Albany International Corp. (AIN) faced a significant stock plummet of 8.20% in Thursday's trading session, following the company's lackluster fourth-quarter 2024 earnings report.
The industrial machinery and equipment company reported adjusted earnings per share (EPS) of $0.58 for the quarter ended December 31, 2024. This figure fell short of analysts' expectations of $0.66 EPS and marked a substantial decline from the company's EPS of $1.22 in the same quarter last year.
Albany International's revenue for the quarter also disappointed, falling 11.3% year-over-year to $286.91 million, missing analysts' estimates of $299.45 million. The company attributed the revenue decline to various factors, which were not explicitly stated in the earnings summary.
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