MSA Safety Announces Second Quarter Results
Strong growth driven by execution of strategy and robust demand environment
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
"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,"
"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,"
Condensed Consolidated Statements of Income (Unaudited) (In thousands, except per share amounts) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
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 |
$ 47,693 |
$ 25,186 |
$ 83,235 |
$ 61,636 |
|||
Earnings per share attributable to |
|||||||
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.
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
|||
|
|
||
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 |
|
|
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 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
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 |
$ (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.
Segment Information (Unaudited) (In thousands, except percentage amounts) |
|||||||
|
International |
Corporate |
Consolidated |
||||
Three Months Ended |
|||||||
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 |
|||||||
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
(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
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.
Segment Information (Unaudited) (In thousands, except percentage amounts) |
|||||||
|
International |
Corporate |
Consolidated |
||||
Six Months Ended |
|||||||
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 |
|||||||
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
(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
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.
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Constant currency revenue growth (Unaudited) Consolidated |
|||||||||||
Three Months Ended |
|||||||||||
Breathing |
Firefighter |
Industrial |
Portable |
|
Fall |
Core Sales |
Non-Core |
|
|||
GAAP reported |
20 % |
(10) % |
15 % |
16 % |
24 % |
(14) % |
11 % |
(5) % |
9 % |
||
Plus: Currency |
4 % |
3 % |
1 % |
2 % |
3 % |
4 % |
3 % |
5 % |
3 % |
||
Constant currency |
24 % |
(7) % |
16 % |
18 % |
27 % |
(10) % |
14 % |
— % |
12 % |
||
Less: Acquisitions |
— % |
— % |
— % |
— % |
25 % |
— % |
5 % |
— % |
4 % |
||
Organic constant |
24 % |
(7) % |
16 % |
18 % |
2 % |
(10) % |
9 % |
— % |
8 % |
*
Six Months Ended |
|||||||||||
Breathing |
Firefighter |
Industrial |
Portable |
|
Fall |
Core Sales |
Non-Core |
|
|||
GAAP reported |
11 % |
(3) % |
13 % |
7 % |
31 % |
(10) % |
11 % |
(10) % |
8 % |
||
Plus: Currency |
3 % |
3 % |
1 % |
2 % |
2 % |
3 % |
2 % |
3 % |
3 % |
||
Constant |
14 % |
— % |
14 % |
9 % |
33 % |
(7) % |
13 % |
(7) % |
11 % |
||
Less: Acquisitions |
— % |
— % |
— % |
— % |
26 % |
— % |
6 % |
— % |
5 % |
||
Organic constant |
14 % |
— % |
14 % |
9 % |
7 % |
(7) % |
7 % |
(7) % |
6 % |
*
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.
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Constant currency revenue growth (Unaudited) Americas Segment |
|||||||||||
Three Months Ended |
|||||||||||
Breathing |
Firefighter |
Industrial |
Portable |
|
Fall |
Core |
Non-Core |
|
|||
GAAP reported |
26 % |
(4) % |
18 % |
25 % |
37 % |
(4) % |
18 % |
(7) % |
16 % |
||
Plus: Currency |
— % |
— % |
— % |
— % |
— % |
1 % |
1 % |
— % |
— % |
||
Constant |
26 % |
(4) % |
18 % |
25 % |
37 % |
(3) % |
19 % |
(7) % |
16 % |
||
Less: Acquisitions |
— % |
— % |
— % |
— % |
34 % |
— % |
7 % |
— % |
6 % |
||
Organic constant |
26 % |
(4) % |
18 % |
25 % |
3 % |
(3) % |
12 % |
(7) % |
10 % |
*
Six Months Ended |
|||||||||||
Breathing |
Firefighter |
Industrial |
Portable |
|
Fall |
Core |
Non-Core |
|
|||
GAAP reported |
15 % |
(4) % |
15 % |
12 % |
44 % |
— % |
15 % |
(15) % |
12 % |
||
Plus: Currency |
— % |
— % |
— % |
1 % |
— % |
1 % |
1 % |
1 % |
1 % |
||
Constant |
15 % |
(4) % |
15 % |
13 % |
44 % |
1 % |
16 % |
(14) % |
13 % |
||
Less: Acquisitions |
— % |
— % |
— % |
— % |
34 % |
— % |
7 % |
— % |
6 % |
||
Organic constant |
15 % |
(4) % |
15 % |
13 % |
10 % |
1 % |
9 % |
(14) % |
7 % |
*
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.
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Constant currency revenue growth (Unaudited) International Segment |
|||||||||||
Three Months Ended |
|||||||||||
Breathing |
Firefighter |
Industrial |
Portable |
|
Fall |
Core Sales |
Non-Core |
|
|||
GAAP reported |
8 % |
(23) % |
4 % |
(1) % |
7 % |
(27) % |
(3) % |
(3) % |
(3) % |
||
Plus: Currency |
10 % |
8 % |
7 % |
7 % |
8 % |
7 % |
8 % |
10 % |
8 % |
||
Constant |
18 % |
(15) % |
11 % |
6 % |
15 % |
(20) % |
5 % |
7 % |
5 % |
||
Less: Acquisitions |
— % |
— % |
— % |
— % |
13 % |
— % |
3 % |
— % |
3 % |
||
Organic constant |
18 % |
(15) % |
11 % |
6 % |
2 % |
(20) % |
2 % |
7 % |
2 % |
*
Six Months Ended |
|||||||||||
Breathing |
Firefighter |
Industrial |
Portable |
|
Fall |
Core Sales |
Non-Core |
|
|||
GAAP reported |
4 % |
— % |
5 % |
(4) % |
13 % |
(24) % |
1 % |
(5) % |
1 % |
||
Plus: Currency |
8 % |
9 % |
5 % |
6 % |
5 % |
6 % |
7 % |
9 % |
6 % |
||
Constant |
12 % |
9 % |
10 % |
2 % |
18 % |
(18) % |
8 % |
4 % |
7 % |
||
Less: Acquisitions |
— % |
— % |
— % |
— % |
15 % |
— % |
4 % |
— % |
3 % |
||
Organic constant |
12 % |
9 % |
10 % |
2 % |
3 % |
(18) % |
4 % |
4 % |
4 % |
*
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.
Supplemental Segment Information (Unaudited) Summary of constant currency revenue growth by segment and product group |
|||||
Three Months Ended |
|||||
Consolidated |
|
International |
|||
|
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 % |
||
|
12 % |
16 % |
5 % |
||
|
8 % |
10 % |
2 % |
*
Six Months Ended |
|||||
Consolidated |
|
International |
|||
|
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 % |
||
|
11 % |
13 % |
7 % |
||
|
6 % |
7 % |
4 % |
*
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 |
Six Months Ended |
||||||||||
2022 |
2021 |
% Change |
2022 |
2021 |
% Change |
||||||
Net income attributable to |
$ 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,
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
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
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SOURCE
Media Relations Contact: Mark Deasy (412) 559-8154; Investor Relations Contact: Chris Hepler (412) 225-3717