Press Release

Feb 14,2024

MSA Safety Announces Fourth Quarter and Full Year 2023 Results

Strong quarterly results and resilient demand support healthy outlook for 2024

PITTSBURGH, Feb. 14, 2024 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: MSA) today reported financial results for the fourth quarter and year ended December 31, 2023.

Fourth Quarter 2023 Highlights

  • Achieved net sales of $495 million, a 12% increase year-over-year, reflecting strength across MSA's portfolio and in each reportable segment.
  • Generated GAAP operating income of $102 million, or 20.6% of sales, and adjusted operating income of $115 million, or 23.3% of sales.
  • Recorded GAAP net income of $76 million, or $1.93 per diluted share, and adjusted net income of $82 million, or $2.06 per diluted share.
  • Invested $12 million for capital expenditures, repaid $145 million of debt, and returned $18 million to shareholders through dividends.

Full Year 2023 Highlights

  • Achieved net sales of $1.8 billion, a 17% increase year-over-year.
  • Generated GAAP operating income of $231 million, or 12.9% of sales, and adjusted operating income of $398 million, or 22.2% of sales.
  • Recorded GAAP earnings of $59 million, or $1.48 per diluted share, and adjusted earnings of $278 million, or $7.03 per diluted share.
  • Invested $43 million for capital expenditures, repaid $289 million of debt subsequent to the January 2023 divestiture of a subsidiary holding legacy liabilities, and returned $73 million to shareholders through dividends.
  • Strengthened financial position with net leverage of 1.0x at year end.

"Our strong performance in the fourth quarter capped an outstanding 2023 for MSA," said Nish Vartanian, MSA Safety Chairman and Chief Executive Officer. "Our team delivered excellent full year results with double-digit sales growth and robust margin expansion. Investments we have made in the development of innovative new products and solutions, our commercial strategy, and across our functional support areas are enabling us to better serve our customers and advance our mission. We enter 2024 with strong momentum and an ongoing focus on delivering value for all our stakeholders. Looking ahead, I believe our unique mission, highly talented team, and differentiated portfolio provide a solid foundation to fuel future growth and generate attractive long-term returns for our shareholders."

Financial Highlights and Balance Sheet


Financial Highlights


Three Months Ended
December 31,


Twelve Months Ended
December 31,

($ millions, except per share data)


2023


2022


% Change (a)


2023


2022


% Change (a)

Net Sales


$        495


$        443


12 %


$     1,788


$     1,528


17 %

Operating Income


102


71


45 %


231


239


(3) %

Adjusted Operating Income


115


96


20 %


398


290


37 %

Net Income


76


51


48 %


59


180


(67) %

Diluted EPS


1.93


1.31


47 %


1.48


4.56


(68) %

Adjusted Earnings


82


71


15 %


278


223


25 %

Adjusted Diluted EPS


2.06


1.80


14 %


7.03


5.65


24 %


(a) Percentage change may not calculate exactly due to rounding.

"Our team's strong commercial and operational execution resulted in a year of accelerated sales growth, margin enhancement, and free cash flow generation. We also made substantial progress during the year to strengthen our financial position, with net leverage of 1.0x at year end," commented Lee McChesney, MSA Safety Senior Vice President and Chief Financial Officer. "As we move forward, we expect to build on our progress and leverage the MSA Business System to drive further sales growth and margin expansion. Despite the backdrop of macroeconomic and geopolitical uncertainty, we are focused on delivering mid-single digit sales growth in 2024. We  continue to execute our disciplined and balanced capital allocation strategy with a focus on driving sustainable value creation in 2024 and beyond."

Conference Call

MSA Safety will host a conference call on Thursday, February 15, 2024 at 10:00 a.m. Eastern Time to discuss the fourth quarter and full year 2023 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (Toll Free) or 1-412-902-6599 (International). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.

Investor Day Announcement

MSA Safety will hold an Investor Day for institutional investors and financial analysts in New York City on Wednesday, May 22, 2024, with a presentation given by members of executive management, along with Q&A sessions. A live webcast and presentation slides will be posted on the day of the event. Dial-in information and a detailed agenda will be provided at a later date. Due to limited capacity, in-person attendance is by invitation only.

 

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended
December 31,


Twelve Months Ended
December 31,


2023


2022


2023


2022









Net sales

$   495,358


$   443,254


$  1,787,647


$  1,527,953

Cost of products sold

257,175


246,002


935,509


854,122

Gross profit

238,183


197,252


852,138


673,831









Selling, general and administrative

107,043


91,494


396,645


338,872

Research and development

19,082


13,995


67,988


57,012

Restructuring charges

1,510


4,819


9,892


7,965

Currency exchange losses, net

8,298


5,467


17,079


10,255

Product liability expense


10,857


3


20,590

Loss on divestiture of MSA LLC



129,211


Operating income

102,250


70,620


231,320


239,137









Interest expense

9,584


7,502


46,733


21,660

Other income, net

(6,614)


(5,935)


(22,101)


(21,056)

Total other expense, net

2,970


1,567


24,632


604









Income before income taxes

99,280


69,053


206,688


238,533

Provision for income taxes

22,870


17,564


148,105


58,903

Net income

76,410


51,489


58,583


179,630









Earnings per share attributable to MSA Safety Incorporated common shareholders:








Basic

$         1.94


$         1.31


$         1.49


$         4.58

Diluted

$         1.93


$         1.31


$         1.48


$         4.56









Basic shares outstanding

39,339


39,200


39,307


39,232

Diluted shares outstanding

39,541


39,387


39,473


39,407









 

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



December 31,
2023


December 31,
2022

Assets




Cash and cash equivalents

$                       146,442


$                      162,902

Trade receivables, net

294,678


297,028

Inventories

292,604


338,316

Notes receivable, insurance companies


5,931

Other current assets

52,546


75,949

    Total current assets

786,270


880,126





Property, plant and equipment, net

211,877


207,552

Prepaid pension cost

172,161


141,643

Goodwill

627,534


620,622

Intangible assets, net

266,134


281,853

Notes receivable, insurance companies, noncurrent


38,695

Insurance receivable, noncurrent


110,300

Other noncurrent assets

106,174


96,185

   Total assets

$                    2,170,150


$                   2,376,976





Liabilities and shareholders' equity




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

$                         26,522


$                          7,387

Accounts payable

111,872


112,532

Other current liabilities

194,424


225,946

   Total current liabilities

332,818


345,865





Long-term debt, net

575,170


565,445

Pensions and other employee benefits

143,967


137,810

Deferred tax liabilities

102,419


31,881

Product liability and other noncurrent liabilities

48,974


372,234

Total shareholders' equity

966,802


923,741

   Total liabilities and shareholders' equity

$                    2,170,150


$                   2,376,976

 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended
December 31,


Twelve Months Ended
December 31,


2023


2022


2023


2022









Net income

$     76,410


$     51,489


$     58,583


$   179,630

Depreciation and amortization

15,808


14,434


60,773


56,317

Tax-effected loss on divestiture of MSA LLC



199,578


Contribution on divestiture of MSA LLC



(341,186)


Change in working capital and other operating

66,696


(12,371)


115,109


(78,492)

  Cash flow from operating activities

158,914


53,552


92,857


157,455









Capital expenditures

(11,785)


(13,800)


(42,764)


(42,553)

Change in short-term investments


15,138



39,458

Property disposals and other investing

121


(1,427)


2,811


(1,389)

  Cash flow used in investing activities

(11,664)


(89)


(39,953)


(4,484)









Change in debt

(144,750)


(40,000)


23,898


(13,000)

Cash dividends paid

(18,489)


(18,050)


(73,488)


(71,497)

Other financing

479


863


(2,663)


(28,853)

  Cash flow used in financing activities

(162,760)


(57,187)


(52,253)


(113,350)









Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(2,519)


6,867


(16,671)


(16,631)









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

$   (18,029)


$       3,143


$   (16,020)


$     22,990

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas


International


Corporate


Consolidated

Three Months Ended December 31, 2023








Net sales to external customers

$   332,676


$   162,682


$               —


$   495,358

Operating income







102,250

Operating margin %







20.6 %

Restructuring charges







1,510

Currency exchange losses, net







8,298

Amortization of acquisition-related intangible assets







2,310

Transaction costs (a)







887

Adjusted operating income (loss)

99,189


29,600


(13,534)


115,255

Adjusted operating margin %

29.8 %


18.2 %




23.3 %

Depreciation and amortization







13,498

Adjusted EBITDA

108,968


33,108


(13,323)


128,753

Adjusted EBITDA margin %

32.8 %


20.4 %




26.0 %









Three Months Ended December 31, 2022








Net sales to external customers

$   289,122


$   154,132


$               —


$   443,254

Operating income







70,620

Operating margin %







15.9 %

Restructuring charges







4,819

Currency exchange losses, net







5,467

Product liability expense







10,857

Amortization of acquisition-related intangible assets







2,285

Transaction costs (a)







1,757

Adjusted operating income (loss)

82,728


26,249


(13,172)


95,805

Adjusted operating margin %

28.6 %


17.0 %




21.6 %

Depreciation and amortization







12,149

Adjusted EBITDA

91,525


29,471


(13,042)


107,954

Adjusted EBITDA margin %

31.7 %


19.1 %




24.4 %


(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. 

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas


International


Corporate


Consolidated

Twelve Months Ended December 31, 2023








Net sales to external customers

$  1,235,594


$   552,053


$               —


$  1,787,647

Operating income







231,320

Operating margin %







12.9 %

Restructuring charges







9,892

Currency exchange losses, net







17,079

Loss on divestiture of MSA LLC







129,211

Product liability expense







3

Amortization of acquisition-related intangible assets







9,246

Transaction costs (a)







965

Adjusted operating income (loss)

359,617


89,699


(51,600)


397,716

Adjusted operating margin %

29.1 %


16.2 %




22.2 %

Depreciation and amortization







51,527

Adjusted EBITDA

396,596


103,404


(50,757)


449,243

Adjusted EBITDA margin %

32.1 %


18.7 %




25.1 %









Twelve Months Ended December 31, 2022








Net sales to external customers

$  1,043,238


$   484,715


$               —


$  1,527,953

Operating income







239,137

Operating margin %







15.7 %

Restructuring charges







7,965

Currency exchange losses, net







10,255

Product liability expense







20,590

Amortization of acquisition-related intangible assets







9,207

Transaction costs (a)







3,233

Adjusted operating income (loss)

267,392


60,923


(37,928)


290,387

Adjusted operating margin %

25.6 %


12.6 %




19.0 %

Depreciation and amortization







47,110

Adjusted EBITDA

301,726


73,179


(37,408)


337,497

Adjusted EBITDA margin %

28.9 %


15.1 %




22.1 %


(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. 

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, 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, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, loss on divestiture of MSA LLC, product liability expense, amortization of acquisition-related intangible assets, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers. Adjusted operating income, 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, 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, 2023


Firefighter Safety(a)

Detection(b)

Industrial PPE and
Other(c)


Net Sales

GAAP reported sales change

17 %

11 %

5 %


12 %

Plus: Currency translation effects

(1) %

(2) %

(3) %


(2) %

Constant currency sales change

16 %

9 %

2 %


10 %



Twelve Months Ended December 31, 2023


Firefighter Safety(a)

Detection(b)

Industrial PPE and
Other(c)


Net Sales

GAAP reported sales change

18 %

20 %

12 %


17 %

Plus: Currency translation effects

— %

(1) %

(2) %


(1) %

Constant currency sales change

18 %

19 %

10 %


16 %


 (a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.

 (b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection.

 (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

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, 2023


Firefighter Safety(a)

Detection(b)

Industrial PPE and
Other(c)


Net Sales

GAAP reported sales change

22 %

15 %

4 %


15 %

Plus: Currency translation effects

— %

(1) %

(2) %


(1) %

Constant currency sales change

22 %

14 %

2 %


14 %



Twelve Months Ended December 31, 2023


Firefighter Safety(a)

Detection(b)

Industrial PPE and
Other(c)


Net Sales

GAAP reported sales change

20 %

20 %

13 %


18 %

Plus: Currency translation effects

— %

(1) %

(2) %


(1) %

Constant currency sales change

20 %

19 %

11 %


17 %


 (a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.

 (b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection.

 (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

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, 2023


Firefighter Safety(a)

Detection(b)

Industrial PPE and
Other(c)


Net Sales

GAAP reported sales change

6 %

5 %

6 %


6 %

Plus: Currency translation effects

(4) %

(3) %

(3) %


(3) %

Constant currency sales change

2 %

2 %

3 %


3 %



Twelve Months Ended December 31, 2023


Firefighter Safety(a)

Detection(b)

Industrial PPE and
Other(c)


Net Sales

GAAP reported sales change

12 %

20 %

8 %


14 %

Plus: Currency translation effects

(1) %

(1) %

— %


(1) %

Constant currency sales change

11 %

19 %

8 %


13 %


 (a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.

 (b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection.

 (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

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, 2023


Consolidated


Americas


International

Firefighter Safety

16 %


22 %


2 %

Detection

9 %


14 %


2 %

Industrial PPE and Other

2 %


2 %


3 %







Net Sales

10 %


14 %


3 %




Twelve Months Ended December 31, 2023


Consolidated


Americas


International

Firefighter Safety

18 %


20 %


11 %

Detection

19 %


19 %


19 %

Industrial PPE and Other

10 %


11 %


8 %







Net Sales

16 %


17 %


13 %

 

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,




2023


2022


% Change


2023


2022


% Change













Net income attributable to

MSA Safety Incorporated

$   76,410


$   51,489


48 %


$   58,583


$ 179,630


(67) %













Loss on divestiture of MSA LLC





129,211




Deferred tax asset write-off related to divestiture of MSA LLC





70,366




Product liability expense


10,857




3


20,590



Restructuring charges

1,510


4,819




9,892


7,965



Transaction costs (a)

887


1,757




965


3,233



Amortization of acquisition-related intangible assets

2,310


2,285




9,246


9,207



Currency exchange losses, net

8,298


5,467




17,079


10,255



Asset related losses and other

844


1,515




173


6,290



Tax benefit associated with tax reform

(5,313)





(5,313)




Income tax expense on adjustments

(3,409)


(7,263)




(12,657)


(14,662)



Adjusted earnings

$   81,537


$   70,926


15 %


$ 277,548


$ 222,508


25 %













Adjusted earnings per diluted share

$       2.06


$       1.80


14 %


$       7.03


$       5.65


24 %


(a)  Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the 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.

MSA Safety Incorporated

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

Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)

(In thousands)      




Twelve Months Ended
December 31,



2023

Operating income


$                         231,320

Loss on divestiture of MSA LLC


129,211

Depreciation and amortization


51,527

Product liability expense


3

Restructuring charges


9,892

Currency exchange losses, net


17,079

Amortization of acquisition-related intangible assets


9,246

Transaction costs (a)


965

Adjusted EBITDA


$                         449,243




Total end-of-period debt


601,692




Debt to adjusted EBITDA


1.3




Total end-of-period debt


601,692

Total end-of-period cash and cash equivalents


146,442

Net debt


$                         455,250




Net debt to adjusted EBITDA


1.0


(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Consolidated Statements of Income.

Management believes that Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the Company's liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA is consistent with that of other companies.

MSA Safety Incorporated

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

Adjusted Payments on Debt (Unaudited)

(In thousands)




Twelve Months Ended
December 31,



2023


2022

Change in debt


$                  23,898


$                (13,000)

Borrowings related to divestiture of MSA LLC (a)


(312,943)


$                         —

Adjusted payments on debt


$              (289,045)


$                (13,000)


(a)  Net of foreign exchange and issuance costs

Management believes that Adjusted Payments on Debt is a useful measure for investors, as management uses this measure to internally assess the Company's debt activity, less the divestiture of MSA LLC. There can be no assurances that MSA's definition of  Adjusted Payments on Debt is consistent with that of other companies.

About MSA Safety:  

MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technologies and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2023 revenues of $1.8 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of over 5,000 associates across its more than 40 international locations. For more information, please visit 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. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, 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, debt to adjusted EBITDA, net debt to adjusted EBITDA, and adjusted payments on debt. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.

The presentation of these non-GAAP financial measures does not comply with U.S. GAAP. These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, 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

Media Relations Contact: Mark Deasy (412) 559-8154; Investor Relations Contact: Chris Hepler (412) 225-3717

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