MSA Safety Announces Second Quarter Results

Strong growth driven by execution of strategy and robust demand environment 

PITTSBURGH, July 27, 2022 /PRNewswire/ — Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported financial results for the second quarter of 2022.

Quarterly Highlights

Total sales were $372 million, increasing 9% from a year ago on a reported basis and 12% on a constant currency basis. The combination of volume growth and price realization drove constant currency organic growth of 8% while acquisitions contributed 4%.
GAAP operating income was $62 million or 16.5% of sales, compared to $35 million or 10.3% of sales in the same period a year ago. Adjusted operating income was $66 million or 17.6% of sales, compared to $59 million or 17.2% of sales in the same period a year ago.
GAAP earnings were $48 million or $1.21 per diluted share, compared to $25 million or $0.64 per diluted share in the same period a year ago. Adjusted earnings were $51 million or $1.29 per diluted share, compared to $42 million or $1.06 per diluted share in the same period a year ago.
Operating cash flow was $15 million, compared to $38 million in the same period a year ago. The decline was primarily associated with an increase in working capital, notably inventory, in response to strong demand and ongoing supply chain constraints.
MSA funded an $18 million dividend on its common stock and repurchased $28 million in shares in the quarter.

Comments from Management

“Our strong second quarter results were driven by robust demand across our diversified end markets and excellent operational execution by our team,” said Nish Vartanian, MSA Chairman, President and Chief Executive Officer. “Our order activity was strong throughout the quarter and drove 12 percent constant currency sales growth,” he said.  Mr. Vartanian added that orders increased 15 percent year-over-year on a constant currency basis and the company’s book-to-bill continued to trend well above 1x.

“Our key end markets remain healthy as demonstrated by broad-based demand across most all of our product categories.  In addition to strong underlying demand, we were awarded several significant fire service breathing apparatus orders based on the strength of our technology and our long-standing focus on being attentive and responsive to customer needs and preferences,” Mr. Vartanian said.

“Overall, we are successfully managing through a very dynamic macroeconomic environment that includes ongoing supply chain issues.  Although we saw strong year-over-year sales growth in the quarter, supply chain challenges did impact our growth, working capital and cash flow.  Still, despite the growing economic uncertainties, I remain confident in our ability to continue executing our strategy and driving long-term value to our shareholders.  We enter the second half with record backlog and a very healthy balance sheet,” Mr. Vartanian concluded.

MSA Safety Incorporated

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

Net sales

$   372,313

$   341,289

$  703,005

$  649,717

Cost of products sold

207,913

188,289

395,821

361,934

Gross profit

164,400

153,000

307,184

287,783

Selling, general and administrative

86,076

83,426

164,625

158,889

Research and development

15,268

13,970

28,601

27,204

Restructuring charges

57

7,078

2,247

8,385

Currency exchange (gains) losses, net

(1,463)

1,640

1,809

(459)

Product liability expense

2,926

11,751

5,698

14,547

Operating income

61,536

35,135

104,204

79,217

Interest expense

4,578

2,172

8,196

4,082

Other income, net

(6,419)

(2,293)

(12,762)

(6,506)

Total other income, net

(1,841)

(121)

(4,566)

(2,424)

Income before income taxes

63,377

35,256

108,770

81,641

Provision for income taxes

15,684

9,808

25,535

19,557

Net income

47,693

25,448

83,235

62,084

Net income attributable to noncontrolling interests

—

(262)

—

(448)

Net income attributable to MSA Safety Incorporated

$     47,693

$     25,186

$    83,235

$    61,636

Earnings per share attributable to MSA Safety
Incorporated common shareholders:

Basic

$         1.21

$         0.64

$        2.12

$        1.57

Diluted

$         1.21

$         0.64

$        2.11

$        1.56

Basic shares outstanding

39,266

39,167

39,279

39,131

Diluted shares outstanding

39,421

39,420

39,472

39,421

*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the Company’s fiscal 2021 Annual Report on Form 10-K.

MSA Safety Incorporated

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

June 30,
2022

December 31,
2021

Assets

Cash and cash equivalents

$                134,047

$                  140,895

Trade receivables, net

265,290

254,187

Inventories

341,544

280,617

Notes receivable, insurance companies

3,972

3,914

Other current assets

99,626

113,191

    Total current assets

844,479

792,804

Property, plant and equipment net

203,036

207,793

Prepaid pension cost

176,373

163,283

Goodwill

619,449

636,858

Intangible assets, net

290,221

306,948

Notes receivable, insurance companies, noncurrent

45,161

44,626

Insurance receivable, noncurrent

117,825

121,609

Other noncurrent assets

111,903

122,475

   Total assets

$             2,408,447

$               2,396,396

Liabilities and shareholders’ equity

Notes payable and current portion of long-term debt, net

$                    7,433

$                           —

Accounts payable

111,861

106,780

Other current liabilities

216,964

223,826

   Total current liabilities

336,258

330,606

Long-term debt, net

615,778

597,651

Pensions and other employee benefits

181,958

189,973

Noncurrent operating lease liabilities

37,626

40,706

Deferred tax liabilities

31,342

33,337

Product liability and other noncurrent liabilities

367,415

369,735

Total shareholders’ equity

838,070

834,388

   Total liabilities and shareholders’ equity

$             2,408,447

$               2,396,396

MSA Safety Incorporated

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

Net income

$   47,693

$   25,448

$   83,235

$   62,084

Depreciation and amortization

13,922

11,584

28,087

22,088

Change in working capital and other operating

(46,162)

1,266

(71,346)

(258)

  Cash flow from operating activities

15,453

38,298

39,976

83,914

Capital expenditures

(11,829)

(10,706)

(19,805)

(20,288)

Acquisition, net of cash acquired

—

—

—

(62,992)

Change in short-term investments

5,180

5,015

14,207

25,045

Property disposals and other investing

—

25

—

60

  Cash flow used in investing activities

(6,649)

(5,666)

(5,598)

(58,175)

Change in debt

32,000

(25,013)

37,000

27,004

Cash dividends paid

(18,109)

(17,247)

(35,401)

(34,067)

Other financing

(27,764)

(834)

(31,372)

(4,392)

  Cash flow used in financing activities

(13,873)

(43,094)

(29,773)

(11,455)

Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(7,113)

(187)

(10,474)

(907)

(Decrease) increase in cash, cash equivalents and
restricted cash

$  (12,182)

$  (10,649)

$    (5,869)

$   13,377

*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the Company’s fiscal 2021 Annual Report on Form 10-K.

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)

Americas

International

Corporate

Consolidated

Three Months Ended June 30, 2022

Sales to external customers

$   252,386

$   119,927

$               —

$   372,313

Operating income

61,536

Operating margin %

16.5 %

Restructuring charges

57

Currency exchange gains, net

(1,463)

Product liability expense

2,926

Acquisition related costs (a)

2,557

Adjusted operating income (loss)

57,141

17,207

(8,735)

65,613

Adjusted operating margin %

22.6 %

14.3 %

17.6 %

Depreciation and amortization (b)

11,604

Adjusted EBITDA

65,461

20,370

(8,614)

77,217

Adjusted EBITDA margin %

25.9 %

17.0 %

20.7 %

Three Months Ended June 30, 2021

Sales to external customers

$   217,707

$   123,582

$               —

$   341,289

Operating income

35,135

Operating margin %

10.3 %

Restructuring charges

7,078

Currency exchange losses, net

1,640

Product liability expense

11,751

Acquisition related costs (a)

3,168

Adjusted operating income (loss)

49,319

20,444

(10,991)

58,772

Adjusted operating margin %

22.7 %

16.5 %

17.2 %

Depreciation and amortization

11,584

Adjusted EBITDA

57,218

24,024

(10,886)

70,356

Adjusted EBITDA margin %

26.3 %

19.4 %

20.6 %

*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company’s fiscal 2021 Annual Report on Form 10-K.  Adjustments were made to Americas and International.

(a) Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition related costs also include the acquisition related amortization, which is included in cost of products sold in the unaudited Condensed Consolidated Statements of Income.

(b) Excludes acquisition related amortization, which is included in acquisition related costs above.

The Americas segment is comprised of our operations in Northern North American and Latin American geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources.  As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers.  Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers.  Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance.  The Company’s definition of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.  As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)

Americas

International

Corporate

Consolidated

Six Months Ended June 30, 2022

Sales to external customers

$   478,034

$   224,971

$               —

$   703,005

Operating income

104,204

Operating margin %

14.8 %

Restructuring charges

2,247

Currency exchange losses, net

1,809

Product liability expense

5,698

Acquisition related costs (a)

5,499

Adjusted operating income (loss)

109,577

26,196

(16,316)

119,457

Adjusted operating margin %

22.9 %

11.6 %

17.0 %

Depreciation and amortization (b)

23,420

Adjusted EBITDA

126,256

32,698

(16,077)

142,877

Adjusted EBITDA margin %

26.4 %

14.5 %

20.3 %

Six Months Ended June 30, 2021

Sales to external customers

$   426,046

$   223,671

$               —

$   649,717

Operating income

79,217

Operating margin %

12.2 %

Restructuring charges

8,385

Currency exchange gains, net

(459)

Product liability expense

14,547

Acquisition related costs (a)

4,541

Adjusted operating income (loss)

94,512

29,201

(17,482)

106,231

Adjusted operating margin %

22.2 %

13.1 %

16.4 %

Depreciation and amortization

22,088

Adjusted EBITDA

109,444

36,154

(17,279)

128,319

Adjusted EBITDA margin %

25.7 %

16.2 %

19.7 %

*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company’s fiscal 2021 Annual Report on Form 10-K.  Adjustments were made to Americas and International.

(a) Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition related costs also include the acquisition related amortization, which is included in cost of products sold in the unaudited Condensed Consolidated Statements of Income.

(b) Excludes acquisition related amortization, which is included in acquisition related costs above.

The Americas segment is comprised of our operations in Northern North American and Latin American geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources.  As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers.  Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers.  Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance.  The Company’s definition of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.  As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)
 

Consolidated

Three Months Ended June 30, 2022

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

20 %

(10) %

15 %

16 %

24 %

(14) %

11 %

(5) %

9 %

Plus: Currency
translation effects

4 %

3 %

1 %

2 %

3 %

4 %

3 %

5 %

3 %

Constant currency
sales change

24 %

(7) %

16 %

18 %

27 %

(10) %

14 %

— %

12 %

Less:

Acquisitions

— %

— %

— %

— %

25 %

— %

5 %

— %

4 %

Organic constant
currency sales
change

24 %

(7) %

16 %

18 %

2 %

(10) %

9 %

— %

8 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.

Six Months Ended June 30, 2022

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

11 %

(3) %

13 %

7 %

31 %

(10) %

11 %

(10) %

8 %

Plus: Currency
translation effects

3 %

3 %

1 %

2 %

2 %

3 %

2 %

3 %

3 %

Constant
currency sales
change

14 %

— %

14 %

9 %

33 %

(7) %

13 %

(7) %

11 %

Less:

Acquisitions

— %

— %

— %

— %

26 %

— %

6 %

— %

5 %

Organic constant
currency sales
change

14 %

— %

14 %

9 %

7 %

(7) %

7 %

(7) %

6 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company’s underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)
  

Americas Segment

Three Months Ended June 30, 2022

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

26 %

(4) %

18 %

25 %

37 %

(4) %

18 %

(7) %

16 %

Plus: Currency
translation effects

— %

— %

— %

— %

— %

1 %

1 %

— %

— %

Constant
currency sales
change

26 %

(4) %

18 %

25 %

37 %

(3) %

19 %

(7) %

16 %

Less:

Acquisitions

— %

— %

— %

— %

34 %

— %

7 %

— %

6 %

Organic constant
currency sales
change

26 %

(4) %

18 %

25 %

3 %

(3) %

12 %

(7) %

10 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.

Six Months Ended June 30, 2022

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

15 %

(4) %

15 %

12 %

44 %

— %

15 %

(15) %

12 %

Plus: Currency
translation effects

— %

— %

— %

1 %

— %

1 %

1 %

1 %

1 %

Constant
currency sales
change

15 %

(4) %

15 %

13 %

44 %

1 %

16 %

(14) %

13 %

Less:

Acquisitions

— %

— %

— %

— %

34 %

— %

7 %

— %

6 %

Organic constant
currency sales
change

15 %

(4) %

15 %

13 %

10 %

1 %

9 %

(14) %

7 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company’s underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)
  

International Segment

Three Months Ended June 30, 2022

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

8 %

(23) %

4 %

(1) %

7 %

(27) %

(3) %

(3) %

(3) %

Plus: Currency
translation effects

10 %

8 %

7 %

7 %

8 %

7 %

8 %

10 %

8 %

Constant
currency sales
change

18 %

(15) %

11 %

6 %

15 %

(20) %

5 %

7 %

5 %

Less:

Acquisitions

— %

— %

— %

— %

13 %

— %

3 %

— %

3 %

Organic constant
currency sales
change

18 %

(15) %

11 %

6 %

2 %

(20) %

2 %

7 %

2 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.

Six Months Ended June 30, 2022

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

4 %

— %

5 %

(4) %

13 %

(24) %

1 %

(5) %

1 %

Plus: Currency
translation effects

8 %

9 %

5 %

6 %

5 %

6 %

7 %

9 %

6 %

Constant
currency sales
change

12 %

9 %

10 %

2 %

18 %

(18) %

8 %

4 %

7 %

Less:

Acquisitions

— %

— %

— %

— %

15 %

— %

4 %

— %

3 %

Organic constant
currency sales
change

12 %

9 %

10 %

2 %

3 %

(18) %

4 %

4 %

4 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company’s underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group

Three Months Ended June 30, 2022

Consolidated

Americas

International

Fixed Gas and Flame Detection*

27 %

37 %

15 %

Breathing Apparatus

24 %

26 %

18 %

Portable Gas Detection

18 %

25 %

6 %

Industrial Head Protection

16 %

18 %

11 %

Firefighter Helmets & Protective Apparel

(7) %

(4) %

(15) %

Fall Protection

(10) %

(3) %

(20) %

Core Sales

14 %

19 %

5 %

Non-Core Sales

— %

(7) %

7 %

Net Sales

12 %

16 %

5 %

Net Sales excluding Acquisitions

8 %

10 %

2 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.  

Six Months Ended June 30, 2022

Consolidated

Americas

International

Fixed Gas and Flame Detection*

33 %

44 %

18 %

Breathing Apparatus

14 %

15 %

12 %

Portable Gas Detection

9 %

13 %

2 %

Industrial Head Protection

14 %

15 %

10 %

Firefighter Helmets & Protective Apparel

— %

(4) %

9 %

Fall Protection

(7) %

1 %

(18) %

Core Sales

13 %

16 %

8 %

Non-Core Sales

(7) %

(14) %

4 %

Net Sales

11 %

13 %

7 %

Net Sales excluding Acquisitions

6 %

7 %

4 %

 *Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.  

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Adjusted earnings (Unaudited)

Adjusted earnings per diluted share (Unaudited)

(In thousands, except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

%

Change

2022

2021

%

Change

Net income attributable to MSA Safety
Incorporated

$   47,693

$   25,186

89 %

$   83,235

$   61,636

35 %

Product liability expense

2,926

11,751

5,698

14,547

Acquisition related costs (a)

2,557

3,168

5,499

4,541

Restructuring charges

57

7,078

2,247

8,385

Asset related losses and other

120

29

124

48

Currency exchange (gains) losses, net

(1,463)

1,640

1,809

(459)

Income tax expense on adjustments

(946)

(7,029)

(4,069)

(9,399)

Adjusted earnings

$   50,944

$   41,823

22 %

$   94,543

$   79,299

19 %

Adjusted earnings per diluted share

$       1.29

$       1.06

22 %

$       2.40

$       2.01

19 %

(a) Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition related costs also include the acquisition related amortization, which is included in cost of products sold in the unaudited Condensed Consolidated Statements of Income.

Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company’s performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA’s definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.

About MSA:  

Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures.  Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations.  The company’s comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military.  MSA’s core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices.  With 2021 revenues of $1.4 billion, MSA employs approximately 4,800 people worldwide.  The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America.  With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America.  For more information visit MSA’s web site at www.MSAsafety.com.

Cautionary Statement Regarding Forward-Looking Statements:

Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward-looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission (“SEC”), including our most recent Form 10-K filed on February 18, 2022. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties.  MSA’s SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward-looking statements contained herein, except as required by law.

Non-GAAP Financial Measures:
This press release includes certain non-GAAP financial measures. These financial measures include organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, and adjusted earnings per diluted share. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles (“GAAP”). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

SOURCE MSA Safety

Go to Source