Press Release

Feb 19,2020

MSA Safety Announces Fourth Quarter and Full Year 2019 Results

Record revenue driven by momentum of new products; MSA delivers mid-single digit revenue growth and strong operating margin expansion for the full year of 2019

PITTSBURGH, Feb. 19, 2020 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the fourth quarter and full year of 2019.

MSA Safety Incorporated

Quarterly Highlights

  • Revenue was $375 million, increasing 4 percent from a year ago on a reported basis and 5 percent on a constant currency basis.
  • GAAP operating income was $40 million or 10.7 percent of sales, compared to $42 million or 11.7 percent of sales in the same period a year ago. Adjusted operating income was $65 million or 17.3 percent of sales, compared to $65 million or 18.0 percent of sales in the same period a year ago. The company recognized a non-cash LIFO inventory charge of $2 million as well as a $3 million or 26 percent increase in research and development expense in the quarter, primarily impacting its Americas business segment.
  • GAAP earnings were $31 million or $0.79 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 $50 million or $1.27 per diluted share in the same period a year ago.
  • Operating cash flow was $77 million compared to $78 million a year ago. Free cash flow conversion exceeded 100 percent of net income, driven by a 170 basis point decline in working capital from the third quarter of 2019.

Annual Highlights

  • Revenue was $1.4 billion, increasing 3 percent from a year ago on a reported basis and 5 percent on a constant currency basis.
  • GAAP operating income was $186 million or 13.3 percent of sales, compared to $173 million or 12.8 percent of sales in the same period a year ago. Adjusted operating income was $251 million or 17.9 percent of sales, compared to $235 million or 17.3 percent of sales in the same period a year ago on product margin improvements and strong leverage over operating costs.
  • GAAP earnings were $136 million or $3.48 per diluted share, compared to $124 million or $3.18 per diluted share in the same period a year ago. Adjusted earnings were $188 million or $4.80 per diluted share, compared to $175 million or $4.50 per diluted share in the same period a year ago.
  • Operating cash flow was $165 million compared to $264 million a year ago, reflecting higher collections of insurance receivables in 2018. In 2019, the company invested more than $57 million in research and development, deployed $33 million for the Sierra Monitor acquisition, and funded $64 million of dividends to shareholders. Dividend payments increased 11 percent from a year ago, continuing the company's long history of raising its dividend annually for more than 50 consecutive years.

Comments from Management

"MSA delivered record revenue in the fourth quarter, realized strong returns on previously completed restructuring programs, and drove substantial improvements in working capital," commented Nish Vartanian, MSA President and CEO.  "For the full year, we achieved mid-single digit revenue growth, incremental margins of more than 35 percent, and healthy levels of cash flow while continuing to invest heavily in our business." Mr. Vartanian added that MSA's book-to-bill ratio exceeded 100 percent in the fourth quarter, providing a healthy backlog to start 2020.

The company's fourth quarter results include a $3 million or 26 percent increase in R&D expense as it continued to invest in and launch a significant number of new products.  Among these was the launch of the company's ALTAIR io 360 gas detector earlier this month.  Combining many of the capabilities of a fixed gas monitoring system with the wireless convenience of a hand-held detector, the ALTAIR io 360 enables connected work-sites while expanding MSA's addressable market into the area-monitoring space.

MSA also continues to advance the development of its connected firefighter platform powered by LUNAR, a wireless, hand-held device that provides thermal imaging capability, firefighter ranging, and motionless alarm through the use of cloud technology. LUNAR is expected to launch in the second half of 2020. Mr. Vartanian noted that for the quarter, more than 40 percent of MSA's total sales were from products introduced within the past five years.

The company continues to make progress against its goal to improve profitability in its International business segment. "Our team has been highly focused on driving growth in select markets, optimizing our go-to-market strategy, and rationalizing our cost structure. It is encouraging to see the returns of these strategic programs coming through in the quarter," Mr. Vartanian commented.  The company's International segment adjusted operating margin increased by 160 basis points in the fourth quarter of 2019.

"With a robust new product development pipeline and a strong balance sheet, we remain well positioned to continue investing in the growth programs, talent and technologies that create value for our shareholders and advance our mission of protecting workers' lives around the world," Mr. Vartanian concluded.

 

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended


Twelve Months Ended


December 31,


December 31,


2019


2018


2019


2018









Net sales

$

375,255



$

361,784



$

1,401,981



$

1,358,104


Cost of products sold

208,410



199,397



765,369



746,241


Gross profit

166,845



162,387



636,612



611,863










Selling, general and administrative

85,165



84,558



330,502



324,784


Research and development

16,366



12,944



57,848



52,696


Restructuring charges

2,643



3,024



13,846



13,247


Currency exchange losses (gains), net (a)

2,476



(241)



19,814



2,330


Product liability and other operating expense

20,217



19,858



28,372



45,327


Operating income

39,978



42,244



186,230



173,479










Interest expense

2,500



4,427



13,589



18,881


Loss on extinguishment of debt







1,494


Other income, net

(2,244)



(939)



(11,094)



(9,231)


Total other expense, net

256



3,488



2,495



11,144










Income before income taxes

39,722



38,756



183,735



162,335


Provision for income taxes

8,173



13,614



46,086



37,220


Net income

31,549



25,142



137,649



125,115


Net income attributable to noncontrolling interests

(387)



(259)



(1,209)



(965)


Net income attributable to MSA Safety Incorporated

$

31,162



$

24,883



$

136,440



$

124,150










Earnings per share attributable to MSA Safety
Incorporated common shareholders:








Basic

$

0.80



$

0.65



$

3.52



$

3.23


Diluted

$

0.79



$

0.64



$

3.48



$

3.18










Basic shares outstanding

38,762



38,465



38,653



38,362


Diluted shares outstanding

39,366



39,104



39,189



38,961



(a) Year-to-date currency exchange losses includes a $15.4 million non-cash charge related to the recognition of currency translation adjustments associated with the closure of MSA's South Africa affiliates.

 

 

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



December 31, 2019


December 31, 2018

Assets




Cash and cash equivalents

$

152,195



$

140,095


Trade receivables, net

255,082



245,032


Inventories

185,027



156,602


Notes receivable, insurance companies

3,676



3,555


Other current assets

97,383



111,339


    Total current assets

693,363



656,623






Property, plant and equipment, net

167,038



157,940


Operating lease assets, net

51,675




Prepaid pension cost

75,066



57,568


Goodwill

436,679



413,640


Notes receivable, insurance companies, noncurrent

52,336



56,012


Insurance receivable, noncurrent

56,169



56,866


Other noncurrent assets

207,367



209,363


   Total assets

$

1,739,693



$

1,608,012






Liabilities and shareholders' equity




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

$

20,000



$

20,063


Accounts payable

89,120



78,367


Other current liabilities

168,389



183,630


   Total current liabilities

277,509



282,060






Long-term debt, net

328,394



341,311


Pensions and other employee benefits

186,697



166,101


Noncurrent operating lease liabilities

42,632




Deferred tax liabilities

9,787



7,164


Product liability and other noncurrent liabilities

162,101



171,857


Total shareholders' equity

732,573



639,519


   Total liabilities and shareholders' equity

$

1,739,693



$

1,608,012


 

 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended


Twelve Months Ended


December 31,


December 31,


2019


2018


2019


2018









Net income

$

31,549



$

25,142



$

137,649



$

125,115


Depreciation and amortization

9,681



9,267



38,020



37,852


Change in working capital and other operating

35,482



43,281



(10,707)



100,920


  Cash flow from operating activities

76,712



77,690



164,962



263,887










Capital expenditures

(13,081)



(15,340)



(36,604)



(33,960)


Acquisition, net of cash acquired





(33,196)




Change in short-term investments

22,614



2,068



5,425



(55,022)


Property disposals

95



586



218



4,587


  Cash flow from (used in) investing activities

9,628



(12,686)



(64,157)



(84,395)










Change in debt

(29,502)



(26,941)



(16,565)



(107,616)


Cash dividends paid

(16,308)



(14,643)



(63,523)



(57,248)


Other financing

2,019



2,170



(4,536)



1,595


  Cash flow used in financing activities

(43,791)



(39,414)



(84,624)



(163,269)










Effect of exchange rate changes on cash,

cash equivalents and restricted cash

1,136



(3,556)



(4,242)



(13,508)










Increase in cash, cash equivalents and restricted
cash

$

43,685



$

22,034



$

11,939



$

2,715


 

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas


International


Corporate


Consolidated

Three Months Ended December 31, 2019








Sales to external customers

$

235,419



$

139,836



$



$

375,255


Operating income







39,978


Operating margin %







10.7

%

Restructuring charges







2,643


Currency exchange losses, net







2,476


Product liability expense







18,464


Strategic transaction costs







1,463


Adjusted operating income (loss)

55,133



20,022



(10,131)



65,024


Adjusted operating margin %

23.4

%


14.3

%




17.3

%

Depreciation and amortization







9,681


Adjusted EBITDA

61,203



23,535



(10,033)



74,705


Adjusted EBITDA %

26.0

%


16.8

%




19.9

%









Three Months Ended December 31, 2018








Sales to external customers

$

220,475



$

141,309



$



$

361,784


Operating income







42,244


Operating margin %







11.7

%

Restructuring charges







3,024


Currency exchange gains, net







(241)


Product liability expense







19,858


Strategic transaction costs







213


Adjusted operating income (loss)

55,383



17,906



(8,191)



65,098


Adjusted operating margin %

25.1

%


12.7

%




18.0

%

Depreciation and amortization







9,267


Adjusted EBITDA

61,291



21,168



(8,094)



74,365


Adjusted EBITDA %

27.8

%


15.0

%




20.6

%



Americas


International


Corporate


Consolidated

Twelve Months Ended December 31, 2019








Sales to external customers

$

915,118



$

486,863



$



$

1,401,981


Operating income







186,230


Operating margin %







13.3

%

Restructuring charges







13,846


Currency exchange losses, net







19,814


Product liability expense







26,619


Strategic transaction costs







4,400


Adjusted operating income (loss)

226,596



59,910



(35,597)



250,909


Adjusted operating margin %

24.8

%


12.3

%




17.9

%

Depreciation and amortization







38,020


Adjusted EBITDA

251,287



72,848



(35,206)



288,929


Adjusted EBITDA %

27.5

%


15.0

%




20.6

%









Twelve Months Ended December 31, 2018








Sales to external customers

$

854,287



$

503,817



$



$

1,358,104


Operating income







173,479


Operating margin %







12.8

%

Restructuring charges







13,247


Currency exchange losses, net







2,330


Product liability expense







45,327


Strategic transaction costs







421


Adjusted operating income (loss)

206,839



59,866



(31,901)



234,804


Adjusted operating margin %

24.2

%


11.9

%




17.3

%

Depreciation and amortization







37,852


Adjusted EBITDA

230,982



73,169



(31,495)



272,656


Adjusted EBITDA %

27.0

%


14.5

%




20.1

%


The Americas segment is comprised of our operations in North America and Latin America 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 and strategic transaction costs and 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 December 31, 2019


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

1

%

%

(5)

%

3

%

18

%

(1)

%

4

%


%


4

%

Plus: Currency
translation effects

%

1

%

1

%

1

%

1

%

%

1

%


1

%


1

%

Constant currency sales change

1

%

1

%

(4)

%

4

%

19

%

(1)

%

5

%


1

%


5

%



Twelve Months Ended December 31, 2019


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)

%

5

%

(1)

%

4

%

12

%

15

%

4

%


(5)

%


3

%

Plus: Currency translation effects

1

%

1

%

2

%

2

%

2

%

3

%

2

%


3

%


2

%

Constant currency sales change

(1)

%

6

%

1

%

6

%

14

%

18

%

6

%


(2)

%


5

%


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. There can be no assurances that MSA's definition of 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 this non-GAAP financial measure.

 

 

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)



Americas Segment



Three Months Ended December 31, 2019


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

%

(3)

%

(5)

%

5

%

23

%

18

%

8

%


(1)

%


7

%

Plus: Currency
translation effects

%

%

1

%

1

%

%

1

%

%


%


%

Constant currency sales change

8

%

(3)

%

(4)

%

6

%

23

%

19

%

8

%


(1)

%


7

%



Twelve Months Ended December 31, 2019


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

3

%

4

%

(2)

%

4

%

18

%

27

%

7

%


6

%


7

%

Plus: Currency translation effects

%

%

2

%

1

%

%

2

%

1

%


1

%


1

%

Constant currency sales change

3

%

4

%

%

5

%

18

%

29

%

8

%


7

%


8

%


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. There can be no assurances that MSA's definition of 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 this non-GAAP financial measure.

 

 

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)



International Segment



Three Months Ended December 31, 2019


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

(12)

%

13

%

(6)

%

%

14

%

(22)

%

(1)

%


%


(1)

%

Plus: Currency
translation effects

1

%

4

%

1

%

1

%

2

%

%

1

%


3

%


2

%

Constant currency sales change

(11)

%

17

%

(5)

%

1

%

16

%

(22)

%

%


3

%


1

%



Twelve Months Ended December 31, 2019


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

(12)

%

9

%

3

%

2

%

5

%

(1)

%

(1)

%


(15)

%


(3)

%

Plus: Currency translation effects

4

%

6

%

4

%

5

%

5

%

4

%

4

%


4

%


4

%

Constant currency sales change

(8)

%

15

%

7

%

7

%

10

%

3

%

3

%


(11)

%


1

%


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. There can be no assurances that MSA's definition of 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 this non-GAAP financial measure.

 

 

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group




Three Months Ended December 31, 2019


Consolidated


Americas


International

Fixed Gas and Flame Detection

19

%


23

%


16

%

Portable Gas Detection

4

%


6

%


1

%

Breathing Apparatus

1

%


8

%


(11)

%

Firefighter Helmets and Protective Apparel

1

%


(3)

%


17

%

Fall Protection

(1)

%


19

%


(22)

%

Industrial Head Protection

(4)

%


(4)

%


(5)

%

Core Sales

5

%


8

%


%







Non-Core Sales

1

%


(1)

%


3

%







Net Sales

5

%


7

%


1

%




Twelve Months Ended December 31, 2019


Consolidated


Americas


International

Fixed Gas and Flame Detection

14

%


18

%


10

%

Portable Gas Detection

6

%


5

%


7

%

Breathing Apparatus

(1)

%


3

%


(8)

%

Firefighter Helmets and Protective Apparel

6

%


4

%


15

%

Fall Protection

18

%


29

%


3

%

Industrial Head Protection

1

%


%


7

%

Core Sales

6

%


8

%


3

%







Non-Core Sales

(2)

%


7

%


(11)

%







Net Sales

5

%


8

%


1

%

 

 

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 December 31,




Twelve Months
Ended December 31,




2019


2018


%
Change


2019


2018


%
Change













Net income attributable to MSA Safety
Incorporated

$

31,162



$

24,883



25%


$

136,440



$

124,150



10%

Tax charges associated with U.S. Tax
Reform



4,475







2,518




Non-deductible non-cash charge
related to the recognition of currency
translation adjustments (a)







15,359






Tax charges associated with
restructuring activities

584



1,794





584



1,794




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

(98)



(225)





(2,278)



(2,531)




Subtotal

31,648



30,927



2%


150,105



125,931



19%













Product liability expense

18,464



19,858





26,619



45,327




Restructuring charges

2,643



3,024





13,846



13,247




Strategic transaction costs

1,463



213





4,400



421




Currency exchange losses (gains), net

2,476



(241)





4,455



2,330




Loss on extinguishment of debt









1,494




Asset related losses, net

100



68





371



484




Income tax expense on adjustments

(5,914)



(4,155)





(11,826)



(13,800)




Adjusted earnings

$

50,880



$

49,694



2%


$

187,970



$

175,434



7%













Adjusted earnings per diluted share

$

1.29



$

1.27



2%


$

4.80



$

4.50



7%

(a) Included in Currency exchange losses (gains), net on the Statement 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.

 

 

MSA Safety Incorporated

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

Free cash flow (Unaudited)

(In thousands, except percentages)



Three Months Ended December 31,


Twelve Months Ended December 31,


2019


2018


2019


2018









Cash flow from operating activities

$

76,712



$

77,690



$

164,962



$

263,887


Capital expenditures

(13,081)



(15,340)



(36,604)



(33,960)










Free cash flow

$

63,631



$

62,350



$

128,358



$

229,927










Net income attributable to MSA Safety
Incorporated

$

31,162



$

24,883



$

136,440



$

124,150










Free cash flow conversion

204%


251%


94%


185%


Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income attributable to MSA. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.

 

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 2019 revenues of $1.40 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 20, 2019. 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 constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share and free cash flow. 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.

 

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SOURCE MSA Safety

MSA Safety Incorporated, Ticker: MSA (NYSE); Media Relations Contact: Mark Deasy (724) 741 - 8570, Investor Relations Contact: Elyse Lorenzato (724) 741 - 8525

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 lifethreatening 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 2017 revenues of $1.2 billion, MSA employs approximately 4,700 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

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