How did Albany International's revenue and expenses trend in Q4 2024?

Albany International's revenue and expenses in Q4 2024 showed a notable decline in net revenues compared to the previous year, alongside increased expenses, which impacted the net income. 1. **Revenue Trend**: Albany International reported a net revenue of $286.9 million for Q4 2024, which represents a decrease of 11.3% when compared to the same period in the previous year. If we adjust for currency translation, the decrease is 11.0%. The revenue decline was driven by decreased sales in packaging and publication grades at Machine Clothing, and a 25.0% decrease in net revenues at Albany Engineered Composites, primarily due to reduced sales in commercial and defense programs. 2. **Expense Trend**: The company's gross profit for Q4 2024 was $90.3 million, which is a significant decrease of 24.6% compared to the $119.9 million reported in the same quarter of 2023. This reduction in gross profit was due to lower estimated profitability of long-term contracts at Albany Engineered Composites and lower Heimbach gross margins at Machine Clothing. Additionally, the selling, general, and administrative expenses for the quarter were $48.4 million. 3. **Net Income Impact**: The net income for Q4 2024 was $17.75 million, which is the same as the net income reported in the previous year. However, when considering the net revenues and gross profit decreases, it is evident that the company's profitability was maintained despite the revenue decline, likely due to effective cost management. |code|Ticker|Name|Date|Business Composition|Revenue By Business|market_code| |---|---|---|---|---|---|---| |AIN|AIN.N|Albany International|20240101-2024|Corporate Expenses|0|169| |AIN|AIN.N|Albany International|20240101-2024|Corporate Expenses|0|169| |AIN|AIN.N|Albany International|20240101-2024|Corporate Expenses|0|169| |AIN|AIN.N|Albany International|20240101-2024|Corporate Expenses|0|169| |AIN|AIN.N|Albany International|20240101-2024|Machine Clothing|1.85217E8|169| |AIN|AIN.N|Albany International|20240101-2024|Corporate Expenses|0|169| |AIN|AIN.N|Albany International|20240101-2024|Albany Engineered Composites|1.28113E8|169| |code|Ticker|Name|Date|Net Income YoY|Net Income|market_code| |---|---|---|---|---|---|---| |AIN|AIN.N|Albany International|2024 Q1|1.044820202318541|2.7369E7|169| |AIN|AIN.N|Albany International|2024 Q2|-7.850592708566316|2.472E7|169| |AIN|AIN.N|Albany International|2024 Q3|-32.89754732267806|1.8221E7|169| |AIN|AIN.N|Albany International|2024 Q4|-41.90348349921425|1.7745E7|169| In conclusion, Albany International experienced a decline in revenue and gross profit in Q4 2024, but managed to maintain net income due to cost control measures.