Print Page  |  Close Window

Press Release

MSA Announces Third Quarter Results
Strategic investments in acquisitions and restructuring programs drive 6 percent growth in revenue and 26 percent growth in earnings

PITTSBURGH, Oct. 19, 2017 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the third quarter of 2017.

MSA Safety Incorporated

Quarterly Highlights

  • Revenue was $296 million, increasing 6 percent from a year ago on a reported basis and 5 percent on a constant currency basis.
  • GAAP earnings from continuing operations increased 26 percent to $32 million, or $0.83 per diluted share, from $25 million, or $0.67 per diluted share in the same period a year ago.
  • Adjusted earnings increased 29 percent to $35 million, or $0.92 per diluted share, from $27 million, or $0.72 per diluted share a year ago.
  • The recent acquisition of firefighter turnout gear manufacturer Globe was accretive to GAAP earnings by $0.05 per share, or $0.07 per share excluding transaction costs and purchase accounting amortization.
  • Cash flow from operating activities was $43 million, compared to $19 million in the same period a year ago. In the quarter, the company deployed $215 million to complete the Globe acquisition, paid $13 million of dividends to shareholders, and repurchased $12 million of common stock.

Comments from Management

"Our third quarter results reflect our investments in strategic acquisitions and transformational restructuring programs that have streamlined our cost structure and driven earnings growth," said William M. Lambert, MSA Chairman and CEO. "We were able to generate non-GAAP earnings of $0.07 per share from our recent acquisition of Globe, and we have already exceeded our full-year cost savings target from previously announced restructuring activities."

Mr. Lambert explained that restructuring programs executed earlier this year have driven a $6 million reduction in reported selling, general and administrative expenses, or $11 million of cost savings in organic constant currency terms. "While we are highly focused on managing our cost structure, we are committed to strategically deploying capital for investments that drive profitable growth," Mr. Lambert said.  He noted that the acquisition of Globe, cost reduction programs and the lower tax rate drove a 26 percent increase in earnings in the quarter on the 6 percent increase in revenue.

"Our incoming order book continues to show strength in industrial products, and we've recently seen an improvement in demand from the fire service. Our industry leading safety solutions and inorganic investments further our ability to capture share in our key end markets," Mr. Lambert said. "Overall, we are carrying a healthy backlog heading into the fourth quarter. This pipeline of business - combined with the solid returns we are seeing from strategic investments - positions us well to continue enhancing shareholder value in the final months of 2017 and beyond," Mr. Lambert concluded.

 

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended September 30,


Nine Months Ended September 30,


2017



2016



2017



2016











Net sales

$

296,129



$

278,233



$

850,669



$

853,499



Cost of products sold

163,630



149,471



464,842



468,177



Gross profit

132,499



128,762



385,827



385,322












Selling, general and administrative

72,409



72,945



222,334



227,856



Research and development

12,351



13,116



35,282



34,623



Restructuring charges

3,214



1,889



16,920



3,697



Currency exchange losses, net

562



790



3,994



2,498



Other operating expense (a)

3,346





32,956





Operating income

40,617



40,022



74,341



116,648












Interest expense

3,961



4,412



10,566



12,515



Other income, net

 

(981)



(2,041)



(2,061)



(3,704)



Total other expense, net

2,980



2,371



8,505



8,811












Income from continuing operations before income
taxes

37,637



37,651



65,836



107,837



Provision for income taxes

5,411



11,329



6,306



38,866



Income from continuing operations

32,226



26,322



59,530



68,971



(Loss) income from discontinued operations



(1,300)





55



Net income

32,226



25,022



59,530



69,026



Net income attributable to noncontrolling interests

(160)



(836)



(519)



(2,006)



Net income attributable to MSA Safety Incorporated

32,066



24,186



59,011



67,020












Amounts attributable to MSA Safety Incorporated
common shareholders:









Income from continuing operations

32,066



25,486



59,011



67,475



Loss from discontinued operations



(1,300)





(455)



  Net income

32,066



24,186



59,011



67,020












Earnings per share attributable to MSA Safety
Incorporated common shareholders:









Basic









Income from continuing operations

$

0.84



$

0.68



$

1.55



$

1.80



Loss from discontinued operations

$



$

(0.04)



$



$

(0.01)



  Net income

$

0.84



$

0.64



$

1.55



$

1.79












Diluted









Income from continuing operations

$

0.83



$

0.67



$

1.52



$

1.77



Loss from discontinued operations

$



$

(0.04)



$



$

(0.01)



  Net income

$

0.83



$

0.63



$

1.52



$

1.76












Basic shares outstanding

38,074



37,487



37,970



37,407



Diluted shares outstanding

38,702



38,112



38,692



37,908



 

 

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



September 30, 2017


December 31, 2016

Assets




Cash and cash equivalents

$

112,185


$

113,759

Trade receivables, net

226,780


209,514

Inventories

160,280


103,066

Notes receivable, insurance companies

19,295


4,180

Other current assets

57,999


42,287

    Total current assets

576,539


472,806





Property, net

152,475


148,678

Prepaid pension cost

58,954


62,916

Goodwill

417,949


333,276

Notes receivable, insurance companies, noncurrent

59,151


63,147

Insurance receivable, noncurrent

98,219


157,929

Other noncurrent assets

231,930


115,168

   Total assets

$

1,595,217


$

1,353,920





Liabilities and shareholders' equity




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

$

26,667


$

26,666

Accounts payable

65,589


62,734

Other current liabilities

180,832


132,010

   Total current liabilities

273,088


221,410





Long-term debt, net

445,717


363,836

Pensions and other employee benefits

172,851


157,927

Deferred tax liabilities

37,347


34,044

Other noncurrent liabilities

45,007


15,491

Total shareholders' equity

621,207


561,212

   Total liabilities and shareholders' equity

$

1,595,217


$

1,353,920

 

 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2017


2016



2017




2016















Net income

$

32,226


$

25,022



$

59,530



$

69,026



Depreciation and amortization

9,929


8,919



27,665



26,651



Change in working capital and other operating

809


(15,026)



102,051



(64,240)



  Cash flow from operating activities

42,964


18,915



189,246



31,437














Capital expenditures

(5,603)



(5,551)


(11,730)




(16,146)


Acquisition, net of cash acquired

(213,990)



(18,261)


(213,990)




(18,261)


Property disposals and other investing

52



967


729



17,932


  Cash flow used in investing activities

(219,541)


(22,845)



(224,991)



(16,475)














Change in debt

200,540


19,459



75,900



16,083



Cash dividends paid

(13,376)


(12,391)



(39,200)



(36,675)



Company stock purchases under repurchase program

(11,781)




(11,781)





Other financing

(263)


1,177



7,681



4,338



  Cash flow from (used in) financing activities

175,120


8,245



32,600



(16,254)














Effect of exchange rate changes on cash and cash
equivalents

(1,719)


(1,431)



1,571



1,400














(Decrease) increase in cash and cash equivalents

(3,176)


2,884



(1,574)



108



 

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands)



Americas


International


Corporate


Consolidated

Three months ended September 30, 2017








Sales to external customers

$

186,898



$

109,231





$

296,129


Operating income







40,617


Operating margin %







13.7%


Restructuring charges







3,214


Currency exchange losses, net







562


Other operating expense







3,346


Adjusted operating income (loss)

47,256



9,077



(8,594)



$

47,739


Adjusted operating margin %

25.3%



8.3%





16.1%










Nine Months Ended September 30, 2017








Sales to external customers

$

528,426



$

322,243





$

850,669


Operating income







74,341


Operating margin %







8.7%


Restructuring charges







16,920


Currency exchange losses, net







3,994


Other operating expense







32,956


Adjusted operating income (loss)

130,887



26,691



(29,367)



$

128,211


Adjusted operating margin %

24.8%



8.3%





15.1%


 

 


Americas


International


Corporate


Consolidated

Three months ended September 30, 2016








Sales to external customers

$

165,359



$

112,874





$

278,233


Operating income







40,022


Operating margin %







14.4%


Restructuring charges







1,889


Currency exchange losses, net







790


Other operating expense








Adjusted operating income (loss)

41,458



10,511



(9,268)



$

42,701


Adjusted operating margin %

25.1%



9.3%





15.3%










Nine Months Ended September 30, 2016








Sales to external customers

$

510,324



$

343,175





$

853,499


Operating income







116,648


Operating margin %







13.7%


Restructuring charges







3,697


Currency exchange losses, net







2,498


Other operating expense








Adjusted operating income (loss)

117,475



31,659



(26,291)



$

122,843


Adjusted operating margin %

23.0%



9.2%





14.4%


The Americas and International segments were established on January 1, 2016.  The Americas segment is comprised of our operations in the U.S., Canada and Latin America.  The International segment is comprised of our operations in all other parts of the world including Europe, Africa, the Middle East, India, China, South East Asia and Australia.  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) and adjusted operating 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) and adjusted operating margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring, currency exchange gains (losses) and other operating expense. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted operating income (loss) and adjusted operating 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) and adjusted operating 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)

Organic constant currency revenue growth (Unaudited)

Consolidated



Three Months Ended September 30, 2017


Breathing
Apparatus

Firefighter
Helmets and
Protective
Apparel(b)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core Sales


Non-Core
Sales


Net
Sales

GAAP reported sales change

1

%

187

%

9

%

1

%

1

%

2

%

12

%


(17)

%


6

%

Plus: Currency translation effects

(1)

%

%

(1)

%

(1)

%

(1)

%

%

(2)

%


(2)

%


(1)

%

Constant currency sales change

%

187

%

8

%

%

%

2

%

10

%


(19)

%


5

%

Less: Acquisitions

%

181

%

%

%

2

%

%

9

%


%


8

%

Organic constant currency change

%

6

%

8

%

%

(2)

%

2

%

1

%


(19)

%


(3)

%

 

 


Nine Months Ended September 30, 2017


Breathing
Apparatus

Firefighter Helmets
and Protective
Apparel(b)

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)%


52%


14

%

1

%

1

%

%

2

%


(13)

%


%

Plus: Currency translation effects

—%


1%


(1)

%

%

%

3

%

1

%


(1)

%


%

Constant currency sales change

(8)%


53%


13

%

1

%

1

%

3

%

3

%


(14)

%


%

Less: Acquisitions

—%


51%


%

%

2

%

%

4

%


%


3

%

Organic constant currency change

(8)%


2%


13

%

1

%

(1)

%

3

%

(1)

%


(14)



(3)

%


(b)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)


Americas Segment



Three Months Ended September 30, 2017


Breathing Apparatus

Firefighter
Helmets and
Protective Apparel(b)

Industrial Head

 Protection

Portable Gas Detection

Fixed Gas and
Flame Detection

Fall
Protection

Core
Sales


Non-Core
Sales


Net
Sales

GAAP reported sales change

1

%

437

%

5

%

%

(2)%


26

%

18

%


(12)

%


13

%

Plus: Currency translation effects

%

(1)

%

(1)

%

%

%

(1)

%

(1)

%


(1)

%


%

Constant currency sales change

1

%

436

%

4

%

%

(2)

%

25

%

17

%


(13)

%


13

%

Less: Acquisitions

%

421

%

%

%

%

%

14

%


%


12

%

Organic constant currency change

1

%

15

%

4

%

%

(2)

%

25

%

3

%


(13)

%


1

%

 

 


Nine Months Ended September 30, 2017


Breathing Apparatus

Firefighter Helmets and

Protective Apparel(b)

Industrial Head

 Protection

Portable Gas
Detection

Fixed Gas and
Flame Detection

Fall
Protection

Core
Sales


Non-Core

Sales


Net
Sales

GAAP reported sales change

(9)%


117

%

12%


7

%

(4)%


23

%

6

%


(8)%



4%


Plus: Currency translation effects

—%


%

(1)%


%

1%


%

(1)

%


(1)%



(1)%


Constant currency sales change

(9)%


117

%

11%


7

%

(3)%


23

%

5

%


(9)%



3%


Less: Acquisitions

—%


116

%

—%


%

—%


%

4

%


—%



4%


Organic constant currency change

(9)%


1

%

11%


7

%

(3)%


23

%

1

%


(9)%



(1)%




(b)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

 

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)

International Segment



Three Months Ended September 30, 2017


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

2%


3

%

31

%

2%


5

%

(17)%


2%



(22)%



(3)%


Plus: Currency translation effects

(5)%


(3)

%

(5)

%

(3)%


(3)

%

—%


(3)%



(4)%



(4)%


Constant currency sales change

(3)%


%

26

%

(1)%


2

%

(17)%


(1)%



(26)%



(7)%


Less: Acquisitions

—%


%

%

—%


4

%

—%


1%



—%



—%


Organic constant currency change

(3)%


%

26

%

(1)%


(2)

%

(17)%


(2)%



(26)%



(7)%


 

 


Nine Months Ended September 30, 2017


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

(7)%


3

%

23

%

(9)%


6

%

(19)%


(3)%



(19)%



(6)%


Plus: Currency translation effects

(1)%


1

%

%

(1)%


%

6%


1%



—%



—%


Constant currency sales change

(8)%


4

%

23

%

(10)%


6

%

(13)%


(2)%



(19)%



(6)%


Less: Acquisitions

—%


%

%

—%


4

%

—%


1%



—%



1%


Organic constant currency change

(8)%


4

%

23

%

(10)%


2

%

(13)%


(3)%



(19)%



(7)%


Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group




Three Months Ended September 30, 2017


Consolidated


Americas


International

Firefighter Helmets and Protective Apparel(b)

187

%


436

%


—%


Industrial Head Protection

8

%


4

%


26%


Fall Protection

2

%


25

%


(17)%


Fixed Gas and Flame Detection

%


(2)

%


2%


Portable Gas Detection

%


%


(1)%


Breathing Apparatus

%


1

%


(3)%


Core Sales

10

%


17

%


(1)%


Core sales excluding acquisitions

1

%


3

%


(2)%








Non-Core Sales

(19)

%


(13)

%


(26)%








Net Sales

5

%


13

%


(7)%


Net sales excluding acquisitions

(3)

%


1

%


(7)%













 

 


Nine Months Ended September 30, 2017


Consolidated


Americas


International

Firefighter Helmets and Protective Apparel(b)

53

%


117

%


4%


Industrial Head Protection

13

%


11

%


23%


Fall Protection

3

%


23

%


(13)%


Fixed Gas and Flame Detection

1

%


(3)

%


6%


Portable Gas Detection

1

%


7

%


(10)%


Breathing Apparatus

(8)

%


(9)

%


(8)%


Core Sales

3

%


5

%


(2)%


Core sales excluding acquisitions

(1)

%


1

%


(3)%








Non-Core Sales

(14)

%


(9)

%


(19)%








Net Sales

%


3

%


(6)%


Net sales excluding acquisitions

(3)

%


(1)

%


(7)%



(b)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

 

 

MSA Safety Incorporated

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

Organic constant currency SG&A expense (Unaudited)

(In thousands)



Three Months Ended
September 30,




Nine Months Ended
September 30,




2017


2016


%

Change


2017


2016


%

Change













GAAP reported SG&A expense

$

72,409



$

72,945



(1)%


$

222,334



$

227,856



(2)%

Plus: currency translation effects



1,140







(55)




Constant currency SG&A expense

72,409



74,085



(2)%


222,334



227,801



(2)%

Less: Acquisitions and strategic
transaction costs

2,801



310





6,826



821




Organic constant currency SG&A
expense

69,608



73,775



(6)%


215,508



226,980



(5)%

Management believes that organic constant currency SG&A expense is a useful metric for investors to measure the effectiveness of the company's cost reduction programs. Constant currency SG&A expense highlights spending patterns excluding fluctuating foreign currencies. Organic constant currency SG&A expense highlights the impact of acquisitions and strategic transaction costs. These metrics provide investors with a greater level of clarity into spending levels on a year-over-year basis. There can be no assurances that MSA's definition of organic constant currency SG&A expense is consistent with that of other companies. As such, management believes that it is appropriate to consider SG&A expense determined on a GAAP basis in addition to this non-GAAP financial measure.

 

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
September 30,




Nine Months Ended
September 30,




2017


2016


%

Change


2017


2016


%

Change













Income from continuing operations attributable to
MSA Safety Inc.

$

32,066



$

25,486



26%


$

59,011



$

67,475



(13)%

Tax (benefit) associated with ASU 2016-09:
Improvements to employee share-based
payment accounting

(98)







(6,910)






Tax (benefits) charges associated with European
reorganization

(2,474)







(2,474)



3,600




Subtotal

29,494



25,486



16%


49,627



71,075



(30)%













Self-insured legal settlements and defense costs(a)

3,359



20





33,044



315




Restructuring charges

3,214



1,889





16,920



3,697




Currency exchange losses, net

562



790





3,994



2,498




Strategic transaction costs

386



310





3,365



821




Asset related losses (gains), net

17



(256)





186



(815)




Income tax expense on adjustments

(1,598)



(829)





(16,367)



(2,123)




Adjusted earnings

35,434



27,410



29%


90,769



75,468



20%













Adjusted earnings per diluted share

$

0.92



$

0.72



28%


$

2.35



$

1.99



18%


(a)  Year to date amount primarily represents a charge related to product liability settlements reached in August 2017 and estimated indemnity for all other asserted cumulative trauma product liability claims. We are now largely self-insured for cumulative trauma claims.

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.

 

MSA Safety Incorporated

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

Globe earnings per diluted share excluding transaction costs and purchase accounting amortization (Unaudited)

(In thousands, except per share amounts)



Three Months Ended

September 30, 2017


Reconciliation
of
Earnings


Reconciliation of
Earnings Per
Diluted Share





Globe GAAP earnings

$

2,072



$

0.05


Transaction costs

496



$

0.01


Purchase accounting amortization

684



$

0.02


Income tax expense on adjustments

(413)



$

(0.01)


Globe earnings excluding transaction costs
and purchase accounting amortization

$

2,839



$

0.07






Management believes that Globe earnings per diluted share excluding transaction costs and purchase accounting amortization is a useful measure for investors, as management uses this measure to assess the profitability of MSA's recent acquisition of firefighter turnout gear manufacturer Globe. There can be no assurances that MSA's metrics are consistent with that of other companies. As such, management believes that it is appropriate to consider both Globe net income determined on a GAAP basis as well as Globe earnings per diluted share excluding transaction costs and purchase accounting amortization.

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 2016 revenues of $1.15 billion, MSA employs approximately 4,600 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 28, 2017. 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 earnings release includes certain non-GAAP financial measures. These financial measures include constant currency revenue growth, organic constant currency growth, organic constant currency SG&A expense, adjusted operating income, adjusted operating margin, adjusted earnings, adjusted earnings per diluted share and Globe earnings per diluted share excluding transaction costs and purchase accounting amortization. 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.

View original content with multimedia:http://www.prnewswire.com/news-releases/msa-announces-third-quarter-results-300540268.html

SOURCE MSA

Media Relations Contact: Mark Deasy, (724) 741 - 8570; Investor Relations Contact: Kenneth Krause, (724) 741 - 8534