Albany International Names New CEO, Reports Earnings Beat
February 05 2018 - 6:37PM
Dow Jones News
By Aisha Al-Muslim
Albany International Corp. (AIN) has named a former Alcoa Corp.
(AA) executive as its new president and chief executive
officer.
Olivier Jarrault will succeed current CEO Joseph G. Morone on
March 2, the textiles and materials processing company said Monday.
The company operates 22 plants in 10 countries and employs 4,400
people world-wide.
Mr. Jarrault, 56 years old, spent 14 years at Alcoa and last
served as executive vice president and group president of Alcoa
Engineered Products and Solutions Inc., which is now part of
Arconic Inc.
"Olivier's experience leading a portfolio of manufacturing
businesses across a broad market spectrum--including aerospace,
industrial gas turbines, commercial transportation and
construction--and his demonstrated talent for organizational
leadership, make us confident of his ability to lead Albany's
Machine Clothing and AEC businesses," Albany Chairman Erkie
Kailbourne said in prepared remarks.
The Rochester, N.H.-based company also reported Monday a
fourth-quarter profit of $3.7 million, or 12 cents a share, down
from $15.8 million, or 49 cents a share, a year earlier. The
results included a net charge of $6.8 million for income tax
adjustments due to recent U.S. tax law changes.
Revenue rose 6% to $226.7 million.
Excluding adjustments, Albany earned 43 cents a share, compared
with 36 cents a share a year ago. Analysts polled by Thomson
Reuters had forecast earnings of 42 cents a share on $218.3 million
in revenue.
The stock was little changed at $60.04 in after-hours trading
Monday. Shares are up 25% in the last year.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
February 05, 2018 18:22 ET (23:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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