ROCHESTER, N.H.–(BUSINESS WIRE)–Albany International Corp. (NYSE:AIN) today reported operating results for its full year and fourth quarter of 2023, which ended December 31, 2023.

“In 2023, our business remained focused on operational execution and delivered outstanding financial performance,” said Gunnar Kleveland, President and Chief Executive Officer. “I am pleased to report record revenues of $1.15 billion in 2023, up 11% from last year. GAAP EPS grew in the mid-teens, and Adjusted EPS of $4.06, was up 4.9% from last year. Importantly the company delivered 2023 free cash flow of $64 million, up significantly from the $32 million generated in 2022.

“Fourth quarter results were particularly strong with outstanding contributions from both of our business segments,” continued Kleveland. “Our first full quarter of Heimbach integration is complete, and we are on track to deliver on the promise of that acquisition. Meanwhile, our core Machine Clothing operations grew fourth quarter revenue and expanded profit margins despite soft business conditions in Europe. The Engineered Composites segment continues to grow. We have completed another year of growth on our commercial programs, and recent program wins were also important drivers of year-over-year revenue and profit growth in the business. We are well positioned for another strong year in 2024.”

For the fourth-quarter ended December 31, 2023:

Net revenues were $323.6 million, up 20.4%, or 19.6% after adjusting for currency translation, when compared to the prior year, primarily driven by Heimbach’s contribution during the fourth quarter and growth in the Engineered Composites segment.
Gross profit of $119.9 million was 23.5% higher than the $97.1 million reported for the same period of 2022, mainly due to higher net revenues from the Machine Clothing segment due to the addition of Heimbach and higher net revenues from new programs and commercial programs in the Engineered Composites segment.
Selling, General, and Administrative expenses were $67.7 million, compared to $49.4 million in the same period of 2022. The increase was due to the addition of Heimbach.
Operating income was $41.8 million, compared to $37.9 million in the prior year, an increase of 10.2%.
The effective tax rate for the quarter was 22.6% compared to a 42.0% effective tax rate in the fourth quarter of 2022. Favorable discrete tax items in 2023 vs. unfavorable discrete tax items in 2022 and a shift in taxable income to lower-rate jurisdictions resulted in a lower effective tax rate for the fourth quarter of 2023.
Net income attributable to the Company was $30.5 million ($0.97 per share), compared to $18.1 million ($0.58 per share) in the fourth quarter of 2022. Adjusted Diluted earnings per share (or Adjusted EPS, a non-GAAP measure) was $1.22 per share, compared to $0.75 per share for the same period of last year.
Adjusted EBITDA (a non-GAAP measure) was $75.0 million, compared to $58.4 million in the fourth quarter of 2022, an increase of 28.5%.

Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.

“We are on sound financial footing as we enter 2024,” said Robert Starr, Chief Financial Officer. “Our businesses continue to deliver outstanding execution that will help sustain solid results and generate healthy cash flow this year. We will continue to invest thoughtfully to drive long-term growth.”

Outlook for the Full-Year 2024

Albany International’s initial financial guidance for the full-year 2024:

Total company revenue between $1.26 and $1.33 billion;
Effective income tax rate between 29% and 31%;
Capital expenditures in the range of $90 to $95 million;
Diluted earnings per share between $3.55 and $4.05.

This includes:
- Higher pension expense due to the expiration of the prior service cost benefit (approximately $0.09 per share);
- Higher Depreciation and Amortization due to the recording of Heimbach-acquired assets at fair value (approximately $0.08 per share); and
- Higher interest expense resulting from the termination of interest rate swaps in the fourth quarter of 2024 (approximately $0.06 per share, assuming the current interest rate environment).
Total company Adjusted EBITDA between $260 to $290 million;
Machine Clothing revenue between $760 to $790 million;
Machine Clothing Adjusted EBITDA between $230 and $250 million;
Albany Engineered Composites (AEC) revenue between $500 to $540 million; and
Albany Engineered Composites Adjusted EBITDA between $97 to $107 million.


ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2023			2022			2023			2022
Net revenues	$	323,584		$	268,786		$	1,147,909		$	1,034,887
Cost of goods sold		203,723			171,694			724,191			645,105

Gross profit		119,861			97,092			423,718			389,782
Selling, general, and administrative expenses		67,701			49,388			214,915			168,713
Technical and research expenses		10,324			9,957			40,627			39,941
Restructuring expenses, net		55			(162	)		282			106

Operating income		41,781			37,909			167,894			181,022
Interest expense, net		3,552			2,664			13,601			14,000
Pension settlement expense		—			—			—			49,128
Other (income)/expense, net		(1,253	)		3,805			(6,163	)		(14,086	)

Income before income taxes		39,482			31,440			160,456			131,980
Income tax expense		8,938			13,199			48,846			35,472

Net income		30,544			18,241			111,610			96,508
Net income attributable to the noncontrolling interest		94			111			490			746
Net income attributable to the Company	$	30,450		$	18,130		$	111,120		$	95,762

Earnings per share attributable to Company shareholders – Basic	$	0.98		$	0.58		$	3.56		$	3.06

Earnings per share attributable to Company shareholders – Diluted	$	0.97		$	0.58		$	3.55		$	3.04

Shares of the Company used in computing earnings per share:
Basic		31,195			31,111			31,171			31,339

Diluted		31,332			31,267			31,276			31,455

Dividends declared per share, Class A	$	0.26		$	0.25		$	1.01		$	0.88


ALBANY INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited)

	December 31, 2023			December 31, 2022
ASSETS
Cash and cash equivalents	$	173,420		$	291,776
Accounts receivable, net		287,781			200,018
Contract assets, net		182,281			148,695
Inventories		169,567			139,050
Income taxes prepaid and receivable		11,043			7,938
Prepaid expenses and other current assets		53,872			50,962
Total current assets	$	877,964		$	838,439

Property, plant and equipment, net		601,989			445,658
Intangibles, net		44,646			33,811
Goodwill		180,181			178,217
Deferred income taxes		22,941			15,196
Noncurrent receivables, net		4,392			27,913
Other assets		102,901			103,021
Total assets	$	1,835,014		$	1,642,255

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	$	87,104		$	69,707
Accrued liabilities		142,988			126,385
Current maturities of long-term debt		4,218			—
Income taxes payable		14,369			15,224
Total current liabilities		248,679			211,316

Long-term debt		452,667			439,000
Other noncurrent liabilities		139,385			108,758
Deferred taxes and other liabilities		26,963			15,638
Total liabilities		867,694			774,712

SHAREHOLDERS’ EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued		—			—
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; 40,856,910 issued in 2023 and 40,785,434 in 2022		41			41
Additional paid in capital		448,218			441,540
Retained earnings		1,010,942			931,318
Accumulated items of other comprehensive income:
Translation adjustments		(124,901	)		(146,851	)
Pension and postretirement liability adjustments		(17,346	)		(15,783	)
Derivative valuation adjustment		9,079			17,707
Treasury stock (Class A), at cost; 9,661,845 shares in 2023 and 9,674,542 in 2022		(364,665	)		(364,923	)
Total Company shareholders’ equity		961,368			863,049
Noncontrolling interest		5,952			4,494
Total equity		967,320			867,543
Total liabilities and shareholders’ equity	$	1,835,014		$	1,642,255


ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

	Twelve Months Ended December 31,
		2023			2022
OPERATING ACTIVITIES
Net income	$	111,610		$	96,508
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		70,374			62,480
Amortization		6,359			6,569
Change in deferred taxes and other liabilities		(2,046	)		(8,496	)
Impairment of property, plant, equipment, and inventory		1,773			1,808
Non-cash interest expense		1,404			1,118
Non-cash portion of pension settlement expense		—			42,657
Compensation and benefits paid or payable in Class A Common Stock		6,936			4,527
Provision/(recovery) for credit losses from uncollected receivables and contract assets		640			1,408
Foreign currency remeasurement (gain)/loss on intercompany loans		(2,831	)		(4,434	)
Fair value adjustment on foreign currency options		(139	)		(509	)

Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable		(11,038	)		(14,301	)
Contract assets		(32,156	)		(36,434	)
Inventories		15,093			(24,541	)
Prepaid expenses and other current assets		1,530			(4,134	)
Income taxes prepaid and receivable		(2,897	)		(6,005	)
Accounts payable		(5,672	)		8,572
Accrued liabilities		(10,441	)		3,226
Income taxes payable		(1,988	)		183
Noncurrent receivables		3,723			3,911
Other noncurrent liabilities		(9,783	)		(10,133	)
Other, net		7,605			4,234
Net cash provided by operating activities		148,056			128,214

INVESTING ACTIVITIES
Purchase of business, net of cash acquired		(133,470	)		—
Purchases of property, plant and equipment		(83,560	)		(93,675	)
Purchased software		(869	)		(2,673	)
Net cash used in investing activities		(217,899	)		(96,348	)

FINANCING ACTIVITIES
Proceeds from borrowings		78,040			162,000
Principal payments on debt		(92,274	)		(73,000	)
Principal payments on finance lease liabilities		—			(654	)
Debt acquisition costs		(4,108	)		—
Purchase of Treasury shares		—			(84,780	)
Taxes paid in lieu of share issuance		(3,136	)		(770	)
Proceeds from options exercised		—			17
Dividends paid		(31,163	)		(26,465	)
Net cash used in financing activities		(52,641	)		(23,652	)

Effect of exchange rate changes on cash and cash equivalents		4,128			(18,474	)

Increase/(decrease) in cash and cash equivalents		(118,356	)		(10,260	)
Cash and cash equivalents at beginning of period		291,776			302,036
Cash and cash equivalents at end of period	$	173,420		$	291,776

Financial tables and reconciliation of non-GAAP measures to comparable GAAP measures

The following tables present Net revenues and the effect of changes in currency translation rates:

(in thousands, except percentages)	Net revenues as reported, Q4 2023		Increase due to changes in currency translation rates			Q4 2023 revenues on same basis as Q4 2022 currency translation rates		Net revenues as reported, Q4 2022		% Change compared to Q4 2022, excluding currency rate effects
Machine Clothing	$	191,741	$	1,088		$	190,653	$	150,340	26.8	%
Albany Engineered Composites		131,843		896			130,947		118,446	10.6	%
Consolidated total	$	323,584	$	1,984		$	321,600	$	268,786	19.6	%

(in thousands, except percentages)	Net revenues as reported, YTD 2023		Decrease/(increase) due to changes in currency translation rates			YTD 2023 revenues on same basis as 2022 currency translation rates		Net revenues as reported, YTD 2022		% Change compared to 2022, excluding currency rate effects
Machine Clothing	$	670,768	$	(2,596	)	$	673,364	$	609,461	10.5	%
Albany Engineered Composites		477,141		1,747			475,394		425,426	11.7	%
Consolidated total	$	1,147,909	$	(849	)	$	1,148,758	$	1,034,887	11.0	%

The following tables present Gross profit and Gross profit margin:

(in thousands, except percentages)	Gross profit, Q4 2023		Gross profit margin, Q4 2023		Gross profit, Q4 2022		Gross profit margin, Q4 2022
Machine Clothing	$	93,527	48.8	%	$	74,851	49.8	%
Albany Engineered Composites		26,334	20.0	%		22,241	18.8	%
Consolidated total	$	119,861	37.0	%	$	97,092	36.1	%

(in thousands, except percentages)	Gross profit, YTD 2023		Gross profit margin, YTD 2023		Gross profit, YTD 2022		Gross profit margin, YTD 2022
Machine Clothing	$	331,558	49.4	%	$	312,285	51.2	%
Albany Engineered Composites		92,160	19.3	%		77,497	18.2	%
Consolidated total	$	423,718	36.9	%	$	389,782	37.7	%

A reconciliation from Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

Three months ended December 31, 2023
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Net income/(loss) (GAAP)	$	45,978		$	14,127		$	(29,561	)	$	30,544
Interest expense, net		—			—			3,552			3,552
Income tax expense		—			—			8,938			8,938
Depreciation and amortization expense		8,209			12,784			962			21,955
EBITDA (non-GAAP)		54,187			26,911			(16,109	)		64,989
Restructuring expenses, net		55			—			—			55
Foreign currency revaluation (gains)/losses (a)		2,247			44			725			3,016
CEO transition expenses		—			—			667			667
Inventory step-up impacting Cost of goods sold		4,110			—			—			4,110
Acquisition/integration costs		984			268			1,124			2,376
Pre-tax (income) attributable to noncontrolling interest		(24	)		(167	)		—			(191	)
Adjusted EBITDA (non-GAAP)	$	61,559		$	27,056		$	(13,593	)	$	75,022
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)		32.1	%		20.5	%		—			23.2	%


Three months ended December 31, 2022
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Net income/(loss) (GAAP)	$	44,462		$	10,891		$	(37,112	)	$	18,241
Interest expense, net		—			—			2,664			2,664
Income tax expense		—			—			13,199			13,199
Depreciation and amortization expense		4,767			11,410			964			17,141
EBITDA (non-GAAP)		49,229			22,301			(20,285	)		51,245
Restructuring expenses, net		(163	)		—			1			(162	)
Foreign currency revaluation (gains)/losses (a)		3,170			(83	)		7,663			10,750
Acquisition/integration costs		—			251			—			251
Dissolution of business relationships in Russia		(79	)		—			—			(79	)
IP address sales		—			—			(3,420	)		(3,420	)
Pre-tax (income) attributable to noncontrolling interest		—			(184	)		—			(184	)
Adjusted EBITDA (non-GAAP)	$	52,157		$	22,285		$	(16,041	)	$	58,401
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)		34.7	%		18.8	%		—			21.7	%

Twelve months ended December 31, 2023
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Net income/(loss) (GAAP)	$	199,378		$	41,587		$	(129,355	)	$	111,610
Interest expense, net		—			—			13,601			13,601
Income tax expense		—			—			48,846			48,846
Depreciation and amortization expense		23,891			49,030			3,812			76,733
EBITDA (non-GAAP)		223,269			90,617			(63,096	)		250,790
Restructuring expenses, net		282			—			—			282
Foreign currency revaluation (gains)/losses (a)		4,117			63			(2,884	)		1,296
CEO transition expenses		—			—			2,719			2,719
Inventory step-up impacting Cost of goods sold		5,480			—			—			5,480
Acquisition/integration costs		984			1,081			3,129			5,194
Pre-tax (income) attributable to noncontrolling interest		(24	)		(641	)		—			(665	)
Adjusted EBITDA (non-GAAP)	$	234,108		$	91,120		$	(60,132	)	$	265,096
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)		34.9	%		19.1	%		—			23.1	%

Twelve months ended December 31, 2022
(in thousands)	Machine Clothing			Albany Engineered Composites			Corporate expenses and other			Total Company
Net income/(loss) (GAAP)	$	206,214		$	31,579		$	(141,285	)	$	96,508
Interest expense, net		—			—			14,000			14,000
Income tax expense		—			—			35,472			35,472
Depreciation and amortization expense		19,483			46,202			3,364			69,049
EBITDA (non-GAAP)		225,697			77,781			(88,449	)		215,029
Restructuring expenses, net		92			—			14			106
Foreign currency revaluation (gains)/losses (a)		(520	)		672			(9,981	)		(9,829	)
Dissolution of business relationships in Russia		1,494			—			781			2,275
Pension settlement expense		—			—			49,128			49,128
IP address sales		—			—			(3,420	)		(3,420	)
Acquisition/integration costs		—			1,057			—			1,057
Pre-tax (income) attributable to noncontrolling interest		—			(817	)		—			(817	)
Adjusted EBITDA (non-GAAP)	$	226,763		$	78,693		$	(51,927	)	$	253,529
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)		37.2	%		18.5	%		—			24.5	%

Per share impact of the adjustments to diluted earnings per share are as follows:

Three months ended December 31, 2023 (in thousands, except per share amounts)	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	55		$	13		$	42		$	0.00
Foreign currency revaluation (gains)/losses (a)		3,016			933			2,083			0.07
CEO transition expenses		667			—			667			0.02
Inventory step-up impacting Cost of goods sold		4,110			908			3,202			0.10
Acquisition/integration costs		2,376			486			1,890			0.06

Three months ended December 31, 2022 (in thousands, except per share amounts)	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	(162	)	$	(41	)	$	(121	)	$	0.00
Foreign currency revaluation (gains)/losses (a)		10,750			3,247			7,503			0.24
Dissolution of business relationships in Russia		(79	)		(9	)		(70	)		0.00
IP address sales		(3,420	)		(872	)		(2,548	)		(0.08	)
Acquisition/integration costs		251			75			176			0.01


Year ended December 31, 2023 (in thousands, except per share amounts)	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	282		$	70		$	212		$	0.01
Foreign currency revaluation (gains)/losses (a)		1,296			416			880			0.03
CEO transition expenses		2,719			—			2,719			0.09
Withholding tax related to internal restructuring		—			(3,026	)		3,026			0.10
Inventory step-up impacting Cost of goods sold		5,480			1,211			4,269			0.14
Acquisition/integration costs		5,194			951			4,243			0.14

Year ended December 31, 2022 (in thousands, except per share amounts)	Pre tax Amounts			Tax Effect			After tax Effect			Per share Effect
Restructuring expenses, net	$	106		$	34		$	72		$	0.01
Foreign currency revaluation (gains)/losses (a)		(9,829	)		(2,582	)		(7,247	)		(0.23	)
Dissolution of business relationships in Russia		2,275			305			1,970			0.06
Pension settlement expense		49,128			11,947			37,181			1.20
Tax impact of stranded OCI benefit from Tax Cuts and Job Act (TCJA) for pension liability (b)		—			5,217			(5,217	)		(0.17	)
IP address sales		(3,420	)		(872	)		(2,548	)		(0.08	)
Acquisition/integration costs		1,057			316			741			0.04

The following table provides a reconciliation of Earnings per share to Adjusted Diluted Earnings per share:

	Three months ended December 31,						Twelve months ended December 31,
Per share amounts		2023			2022			2023			2022
Earnings per share attributable to Company shareholders – Basic (GAAP)	$	0.98		$	0.58		$	3.56		$	3.06
Effect of dilutive stock-based compensation plans		(0.01	)		—			(0.01	)		(0.02	)
Earnings per share attributable to Company shareholders – Diluted (GAAP)	$	0.97		$	0.58		$	3.55		$	3.04
Adjustments, after tax:
Restructuring expenses, net		—			—			0.01			0.01
Foreign currency revaluation (gains)/losses (a)		0.07			0.24			0.03			(0.23	)
CEO transition expenses		0.02			—			0.09			—
Inventory step-up impacting Cost of goods sold		0.10			—			0.14			—
Dissolution of business relationships in Russia		—			—			—			0.06
Pension settlement charge		—			—			—			1.20
Withholding tax related to internal restructuring		—			—			0.10			—
Tax impact of stranded OCI benefit from Tax Cuts and Job Act (TCJA) for pension liability (b)		—			—			—			(0.17	)
IP address sales		—			(0.08	)		—			(0.08	)
Acquisition/integration costs		0.06			0.01			0.14			0.04
Adjusted Diluted Earnings per share (non-GAAP)	$	1.22		$	0.75		$	4.06		$	3.87

(a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.
(b) Our Adjusted EPS excluded the benefit from the reclassification of stranded income tax effects caused by the TCJA associated with the US pension plan liability that was eliminated in September 2022, a one-time event that would not recur in the future. Such stranded income tax effect represented a one-time benefit that distorted the effective tax rate for the quarter and year-to-date ended September 30, 2022, and would not be indicative of ongoing or expected future income tax rate at the Company. Management believes excluding pension settlement expense and its income tax impact, including the stranded income tax effects, from its Adjusted EBITDA and Adjusted EPS for the quarter and year-to-date ended September 30, 2022 would provide investors a transparent view and enhanced ability to better assess the Company’s ongoing operational and financial performance.

The calculations of net debt are as follows:

(in thousands)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Current maturities of long-term debt	$	4,218	$	27,246	$	—	$	—	$	—
Long-term debt		452,667		463,339		487,000		491,000		439,000
Total debt		456,885		490,585		487,000		491,000		439,000
Cash and cash equivalents		173,420		171,506		300,916		304,258		291,776
Net debt (non GAAP)	$	283,465	$	319,079	$	186,084	$	186,742	$	147,224

The calculation of net leverage ratio as of December 31, 2023 is as follows:

Total Company
	Twelve months ended
(in thousands)	December 31, 2023
Net income/(loss) (GAAP)	$	111,610
Interest expense, net		13,601
Income tax expense		48,846
Depreciation and amortization expense		76,733
EBITDA (non-GAAP)		250,790
Restructuring expenses, net		282
Foreign currency revaluation (gains)/losses (a)		1,296
CEO transition expenses		2,719
Inventory step-up impacting Cost of goods sold		5,480
Acquisition/integration costs		5,194
Pre-tax (income) attributable to noncontrolling interest		(665	)
Adjusted EBITDA (non-GAAP)	$	265,096

(in thousands, except for net leverage ratio)	December 31, 2023
Net debt (non-GAAP)	$	283,465
Adjusted EBITDA (non-GAAP)		265,096
Net leverage ratio (non-GAAP)		1.07

The tables below provide a reconciliation of initial outlook for the full-year 2024 Adjusted EBITDA and Adjusted EPS (non-GAAP measures) to the comparable GAAP measures:

Initial Outlook Full Year 2024 Adjusted EBITDA	Machine Clothing						AEC
(in millions)	Low			High			Low			High
Net income attributable to the Company (GAAP) (c)	$	200		$	215		$	47		$	52
Income attributable to the noncontrolling interest		—			—			(1	)		(1	)
Interest expense, net		—			—			—			—
Income tax expense		—			—			—			—
Depreciation and amortization		30			35			50			55
EBITDA (non-GAAP)		230			250			96			106
Restructuring expenses, net (c)		—			—			—			—
Foreign currency revaluation (gains)/losses (c)		—			—			—			—
Acquisition/integration costs (c)		—			—			—			—
Pre-tax (income)/loss attributable to non-controlling interest		—			—			1			1
Adjusted EBITDA (non-GAAP)	$	230		$	250		$	97		$	107
(c) Interest, Other income/expense and Income taxes are not allocated to the business segments

Initial Outlook Full Year 2024 Adjusted EBITDA	Total Company
(in millions)	Low			High
Net income attributable to the Company (GAAP) (c)	$	111		$	126
Income attributable to the noncontrolling interest		(1	)		(1	)
Interest expense, net		17			18
Income tax expense		47			51
Depreciation and amortization		85			95
EBITDA (non-GAAP)		259			289
Restructuring expenses, net (d)		—			—
Foreign currency revaluation (gains)/losses (d)		—			—
Acquisition/integration costs (d)		—			—
Pre-tax (income)/loss attributable to non-controlling interest		1			1
Adjusted EBITDA (non-GAAP)	$	260		$	290

	Total Company
Forecast of Full Year 2024 Earnings per share (diluted) (e)	Low			High
Net income attributable to the Company (GAAP) (c)	$	3.55		$	4.05
Restructuring expenses, net (d)		—			—
Foreign currency revaluation (gains)/losses (d)		—			—
Acquisition/integration costs (d)		—			—
Adjusted Diluted Earnings per share (non-GAAP)	$	3.55		$	4.05

(d) Due to the uncertainty of these items, we are unable to forecast these items for 2024.
(e) Calculations based on estimated diluted shares outstanding of approximately 31.2 million.

Contacts

John Hobbs

603-330-5897

[email protected]

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Business Wire

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Business Wire 26 February 2024

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