ALBANY INTERNATIONAL CORP /DE/ 8-K

What Happened
Albany International Corp. (NYSE: AIN) filed an 8-K on April 30, 2026 reporting first-quarter 2026 results. The company reported net revenue of $311.3 million for Q1 2026 (up from $288.8M in Q1 2025), GAAP net income attributable to the company of $15.3 million, or $0.54 diluted EPS (versus $17.4M, $0.56 in Q1 2025), and Adjusted EBITDA of $48.2 million with Adjusted EPS of $0.60. Management noted stronger Engineered Composites volume, recovery in Machine Clothing after equipment downtime, and continued actions to de-risk the business. A webcast to discuss results was held April 30, 2026 at 8:30 a.m. ET.

Key Details

• Q1 2026 net revenue: $311.3M (same-currency revenue ~$302.1M); GAAP diluted EPS: $0.54.
• Q1 2026 Adjusted EBITDA: $48.2M (15.5% margin) and Adjusted diluted EPS: $0.60 (vs. $55.7M and $0.73 in Q1 2025).
• Cash and equivalents $122.6M; total debt $476.5M; reported net debt $354.0M. Paid $7.9M in dividends and invested $9.3M in capital in Q1.
• Q2 2026 guidance: consolidated revenue $335M–$345M; Machine Clothing $180M–$185M; Engineered Composites $155M–$160M; Adjusted EPS $0.70–$0.80; expected Q2 tax rate 31.5%.

Why It Matters
For investors, the filing shows top-line growth but pressured profitability on both GAAP and adjusted measures: revenue rose year-over-year, but higher SG&A, a higher effective tax rate and program mix (notably the CH-53K AFT program now booked at zero margin) reduced margins and adjusted EBITDA. The company continues to return capital (dividends), invest in the business (R&D and modest capex), and maintain liquidity, while providing Q2 guidance that implies stronger revenue and adjusted EPS. Key operational items to watch (from the filing) are Machine Clothing demand in Asia/China and margin impacts from specific AEC programs.