ALBANY INTERNATIONAL REPORTS CONTINUED REVENUE DROP

Albany International reported a big drop in revenue for the fourth quarter, the year and perhaps next year as well. But the company increased its profit margins, and thus did better than expected, given the plunge in air travel in general because of the pandemic and the troubles of airplane manufacturer Boeing in particular.

The Rochester-based firm manufactures material for components used by Boeing, whose 737 Max fleet was grounded in March 2019 due to major crashes in Indonesia and Ethiopia that resulted in the deaths of 346 people. Airlines have just started scheduling it for flights, but the backlog in components is expected well into next year as manufacturing of new planes isn’t expected to begin until April.

In its fourth quarter, Albany’s revenues totaled nearly $227 million, down 12% compared to the same quarter a year earlier, resulting in a net income drop of 5.5%, to nearly $28 million, or 85 cents a share.

That brought total revenue for the year to $900 million, down about 10% from $1 billion in 2019.

Next year, the company projects revenue between $850 million and $900 million. In 2020, net income fell 27%, to $97 million, or $3.05 per diluted share.

In 2021, the earnings could fall even more to as low as $2.40, the company said. Still, it said, in recognition of their work, it is giving out $1,000 across-the-board bonuses to employees.

The 737 Max grounding particularly affected the company’s engineering composite division, which makes components for the Max’s grounded LEAP-1B engines, as well as other commercial aircraft, none of which have been in much demand due to widespread commercial aviation slowdown.

While the company expects air travel to rebound, there will be continued headwinds lag because of “inventory destocking.”

EVERSOURCE REPORTS $1.2B EARNINGS FOR 2020

Eversource Energy reported higher fourth-quarter and full-year earnings for 2020, thanks to increased electricity distribution revenues and despite a tropical storm last summer that stirred widespread criticism of the utility’s response.

For the final three months of 2020, Eversource reported net income of $271.9 million, or 79 cents per share, up from $250 million, or 77 cents per share, in the same period a year earlier. On a full-year basis, the company reported earnings of $1.2 billion, up from $909 million in 2018.

The company said its results would have been even higher if not for its $1.1 billion acquisition of assets from embattled Columbia Gas, which was implicated in a series of gas explosions and fires in Lawrence, Mass., in 2018, that killed one person and injured around two dozen.

The deal, completed in October, effectively doubled the reach of Eversource’s natural gas business.

ALLEGIANT AIR ADDS NEW DESTINATIONS FROM PORTSMOUTH

Allegiant Air is adding Nashville and a new Florida destination to its flights from Portsmouth International Airport at Pease.

Nonstop flights to St. Pete-Clearwater International Airport will be offered starting June 2, the airline announced. Allegiant has flown yearround from Portsmouth to Punta Gorda and Orlando in Florida. The airline announced some seats for St. Pete-Clearwater purchased by Feb. 17 for travel by Nov. 17 are being sold for $59.

The company also said it would begin offering service to Nashville, Tenn., starting May 27. To introduce the new route to Nashville, Allegiant is offering one-way fares with some seats at $69.