Industrial equipment and engineered products manufacturer Albany (NYSE:AIN) will be announcing earnings results this Wednesday after market close. Here’s what investors should know.
Albany missed analysts’ revenue expectations by 1.8% last quarter, reporting revenues of $288.8 million, down 7.8% year on year. It was a slower quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and full-year revenue guidance slightly missing analysts’ expectations.
Is Albany a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Albany’s revenue to decline 8.5% year on year to $303.6 million, a reversal from the 21.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.73 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Albany has missed Wall Street’s revenue estimates four times over the last two years.
Looking at Albany’s peers in the general industrial machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. GE Aerospace delivered year-on-year revenue growth of 21.2%, beating analysts’ expectations by 15.6%, and Honeywell reported revenues up 8.1%, topping estimates by 2.8%. GE Aerospace traded down 1.1% following the results while Honeywell was also down 6.4%.
Read our full analysis of GE Aerospace’s results here and Honeywell’s results here.
There has been positive sentiment among investors in the general industrial machinery segment, with share prices up 6.5% on average over the last month. Albany is up 3.1% during the same time and is heading into earnings with an average analyst price target of $72.75 (compared to the current share price of $72.33).
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