Albany International Corp. (NYSE: AIN) announced the completion of its strategic review of its Amelia Earhart Drive facility in Salt Lake City, Utah, concluding that it will retain the site following new contract agreements.

The company reached an amended contract with Sikorsky, a Lockheed Martin Company, for the CH-53K heavy lift helicopter program, which Albany said reduces program risk and reverses a previously reported reach-forward loss. The new terms are expected to generate positive cash flow beginning in 2027. Albany also secured a contract extension with Boeing for one-piece composite fuselage frames on the 787 Dreamliner, along with undisclosed new defense contracts with a strategic customer.

Albany updated its financial outlook for the third quarter of 2026. Consolidated net revenue guidance remains unchanged at $320 million to $330 million. Adjusted EPS guidance was raised to between $1.40 and $1.50, up from prior guidance of $0.60 to $0.70. The third-quarter effective tax rate is projected at 31.5%.

For the fourth quarter of 2026, Albany guided consolidated net revenue of $325 million to $335 million, with Adjusted EPS between $0.65 and $0.75, and an effective tax rate of 31.5%.

Machine Clothing net revenue is guided at $165 million to $170 million for Q3 and $170 million to $175 million for Q4. Engineered Composites net revenue is guided at $155 million to $160 million for both quarters.

Albany International is scheduled to host an investor webcast on September 2, 2026, at 8:30 a.m. Eastern Time. The company is headquartered in Portsmouth, New Hampshire, and operates 25 facilities across 12 countries with approximately 5,700 employees.