Yahoo Finance Unpacking Q1 Earnings: Albany (NYSE:AIN) In The Context Of Other General Industrial Machinery Stocks
Earnings results often indicate what direction a company will take in the months ahead. With Q1 now behind us, let’s have a look at Albany (NYSE:AIN) and its peers.
Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.
The 14 general industrial machinery stocks we track reported an ok Q1; on average, revenues missed analyst consensus estimates by 1.4%. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, but general industrial machinery stocks have shown resilience, with share prices up 6.4% on average since the previous earnings results.
Albany (NYSE:AIN)
Founded in 1895, Albany (NYSE:AIN) is a global textiles and materials processing company, specializing in machine clothing for paper mills and engineered composite structures for aerospace and other industries.
Albany reported revenues of $313.3 million, up 16.4% year on year, in line with analysts' expectations. Overall, it was an ok quarter for the company with a decent beat of analysts' Engineered Composites revenue estimates but underwhelming EBITDA guidance for the full year.
"We had another good quarter as our businesses delivered solid results and are executing to their plans," said President and CEO, Gunnar Kleveland.
Albany scored the fastest revenue growth of the whole group. The stock is up 6% since reporting and currently trades at $93.63.
Is now the time to buy Albany? Access our full analysis of the earnings results here, it's free.
Best Q1: L.B. Foster (NASDAQ:FSTR)
Founded with a $2,500 loan, L.B. Foster (NASDAQ:FSTR) is a provider of products and services for the transportation and energy infrastructure sectors, including rail products, construction materials, and coating solutions.
L.B. Foster reported revenues of $124.3 million, up 7.6% year on year, outperforming analysts' expectations by 12.7%. It was an incredible quarter for the company with an impressive beat of analysts' earnings estimates.
L.B. Foster achieved the biggest analyst estimates beat among its peers. Although it had a great quarter compared its peers, the market seems unhappy with the results as the stock is down 6.5% since reporting. It currently trades at $22.74.
Is now the time to buy L.B. Foster? Access our full analysis of the earnings results here, it's free.
Slowest Q1: Icahn Enterprises (NASDAQ:IEP)
Founded in 1987, Icahn Enterprises (NASDAQ: IEP) is a diversified holding company primarily engaged in investment and asset management across various sectors.
Icahn Enterprises reported revenues of $2.47 billion, down 7.7% year on year, falling short of analysts' expectations by 11.6%. It was a weak quarter for the company with a miss of analysts' earnings estimates.
The stock is flat since the results and currently trades at $17.28.
Read our full analysis of Icahn Enterprises's results here.
3M (NYSE:MMM)
Producers of the first asthma inhaler, 3M Company (NYSE:MMM) is a global conglomerate known for products in industries like healthcare, safety, electronics, and consumer goods.
3M reported revenues of $5.72 billion, down 28.8% year on year, falling short of analysts' expectations by 25.4%. More broadly, it was a weak quarter for the company with a miss of analysts' earnings estimates.
3M had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is up 11.8% since reporting and currently trades at $103.
Read our full, actionable report on 3M here, it's free.
Otis (NYSE:OTIS)
Credited with inventing the first hydraulic passenger elevator, Otis Worldwide (NYSE:OTIS) is an elevator and escalator manufacturing, installation and service company.
Otis reported revenues of $3.44 billion, up 2.7% year on year, in line with analysts' expectations. Zooming out, it was a weaker quarter for the company with underwhelming earnings guidance for the full year and full-year revenue guidance missing analysts' expectations.
The stock is up 2.2% since reporting and currently trades at $99.62.
Read our full, actionable report on Otis here, it's free.
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