Albany International Corp. (NYSE:AIN) Q3 2024 Earnings Conference Call October 30, 2024 9:00 AM ET

Company Participants

JC Chetnani - VP, Investor Relations and Treasurer
Gunnar Kleveland - President and Chief Executive Officer
Robert Starr - Executive Vice President and Chief Financial Officer

Conference Call Participants

Peter Arment - Robert W. Baird
Michael Ciarmoli - Truist Securities
Jordan Lyonnais - Bank of America
Chigusa Katoku - JPMorgan
Jack Ayers - TD Cowen

Operator

Good day, and thank you for standing by. Welcome to the Albany International Third Quarter 2024 Earnings 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 first speaker today. JC Chetnani, VP, Investor Relations and Treasurer. Please go ahead.

JC Chetnani

Thank you, Verdin, and good morning, everyone. Welcome to Albany International's Third Quarter 2024 Earnings Conference Call. As a reminder for those listening 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 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 and 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 October 30, 2024, as well as our SEC filings including our 10-K.

Now, I will turn the call over to Gunnar Kleveland, our President and CEO, who will provide opening remarks. Gunnar?

Gunnar Kleveland

Thank you, JC. Good morning, and welcome, everyone. Thank you for joining our third quarter earnings call. I will provide an overview of our business performance. Rob will later discuss our final results in detail. I'm pleased with the overall results of the quarter as we focus on operational excellence evidenced by strong results at Machine Clothing and our ability to generate free cash flow of $78 million year-to-date. Furthermore, our balance sheet is very healthy.

Turning to the EAC adjustments announced earlier this month, we are addressing operational issues to stabilize production and to advance the ramp-up of the programs at our Salt Lake facility. Our team is making good progress, leveraging support from our other sites.