Albany International Plans to Keep Salt Lake City Facility After Strategic Review, Boosts 3Q Profit Outlook

By Kelly Cloonan

Albany International said it plans to keep its Salt Lake City facility following a strategic review.

The company also on Tuesday raised its third-quarter profit forecast, and gave fourth-quarter guidance.

Albany said the strategic review ended after it set new terms for its contract to produce helicopters for Lockheed Martin's Sikorsky unit. Under the new agreement, Albany will continue with its current production scope for the program at the facility.

"After reviewing all available options, we concluded that retaining the facility and continuing operations under the amended contract delivers the strongest overall economic outcome," Albany Chief Executive Gunnar Kleveland said.

The new contract reduces program risk, generates positive cash flow, stabilizes aircraft production and offsets projected losses, he said.

The company also raised its third-quarter forecast for adjusted earnings per share to a range of $1.40 to $1.50, up from 60 cents to 70 cents, while backing its prior revenue outlook of $320 million to $330 million.

For the fourth quarter, the company forecast adjusted earnings per share of 65 cents to 75 cents on revenue of $325 million to $335 million. Analysts polled by FactSet forecast adjusted earnings of 72 cents a share on revenue of $328.7 million.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

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September 01, 2026 18:28 ET (22:28 GMT)