Albany International reports Q3 adjusted EPS 71c, consensus 73c

Reports Q3 revenue $261.4M, consensus $303.41M, which includes an unfavorable revenue impact of $46M related to the CH-53K loss reserve and program adjustments. The company said, “As announced last week, we are continuing the transformation of Albany International (AIN) and have initiated a strategic review of our structures assembly business and its associated production site in Salt Lake City, including a potential sale of all or part of the site. Alongside this effort we took decisive action to de-risk our program assumptions which marks an important first step in resolving the issue. While some near-term uncertainty remains, our remaining Aerospace portfolio is becoming more strategically aligned with our priorities to secure growth and new business where we have a distinct competitive advantage that leverages our differentiated advanced technologies and delivers greater returns. In the third quarter, our underlying performance was resilient despite a challenging backdrop of program specific and macroeconomic factors.”