Albany International Corp. (NYSE:AIN) Q2 2022 Earnings Conference Call July 26, 2022 9:00 AM ET

Company Participants

John Hobbs - Director, Investor Relations

Bill Higgins - President and Chief Executive Officer

Stephen Nolan - Chief Financial Officer

Conference Call Participants

Michael Ciarmoli - Truist Securities

Pete Skibitski - Alembic Global

Gautam Khanna - Cowen

Peter Arment - Baird

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Albany International Q2 2022 Earnings Conference Call. [Operator Instructions] As a reminder, your conference call today is being recorded. I will now turn the conference call over to your host, Director of Investor Relations, John Hobbs. Please go ahead.

John Hobbs

Thank you, Alan and good morning everyone. Welcome to Albany International’s second quarter 2022 conference call. As a reminder for those listing on the call, please refer to our press release issued last night, detailing our quarterly financial results. Contained in the text of the release is a notice regarding our forward-looking statements and the use of certain non-GAAP financial measures and their associated reconciliation to GAAP. For the purposes of this conference call, those same statements apply to our verbal remarks this morning.

Today we will make statements that are forward-looking that contain a number of risks and uncertainties, among which are the potential effects of the COVID-19 pandemic and the potential effects of the Russian invasion of Ukraine on our operations, the markets we serve and our financial results. For a full discussion, including a reconciliation of non-GAAP measures, we may use on this call, to their most comparable GAAP measures, please refer to our earnings release of July 25, 2022 as well as our SEC filings, including our 10-K.

Now, I will turn the call over to Bill Higgins, our President and Chief Executive Officer, who will provide opening remarks. Bill?

Bill Higgins

Thank you, John. Good morning and welcome, everyone. Thank you for joining our second quarter earnings call. Today I will comment on our business conditions and then Stephen will cover our financial results in more detail.

We are reporting another strong quarter, with revenue of $261 million, up on both a year-over-year and a sequential basis. The growth was driven by rebounding LEAP production and revenues from the CH-53K helicopter content we recently won with Sikorsky. We are excited about this growth program and our teams are doing a great job expanding our manufacturing capacity in our Salt Lake City facility. GAAP EPS of $1.25 per share includes $0.20 of foreign exchange revaluation gains. Adjusted EPS of $1.06 per share was higher than $1.01 adjusted EPS reported in Q2 last year.