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ALBANY INTERNATIONAL Albany International Reports Third - Quarter 2021 Results October 25 , 2021 Raises 2021 Guidance Announces $ 200 Million Share Repurchase Authorization ROCHESTER , N.H .-- ( BUSINESS WIRE ) -- Oct . 25 , 2021-- Albany International Corp. ( NYSE : AIN ) today reported operating results for its third quarter of 2021 , which ended September 30 , 2021. Additionally , the company raised its full year financial guidance for 2021. Albany's Board of Directors authorized a share repurchase program of up to $ 200 million . " We are reporting another quarter of solid performance , " said Bill Higgins , President and CEO . " Revenues of $ 232 million increased 9.6 % . The Albany team delivered another strong quarter with solid growth in both businesses . Machine Clothing segment sales grew 11 % from 2020's third quarter and sustained excellent operating performance and margins . Engineered composites grew again in the quarter and is well positioned for stronger growth as military and commercial programs , led by single aisle aircraft , kick in . " We are in excellent financial health with low debt and strong free cash flow . To that end , the Board of Directors has authorized a $ 200 million share repurchase program expanding the capital allocation options available to us , " concluded Higgins . For the third quarter ended September 30 , 2021 : • Net sales were $ 232.4 million , up 9.6 % , or 8.8 % after adjusting for currency translation , when compared to the prior year . • Gross profit of $ 92.0 million was 5.4 % higher than the $ 87.3 million reported for the same period of 2020 . • Selling , Technical , General , and Research ( STG & R ) expenses were $ 47.4 million , compared to $ 47.8 million in the same period of 2020 . • Operating income was $ 44.5 million , compared to $ 38.8 million in the prior year , an increase of 15 % . • The effective tax rate was 29.4 % , compared to 24.7 % for the third quarter of 2020. A higher share of our global profits generated in jurisdictions with higher tax rates combined with less favorable discrete income tax adjustments contributed to the higher tax rate this quarter compared to that for the third - quarter 2020 . • Net income attributable to the Company was $ 30.9 million ( $ 0.95 per share ) , compared to $ 29.6 million ( $ 0.92 per share ) in the third quarter of 2020. Adjusted earnings per share ( or Adjusted EPS , a non - GAAP measure ) was $ 0.83 per share , compared to $ 0.96 per share for the same period of last year . • Adjusted EBITDA ( a non - GAAP measure ) was $ 60.2 million , compared to $ 61.8 million in the third quarter of 2020 , a decrease of 2.6 % . Please see the tables below for a reconciliation of non - GAAP measures to their comparable GAAP measures . During the third quarter of 2021 , the Company was awarded $ 5.8 million under the U.S. Government's Aviation Manufacturing Jobs Protection Program ( AMJP ) . The adjusted results presented in the tables below exclude the impact of the AMJP award as management does not believe that the award is reflective of ongoing operational performance . " The results of the third quarter are reflective of the strategic positioning of our businesses and continued excellent operational performance across our operations . We are again raising our guidance for 2021 , " said Stephen Nolan , Chief Financial Officer . " We recognize there are risks ahead in terms of supply chain constraints and inflationary pressures . However , the Company is very well positioned with excellent customer relationships , a strong and growing business base and in - demand advanced technologies that are expected to drive long - term business growth . " Outlook for Full - Year 2021 Albany International is updating its financial guidance for the full - year 2021 : • Total company revenue between $ 900 and $ 920 million ; • Effective income tax rate , including tax adjustments , between 28 % and 30 % ; • Total company depreciation and amortization of approximately $ 75 million ; ● Capital expenditures in the range of $ 40 to $ 50 million ; • GAAP earnings per share between $ 3.23 and $ 3.38 and Adjusted earnings per share between $ 3.15 and $ 3.30 ; • Total company Adjusted EBITDA between $ 230 to $ 240 million ; • Machine Clothing revenue between $ 600 to $ 610 million ; • Machine Clothing Adjusted EBITDA between $ 215 and $ 225 million ; • Albany Engineered Composites ( AEC ) revenue between $ 300 to $ 310 million ; and ● Albany Engineered Composites Adjusted EBITDA between $ 65 to $ 70 million . Share Repurchase Authorization