UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):     November 3, 2014

Registrant’s telephone number, including area code       (518) 445-2200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On November 3, 2014, Albany International issued a news release reporting third-quarter 2014 financial results.   The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on Tuesday, November 4. Copies of the news release and management’s related earnings call slide presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this report.

Item 9.01.  Financial Statements and Exhibits.

(d)      Exhibits.  The following exhibit is being furnished herewith:

 99.1     News release dated November 3, 2014 reporting third-quarter 2014 financial results.
 99.2     Albany International Corp. third-quarter 2014 Earnings Call Slide Presentation.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX

Exhibit 99.1

Albany International Reports Third-Quarter Results

Third-Quarter Financial Highlights

• Net sales were $179.9 million, a decrease of 1.8 percent compared to Q3 2013.
• Adjusted EBITDA for Q3 2014 was $33.5 million, compared to $31.9 million in Q3 2013 (see Tables 6 and 7).
• Q3 2014 income attributable to the Company was $0.37 per share. Earnings were reduced by restructuring charges of $0.02 and income tax adjustments of $0.01, and were increased by foreign currency revaluation gains of $0.08 and an insurance-recovery gain of $0.01 (see Table 10).
• Q3 2013 income attributable to the Company was $0.15 per share. Earnings were reduced by restructuring charges of $0.04 and foreign currency revaluation losses of $0.06, and were increased by income tax adjustments of $0.01 (see Table 11).

ROCHESTER, N.H.--(BUSINESS WIRE)--November 3, 2014--Albany International Corp. (NYSE:AIN) reported Q3 2014 income attributable to the Company of $11.8 million, including charges of $0.3 million for income tax adjustments. Income attributable to the Company in Q3 2013 was $4.7 million, including favorable income tax adjustments of $0.5 million.

Income before taxes in Q3 2014 was $18.5 million, including restructuring charges of $0.9 million and gains of $4.1 million from foreign currency revaluation and $0.2 million from an insurance recovery. Income before taxes in Q3 2013 was $7.1 million, including restructuring charges of $2.3 million and foreign currency revaluation losses of $3.3 million.

Table 1 summarizes net sales and the effect of changes in currency translation rates:

The year-over-year decline in third-quarter MC sales was primarily attributable to lower sales in the Americas. The increase in AEC sales reflects growth in the LEAP and JSF LiftFan^® programs.

Q3 2014 gross profit was $68.6 million, or 38.2 percent of net sales, compared to $68.0 million, or 37.1 percent of net sales, in the same period of 2013. MC gross profit margin increased from 41.6 percent in Q3 2013 to 41.9 percent in Q3 2014; AEC gross profit margin improved from 5.2 percent to 13.0 percent, principally due to improvements in profitability at the Company’s Boerne, Texas, operation.

Selling, technical, general, and research (STG&R) expenses were $48.5 million, or 27.0 percent of net sales, in the third quarter of 2014, including income of $2.2 million related to the revaluation of nonfunctional-currency assets and liabilities. In Q3 2013, STG&R expenses were $52.5 million, or 28.7 percent of net sales, including losses of $1.3 million related to the revaluation of nonfunctional-currency assets and liabilities.

The following table presents expenses associated with internally funded research and development by segment:

The following table summarizes third-quarter operating income by segment:

Segment operating income was affected by restructuring and currency revaluation as shown in Table 4 below. Restructuring expense was principally related to the ongoing costs associated with the restructuring in France.

Q3 2014 Other income/expense, net, was income of $1.9 million, including gains related to the revaluation of nonfunctional-currency balances of $1.9 million, and an insurance-recovery gain of $0.2 million related to the finalization of a claim for weather damage to the Company’s MC manufacturing facility in Germany. Q3 2013 Other income/expense, net, was expense of $2.7 million, including losses related to the revaluation of nonfunctional-currency balances of $2.0 million and $0.5 million of expenses associated with the creation of Albany Safran Composites.

The following table summarizes currency revaluation effects on certain financial metrics:

The Company’s income tax rate, excluding tax adjustments, was 34.9 percent for Q3 2014, compared to 41.0 percent for the same period of 2013. Discrete tax charges and changes in the estimated income tax rate increased income tax expense by $0.3 million in 2014, and decreased tax expense by $0.5 million in 2013.

The following tables summarize Adjusted EBITDA:

Capital spending for equipment and software was $18.9 million for Q3 2014, bringing the year-to-date total to $46.6 million, which includes $24.1 million for the Engineered Composites business. Depreciation and amortization was $15.7 million for Q3 2014 and $47.7 million for the first nine months of 2014.

CFO Comments

CFO and Treasurer John Cozzolino commented, “In Q3, total debt declined marginally to $284 million and the Company’s leverage ratio, as defined in our primary debt agreements, decreased to 1.46. Net debt (total debt less cash) increased $10 million to $88 million (see Table 15), as total cash of $195 million, mostly held outside of the U.S., was negatively affected by about $7 million due to unfavorable changes in foreign currency rates as compared to the end of Q2. Capital expenditures through the first nine months of the year totaled almost $47 million, and we continue to expect full-year spending of $60 to $70 million. Cash paid for income taxes was about $5 million during the quarter and $14 million through the end of September. Cash taxes for the full year are expected to total about $18 million.

“The Company continues to look at ways to de-risk its global pension obligations. In September, certain participants of the U.S. pension plan were notified of a limited-time opportunity whereby they could elect to receive the value of their pension benefit in a lump-sum payment. All lump-sum payments will be funded from pension plan assets and are expected to be made before the end of the year. As a result of this initiative and depending on the number of participants that elect the lump-sum payment, the Company expects to record a non-cash settlement charge of approximately $5 million to $10 million in Q4.”

CEO Comments

President and Chief Executive Officer Joe Morone said, “Even though Adjusted EBITDA improved by 5 percent against the same period last year and AEC performed well on all fronts, Q3 2014 fell short of our expectations due to lower-than-expected sales in MC in the Americas. We do not believe that this Q3 shortfall is indicative of any new structural change in the MC market or our business, and we expect good year-over-year performance in Q4 for both MC and AEC.

“For the most part, MC performed as expected. Sales and margins were seasonally soft during the summer months, and sales were again flat in Europe and Asia. The most notable development in the quarter was the successful conclusion of contract negotiations with Europe’s two largest papermakers. Despite strong price pressures, we were able to hold our position, with no significant impact on revenue, thanks to recognition by our customers of our superior performance and technology.

“The shortfall in MC sales came in the Americas, where compared to a year ago, the market for publication grades of paper was down sharply, negatively impacting our sales to machines supplying these grades. As we have discussed on numerous occasions, we are underexposed to these publication grades in the Americas, and our long-term goal of maintaining steady cash flow in this business assumes that growth in the North American packaging and tissue grades, along with growth in South America, will offset the inevitable structural declines in the North American publication grades. In Q3, the packaging and tissue markets performed more or less as expected, but in South America we were hurt by the weakening economy in Brazil. Even though our competitive position remained very strong, sales in South America dropped by over 10 percent compared to Q3 2013. This decline, in what is ordinarily a key growth market for us, combined with the soft publication market in North America, was the main reason for the shortfall in Q3 MC sales.

“Despite the lower-than-expected sales, Q3 Adjusted EBITDA for the MC segment held steady compared to Q3 2013, and Q3 orders and shipment activity at the end of the quarter were strong. For these reasons, we expect Q4 MC sales to be comparable to Q4 2013, and Q4 MC Adjusted EBITDA to outperform Q4 2013. We continue to expect full-year Adjusted EBITDA to be comparable to last year and continue to view global economic conditions as the primary risk factor in this business.

“AEC performed well on all fronts. Adjusted EBITDA was at breakeven compared to a loss of $1.6 million last year. The LEAP engine test program is proceeding well; LEAP engine orders have now climbed to over 7,700; and we continue to make steady progress toward the ramp-up that begins when LEAP enters into service in the second half of 2016. Our development activities in aerospace continue to advance across a range of applications for engines and airframes as we expand our engagement with existing and potential new customers. And, based on encouraging results from market research, design studies, simulation, and testing, we have decided to accelerate our efforts to break into the high-end of the automotive industry and have begun to significantly expand this R&D activity.

“Our outlook for AEC is for a strong fourth quarter, as our second LEAP plant, located in Commercy, France, begins to come online. We continue to expect full-year AEC sales to be roughly 10 percent ahead of full-year 2013 sales.

“In sum, even though Adjusted EBITDA improved by 5 percent compared to a year ago, Q3 fell short of our expectations mainly due to soft MC sales in the Americas. As for Q4, we expect both businesses to outperform Q4 2013. We continue to expect full-year MC Adjusted EBITDA to be comparable to last year, and full-year AEC sales to be roughly 10 percent ahead of full-year 2013 sales.”

The Company plans a webcast to discuss third-quarter 2014 financial results on Tuesday, November 4, 2014, at 9:00 a.m. Eastern Time. For access, go to www.albint.com.

About Albany International Corp.

Albany International is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International is headquartered in Rochester, New Hampshire, operates 20 plants in 11 countries, employs 4,100 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

This release contains certain items, such as earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, sales excluding currency effects, income tax rate excluding adjustments, net debt, net income attributable to the Company, excluding adjustments (on an absolute and per-share basis), and certain income and expense items on a per-share basis that could be considered non-GAAP financial measures. Such items are provided because management believes that, when presented together with the GAAP items to which they relate, they provide additional useful information to investors regarding the Company’s operational performance. Presenting increases or decreases in sales, after currency effects are excluded, can give management and investors insight into underlying sales trends. An understanding of the impact in a particular quarter of specific restructuring costs, or other gains and losses, on operating income or EBITDA can give management and investors additional insight into quarterly performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect. All non-GAAP financial measures in this release relate to the Company’s continuing operations.

The effect of changes in currency translation rates is calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. That amount is then compared to the U.S. dollar amount reported in the current period. The Company calculates Income tax adjustments by adding discrete tax items to the effect of a change in tax rate for the reporting period. The Company calculates its income tax rate, exclusive of income tax adjustments, by removing income tax adjustments from total Income tax expense, then dividing that result by Income before income taxes. The Company calculates EBITDA by removing the following from Net income: Interest expense net, Income tax expense, Depreciation and amortization, and Income or loss from Discontinued Operations. Adjusted EBITDA is calculated by adding to EBITDA, costs associated with restructuring and pension settlement charges, adding or subtracting revaluation losses or gains, subtracting building sale and insurance-recovery gains, and subtracting Income attributable to the noncontrolling interest in Albany Safran Composites (ASC). The Company believes that EBITDA and Adjusted EBITDA provide useful information to investors because they provide an indication of the strength and performance of the Company's ongoing business operations, including its ability to fund discretionary spending such as capital expenditures and strategic investments, as well as its ability to incur and service debt. While depreciation and amortization are operating costs under GAAP, they are non-cash expenses equal to current period allocation of costs associated with capital and other long-lived investments made in prior periods. While restructuring expenses, foreign currency revaluation losses or gains, pension settlement charges, and building sale and insurance-recovery gains have an impact on the Company's net income, removing them from EBITDA can provide, in the opinion of the Company, a better measure of operating performance. EBITDA is also a calculation commonly used by investors and analysts to evaluate and compare the periodic and future operating performance and value of companies. EBITDA, as defined by the Company, may not be similar to EBITDA measures of other companies. Such EBITDA measures may not be considered measurements under GAAP, and should be considered in addition to, but not as substitutes for, the information contained in the Company’s statements of income.

The Company discloses certain income and expense items on a per-share basis. The Company believes that such disclosures provide important insight into underlying quarterly earnings and are financial performance metrics commonly used by investors. The Company calculates the per-share amount for items included in continuing operations by using the effective tax rate utilized in that reporting period and the weighted average number of shares outstanding for each period.

The following table contains the calculation of net income per share attributable to the Company, excluding adjustments:

The following table contains the calculation of net debt:

This press release may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q) that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections.

Forward-looking statements in this release or in the webcast include, without limitation, statements about economic and paper industry trends and conditions during 2014 and in future years; sales, EBITDA, Adjusted EBITDA and operating income expectations in 2014 and in future periods in each of the Company’s businesses and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and AEC sales growth potential; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect, in some cases.

CONTACT:
Albany International Corp.
Investors
John Cozzolino, 518-445-2281
john.cozzolino@albint.com
or
Media
Susan Siegel, 603-330-5866
susan.siegel@albint.com

Exhibit 99.2

November 3, 2014 Albany International Corp. Q3 Financial Performance

‘Non-GAAP’ Items and Forward-Looking StatementsThis presentation contains certain items, such as net income attributable to the Company, excluding adjustments (absolute as well as per-share), earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and net debt, that could be considered ‘non-GAAP’ financial measures under SEC rules. We think such items provide useful information to investors regarding the Company’s operational performance.  This presentation also may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections.  We disclaim any obligation to update any information in this presentation to reflect any changes or developments after the date on the cover page. Certain additional disclosures regarding our use of these ‘non-GAAP’ items and forward-looking statements are set forth in our third-quarter earnings press release dated November 3, 2014, and in our SEC filings, including our most recent quarterly reports and our annual reports for the years ended December 31, 2011, 2012, and 2013.  Our use of such items in this presentation is subject to those additional disclosures, which we urge you to read.

Net Sales by Segment (in thousands) Net Sales Three Months ended September 30, 2014 2013 Percent Change Impact of Changes in Currency Translation Rates Percent Change excluding Currency Rate Effect Machine Clothing (MC) $157,891 $162,864 -3.1% ($937) -2.5% Albany Engineered Composites (AEC) 21,970 20,283 8.3% - 8.3% Total    $179,861 $183,147 -1.8% ($937) -1.3%

Gross Profit Margin by Quarter Percentage of Net Sales Machine Clothing Total Company Q1 2013 0.442 0.39 Q2 2013 0.438 0.391 Q3 2013 0.416 0.371 Q4 2013 0.417 0.382 Q1 2014 0.45 0.415 Q2 2014 0.424 0.389 Q3 2014 0.419 0.382

Earnings Per Share Per share amounts (Basic) Three Months ended September 30, 2014 2013 Nine Months Ended September 30, 2014 2013 Net income attributable to the Company, as reported $0.37 $0.15 $1.06 $0.28 Adjustments:  Loss from discontinued operations - 0.01 Restructuring charges 0.02 0.04 0.08 0.52 Income tax adjustments 0.01 (0.01) 0.07 - Foreign currency revaluation (gains)/losses (0.08) 0.06 (0.11) 0.07 Gain on insurance recovery or sale of former manufacturing facility (0.01) - (0.04) (0.08) Net income attributable to the Company, excluding adjustments $0.31 $0.24 $1.06 $0.80

Adjusted EBITDA Three Months ended September 30, 2014   (in thousands)  Machine Clothing  Albany Engineered Composites Corporate expenses and other  Total Company Net income $33,308 ($2,765) ($18,769) $11,774 Interest expense, net - - 2,486 2,486 Income tax expense - - 6,762 6,762 Depreciation and amortization 11,060 2,607 2,069 15,736 EBITDA 44,368 (158) (7,452) 36,758 Restructuring and other, net 968 (49) - 919 Foreign currency revaluation (gains)/losses (2,308) 135 (1,915) (4,088) Insurance recovery gain - - (165) (165) Pretax loss attributable to non-controlling interest in ASC   - 77 - 77 Adjusted EBITDA $43,028 $5 ($9,532) $33,501 Three Months ended September 30, 2013 Machine Clothing  Albany Engineered Composites  Corporate expenses and other    Total Company $27,910 ($3,951) ($19,261) $4,698 - - 3,484 3,484 - - 2,381 2,381 11,404 2,299 2,094 15,797 39,314 (1,652) (11,302) 26,360 2,250 6 - 2,256 1,328 - 1,975 3,303 $42,892 ($1,646) ($9,327) $31,919

Debt $ thousands $374,812 Net Debt Total Debt December 31, 2011 $255,903  $374,812  December 31, 2012 $129,021  $319,739 December 31, 2013 $81,834  $304,500 March 31, 2014 $94,040  $302,419 June 30, 2014 $78,225  $285,061 September 30, 2014 $88,205  $283,666