Albany International Corp. (NYSE:AIN) Q3 2023 Results Conference Call November 7, 2023 10:00 AM ET

Company Participants

John Hobbs - Director of Investor Relations

Gunnar Kleveland - President and Chief Executive Officer

Rob Starr - Chief Financial Officer and Treasurer

Conference Call Participants

Peter Osterland - Truist Securities

Pete Skibitski - Alembic Global

Jack Ayers - TD Cowen

Operator

Good day and thank you for standing by. Welcome to Albany International Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Mr. John Hobbs, Director of Investor Relations. Please go ahead, sir.

John Hobbs

Well, thank you, Norma, and good morning, everyone. Welcome to Albany International's third quarter 2023 conference call. As a reminder, for those of you listening on the call, please refer to our press release issued yesterday afternoon 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, which could cause actual results to differ from those expressed or implied. For a full discussion of these risks and uncertainties, please refer to both our earnings release of November 6, 2023, as well as our SEC filings including our 10-Q.

Now I'll turn the call over to Gunnar Kleveland, our President and Chief Executive Officer, who will provide opening remarks. Gunnar?

Gunnar Kleveland

Thank you, John. Good morning, and welcome, everyone. Thank you for joining our third quarter earnings call. I'm pleased to be here today on my first call as President and CEO of Albany International. The Company has again produced very good results in the third quarter with excellent operational execution and positive free cash flow for both the quarter and on a year-to-date basis.

Before we get into the details, I'd like to take a moment to acknowledge Bill Higgins' steadfast leadership of Albany as President and CEO through the past several years. While he has retired from his role, he continues to provide guidance and counsel as a member of the Company's Board of Directors. My transition has proceeded smoothly, and Bill leaves a legacy of a great company with innovative proprietary technologies, businesses that are performing well and a healthy balance sheet. The business segments each have impressive product quality and exceptional customer service.