Albany International Corporation (AIN) has reported 57.97 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $15.80 million, or $0.49 a share in the quarter, compared with $37.58 million, or $1.17 a share for the same period last year. On an adjusted basis, earnings per share were at $0.36 for the quarter compared with $0.46 in the same period last year.

Revenue during the quarter grew 20.05 percent to $213.05 million from $177.47 million in the previous year period. Gross margin for the quarter contracted 408 basis points over the previous year period to 36.30 percent. Total expenses were 87.41 percent of quarterly revenues, down from 91.62 percent for the same period last year. This has led to an improvement of 422 basis points in operating margin to 12.59 percent.

Operating income for the quarter was $26.83 million, compared with $14.86 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $38.27 million compared with $38.65 million in the prior year period. At the same time, adjusted EBITDA margin contracted 382 basis points in the quarter to 17.96 percent from 21.78 percent in the last year period.

chief executive officer Joseph Morone said, "In Q4 2016 both Albany businesses again performed well, as AEC generated especially strong growth and MC continued to generate strong profitability. Unfortunately, we had to take a $2.5 million charge in Q4 due to a theft by a third party in a small operation in Japan. Even so, the Company ended the quarter and full year with sales and net income in line with our expectations, and with AEC poised for rapidly accelerating growth and MC for continued strong profitability in 2017 and beyond."

Operating cash flow declines
Albany International Corporation has generated cash of $79.52 million from operating activities during the year, down 17.11 percent or $16.42 million, when compared with the last year.

The company has spent $253.55 million cash to meet investing activities during the year as against cash outgo of $47.80 million in the last year. It has incurred net capital expenditure of $66.55 million on net basis during the year, up 39.24 percent or $18.75 million from year ago.

Cash flow from financing activities was $173.46 million for the year as against cash outgo of $27.33 million in the last year period.

Cash and cash equivalents stood at $181.74 million as on Dec. 31, 2016, down 1.82 percent or $3.37 million from $185.11 million on Dec. 31, 2015.

Working capital declines
Albany International Corp has witnessed a decline in the working capital over the last year. It stood at $301.30 million as at Dec. 31, 2016, down 7.53 percent or $24.53 million from $325.83 million on Dec. 31, 2015. Current ratio was at 2.51 as on Dec. 31, 2016, down from 3.58 on Dec. 31, 2015.