ROCHESTER, N.H. (AP) — ROCHESTER, N.H. (AP) — Albany International Corp. (AIN) on Wednesday reported third-quarter net income of $18 million.
On a per-share basis, the Rochester, New Hampshire-based company said it had profit of 57 cents. Earnings, adjusted for non-recurring costs, were 80 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The textile and composite maker posted revenue of $298.4 million in the period.
Albany International expects full-year earnings in the range of $3.10 to $3.30 per share, with revenue in the range of $1.23 billion to $1.25 billion.
Albany International shares have declined 28% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $70.75, a decrease of 11% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIN at https://www.zacks.com/ap/AIN