Albany International Retains Salt Lake City Plant Following Contract Deal

Chief Executive Gunnar Kleveland stated that the amended agreement provides the most favorable economic path forward, securing positive cash flow and offsetting earlier projected losses. Under the new terms, the company maintains its existing production scope for the program at the site.

Bolstered by these structural changes, Albany International raised its third-quarter adjusted earnings forecast to a range of $1.40 to $1.50 per share, significantly higher than its previous guidance of 60 to 70 cents. The company maintained its revenue outlook for the quarter at $320 million to $330 million. Looking toward the final three months of the year, management expects adjusted earnings of 65 to 75 cents per share on revenue between $325 million and $335 million, aligning closely with analyst expectations.