Albany Intl lowers FY2024 adj. EPS guidance to $2.90-$3.40 on $24M charge

ALBANY INTERNATIONAL CORP /DE/

Pre-announces ~$24M negative Estimate-at-Completion adjustment in Q3 from higher costs and customer production suspension.
Additional ~$8M pre-tax headwind from other forecast changes; Q3 2024 conference call scheduled for today 8:30 a.m. ET.
Revised FY2024 revenue guidance $1.22B-$1.26B; total co. Adjusted EBITDA $230M-$250M.
AEC segment revenue $480M-$500M; AEC Adjusted EBITDA $65M-$75M (high-teen margins).
Machine Clothing revenue $740M-$760M; Adjusted EBITDA $235M-$245M; Heimbach integration on track.

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