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Although the company posted a third-quarter loss of $6.2 million, its results included $20 million in restructuring charges related to shutting down factories in the United States and Europe that make equipment used in paper mills.
Albany International, which makes specialty fabrics as well as equipment used in the aeronautics industry, has been shutting down the factories as paper mills in North America and Europe have closed because of lower demand.
Meanwhile, Albany International has been adding new capacity in places like South America and Asia, where demand is on the rise.
The shift has resulted in painful cuts locally, as Chief Executive Officer Joseph Morone has shut down a factory in East Greenbush and closed most of the manufacturing operations at the company's historic headquarters that straddles the Albany-Menands border.
"The restructuring is almost completely behind us," Morone said Tuesday.
Since becoming CEO in 2006, Morone has been trying to improve the company's finances and position it for long-term growth in new areas, such as airplane equipment manufacturing in its growing Albany Engineered Composites division.
Like most of the manufacturing sector, the company has been suffering from declining sales due to the recession. For instance, net sales in the engineered composites division were $8.1 million, compared to $12 million a year ago.
But Morone says that sales in this division, which serves the aviation sector, could double in the next two years or so.
The company is making composite braces for the Boeing 787 landing gear as well as components for the new CFM LEAP-X engine that is being produced by a joint venture that includes General Electric Co.
Albany International reported total sales of $217 million during the quarter, a drop of 18 percent. All of the company's divisions, including the paper mill business and the popular PrimaLoft division that makes materials used in comforters and winter jackets, experienced sales drops compared to last year.
Wall Street was evidently pleased with the company's financial results. Shares of the company's stock ended trading Tuesday at $20.96, up $4.57 for the day, or nearly 28 percent.
Larry Rulison can be reached at 454-5504 or by e-mail at lrulison@timesunion.com.
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