with that trying partnering And the down Ganar started thing. what that conservative, think, ratcheted year, both mean, to sorry And Mike, XX% year the I is same And little

and flex. to ability the -- have we So

Michael Ciarmoli

I more if was EACs That new kind -- it, maybe AEC total I share X if just Got know your don't Rob, return I makes And the of mean, why guess, EBITDA you the have structurally be pressured if of on might aware not you is sense. margins of as think start part to I I of given questions. other on go-forward the programs margins then and execution it can some you've here shareholder about that absolute of? sort I being there. we structure, guess even I think bogies interpret a challenging dollars EBITDA if new But but think bogey, and been it. margins? comp maybe basis taken of EBITDA said about X the are that the

Robert Starr

Yes.

of lot if So on is I as is kind efficiency with of right? can achieve, new. something our conjunction as we terms EBITDA the a going right, your with return. that about something that to consultant has I drive -- the work expectation -- focused a appreciate, the I Board The mean, adjusted to definitely -- mean, for long-term in definitely our mentioned, addition not deploy that the did it's easy design Board compensation I wants to that sheet front ROIC on the long-term then is component us would plan very which should think especially capital. with based is we that as shareholder creation, oriented. are in that's an I on Gunnar reflect shareholder to balance on the of comp, long-term target structure capital say, a the work is on and is of And foot. we question, level outside And plan the go-forward it. that And set our that margin businesses. mean success you with

shareholder about we something where that believe headed. that feel long-term comp really good is long-term metrics that really we structure the value in And creation. diversifying will result that So is

Gunnar Kleveland

So term. both short we in is and it if I -- and is EBITDA add, the term long dollar the may the the have -- it

and is remains focus important it trying other important sure converted in term shareholder use to that we we -- short total So us. wanted working an as well and all in for cash the cash things we do we to the the metric that but that term relative capital. making returns for in long the us on return term, our the the long there on added capital the earnings then could return to we're short because term to invested as

So that for our much set as long-term spend how up incentive but well we earnings the as I we're both capital interested a make. healthier we it think in the is --

Operator

[Operator Instructions] question the and of of coming a Bank Jordan from line America. we with have Lyonnais

Jordan Lyonnais

tariff through And China? and risk in you increased with guide? is it And for just pressure if guys Could trade degree? to about is, thinking your it talk how contemplated you're what

Gunnar Kleveland

Yes. that uncertainty doing I analysis is of once not I reactions is to de with and We're mean our impacts we're a and uncertainty potential minimis. -- is impact high, a on say reaction now. would making lot right China the any decision made. the

the work where Jordan. for So I be we've to done this, hard staff, all ready end it of the will up staff cannot predict,

Jordan Lyonnais

the programs coming that about on, all at concerned down No, see you're with two, on are then contracts? costs that's primes administration's you fair. have guys I up driving the ramping focus new it. thinking you'll just defense you are new on want that those to get guys to on from how And the you that pressure

Gunnar Kleveland

Yes.

be there is targeted programs, will programs pressure uncertain. think be some might on which certain I

position the an depending our on both we in I I contracts, could on are because which those The focus say directions fairly feel you're programs certain increased program targets long change. would our about do have volumes And change on. on they long-term could Our term stability on in there.

we're that diligently. So watching

right? this a is that taking the our are working exposure, through be think we there's time, we a So where lot again, Jordan. but might of uncertainty scenarios there of nobody uncertainty, lot And likes

Operator

Gunnar closing concludes remarks. question-and-answer back That the session. over I Kleveland to would turn to for call the like

Gunnar Kleveland

your have and you, a today. thank We call you, continued Thank and International. on Albany appreciate good for day. the Thank everyone, us interest joining in you,

Operator

concludes and call. Ladies conference gentlemen, today's this

You may now disconnect.

Albany International (AIN) 27 Feb 252024 Q4 Earnings call transcript