Press Release

Oct 26,2022

MSA Safety Announces Third Quarter Results

Strong demand and focused execution drive double-digit sales and earnings growth  

PITTSBURGH, Oct. 26, 2022 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported financial results for the third quarter of 2022.

Quarterly Highlights

  • Total sales were $382 million, increasing 12% organically from a year ago on a reported basis and 16% on a constant currency basis.
  • GAAP operating income was $64 million or 16.8% of sales, compared to $32 million or 9.5% of sales in the same period a year ago. Adjusted operating income was $75 million or 19.7% of sales, compared to $54 million or 16.0% of sales in the same period a year ago.
  • GAAP earnings were $45 million or $1.14 per diluted share, compared to $21 million or $0.54 per diluted share in the same period a year ago. Adjusted earnings were $57 million or $1.45 per diluted share, compared to $39 million or $1.00 per diluted share in the same period a year ago.
  • Operating cash flow was $64 million, compared to $46 million in the same period a year ago.
  • MSA funded $18 million of dividends on its common stock and deployed $2 million for share repurchases in the quarter.

Comments from Management

"MSA delivered an excellent quarter in a challenging environment," said Nish Vartanian, MSA Safety Chairman, President and Chief Executive Officer. "Our team's dedication and focus on our customers resulted in strong sales growth, margin expansion, and cash flow generation."  He added that the 16% constant currency increase in sales was broad-based across the product portfolio and consisted of both strategic pricing and volume expansion.

"We continued to see robust demand with double-digit order growth across the business. Overall, we ended the quarter with record backlog and a book-to-bill above 1x resulting from strong demand and ongoing supply chain challenges," Mr. Vartanian said.

"Our third quarter results reflect the strength of our differentiated product portfolio, leading positions in attractive end markets, and focused commercial execution. We remain encouraged by this performance and, in looking ahead, we are continuing to invest in developing new safety technologies that advance the MSA mission, contribute to profitable growth, and drive stakeholder value – all while navigating through the current macroeconomic uncertainties," Mr. Vartanian concluded.

 

MSA Safety Incorporated

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2022


2021


2022


2021









Net sales

$   381,694


$   340,197


$  1,084,699


$   989,915

Cost of products sold

212,299


190,758


608,120


552,693

Gross profit

169,395


149,439


476,579


437,222









Selling, general and administrative

82,753


87,450


247,378


246,339

Research and development

14,416


14,946


43,017


42,149

Restructuring charges

899


3,853


3,146


12,239

Currency exchange losses (gains), net

2,979


100


4,788


(359)

Product liability expense

4,035


10,688


9,733


25,235

Operating income

64,313


32,402


168,517


111,619









Interest expense

5,962


3,764


14,158


7,847

Other income, net

(2,359)


(2,266)


(15,121)


(8,773)

Total other expense (income), net

3,603


1,498


(963)


(926)









Income before income taxes

60,710


30,904


169,480


112,545

Provision for income taxes

15,804


9,724


41,339


29,281

Net income

44,906


21,180


128,141


83,264

Net income attributable to noncontrolling interests




(448)

Net income attributable to MSA Safety Incorporated

$     44,906


$     21,180


$   128,141


$    82,816









Earnings per share attributable to MSA Safety
Incorporated
common shareholders:








Basic

$         1.15


$         0.54


$         3.26


$         2.11

Diluted

$         1.14


$         0.54


$         3.25


$         2.10









Basic shares outstanding

39,172


39,194


39,243


39,152

Diluted shares outstanding

39,299


39,430


39,414


39,424

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

 

MSA Safety Incorporated

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)



September 30,
2022


December 31,
2021

Assets




Cash and cash equivalents

$                  159,613


$                  140,895

Trade receivables, net

249,298


254,187

Inventories

349,664


280,617

Notes receivable, insurance companies

5,901


3,914

Other current assets

97,624


113,191

    Total current assets

862,100


792,804





Property, plant and equipment net

199,530


207,793

Prepaid pension cost

182,794


163,283

Goodwill

607,161


636,858

Intangible assets, net

281,461


306,948

Notes receivable, insurance companies, noncurrent

38,428


44,626

Insurance receivable, noncurrent

115,381


121,609

Other noncurrent assets

100,434


122,475

   Total assets

$               2,387,289


$               2,396,396





Liabilities and shareholders' equity




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

$                      6,820


$                           —

Accounts payable

104,972


106,780

Other current liabilities

237,346


223,826

   Total current liabilities

349,138


330,606





Long-term debt, net

597,844


597,651

Pensions and other employee benefits

173,654


189,973

Deferred tax liabilities

30,409


33,337

Product liability and other noncurrent liabilities

393,829


410,441

Total shareholders' equity

842,415


834,388

   Total liabilities and shareholders' equity

$               2,387,289


$               2,396,396

 

MSA Safety Incorporated

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2022


2021


2022


2021









Net income

$   44,906


$   21,180


$ 128,141


$   83,264

Depreciation and amortization

13,796


14,182


41,883


36,270

Change in working capital and other operating

5,225


10,867


(66,121)


10,609

  Cash flow from operating activities

63,927


46,229


103,903


130,143









Capital expenditures

(8,948)


(10,675)


(28,753)


(30,963)

Acquisitions, net of cash acquired


(329,445)



(392,437)

Change in short-term investments

10,113


1,017


24,320


26,062

Property disposals and other investing

38


(5,309)


38


(5,249)

  Cash flow from (used in) investing activities

1,203


(344,412)


(4,395)


(402,587)









Change in debt

(10,000)


281,855


27,000


308,859

Cash dividends paid

(18,046)


(17,255)


(53,447)


(51,322)

Other financing

1,656


(19,715)


(29,716)


(24,107)

  Cash flow (used in) from financing activities

(26,390)


244,885


(56,163)


233,430









Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(13,024)


(3,270)


(23,498)


(4,177)









Increase (decrease) in cash, cash equivalents and
restricted cash

$   25,716


$  (56,568)


$   19,847


$  (43,191)

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

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas


International


Corporate


Consolidated

Three Months Ended September 30, 2022








Net sales to external customers

$   276,082


$   105,612


$               —


$   381,694

Operating income







64,313

Operating margin %







16.8 %

Restructuring charges







899

Currency exchange losses, net







2,979

Product liability expense







4,035

Acquisition related costs (a)







2,899

Adjusted operating income (loss)

75,088


8,448


(8,411)


75,125

Adjusted operating margin %

27.2 %


8.0 %




19.7 %

Depreciation and amortization (b)







11,518

Adjusted EBITDA

83,945


10,980


(8,282)


86,643

Adjusted EBITDA margin %

30.4 %


10.4 %




22.7 %









Three Months Ended September 30, 2021








Net sales to external customers

$   229,076


$   111,121


$               —


$   340,197

Operating income







32,402

Operating margin %







9.5 %

Restructuring charges







3,853

Currency exchange losses, net







100

Product liability expense







10,688

Acquisition related costs (a)







7,351

Adjusted operating income (loss)

47,624


12,780


(6,010)


54,394

Adjusted operating margin %

20.8 %


11.5 %




16.0 %

Depreciation and amortization (b)







11,823

Adjusted EBITDA

55,774


16,323


(5,880)


66,217

Adjusted EBITDA margin %

24.3 %


14.7 %




19.5 %

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

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

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

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas


International


Corporate


Consolidated

Nine Months Ended September 30, 2022








Net sales to external customers

$   754,116


$   330,583


$               —


$  1,084,699

Operating income







168,517

Operating margin %







15.5 %

Restructuring charges







3,146

Currency exchange losses, net







4,788

Product liability expense







9,733

Acquisition related costs (a)







8,398

Adjusted operating income (loss)

184,664


34,674


(24,756)


194,582

Adjusted operating margin %

24.5 %


10.5 %




17.9 %

Depreciation and amortization (b)







34,961

Adjusted EBITDA

210,201


43,708


(24,366)


229,543

Adjusted EBITDA margin %

27.9 %


13.2 %




21.2 %









Nine Months Ended September 30, 2021








Net sales to external customers

$   655,123


$   334,792


$               —


$   989,915

Operating income







111,619

Operating margin %







11.3 %

Restructuring charges







12,239

Currency exchange gains, net







(359)

Product liability expense







25,235

Acquisition related costs (a)







11,891

Adjusted operating income (loss)

142,160


41,982


(23,517)


160,625

Adjusted operating margin %

21.7 %


12.5 %




16.2 %

Depreciation and amortization (b)







33,716

Adjusted EBITDA

165,243


52,283


(23,185)


194,341

Adjusted EBITDA margin %

25.2 %


15.6 %




19.6 %

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

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

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

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

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources.  As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net 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 net 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 September 30, 2022


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core Sales


Non-Core
Sales


Net Sales

GAAP reported
sales change

30 %

11 %

19 %

(6) %

10 %

(1) %

13 %


9 %


12 %

Plus: Currency
translation effects

4 %

4 %

3 %

4 %

3 %

5 %

3 %


7 %


4 %

Constant currency
sales change

34 %

15 %

22 %

(2) %

13 %

4 %

16 %


16 %


16 %

Less:

Acquisitions

— %

— %

— %

— %

— %

— %

— %


— %


— %

Organic constant
currency sales
change

34 %

15 %

22 %

(2) %

13 %

4 %

16 %


16 %


16 %

 


Nine Months Ended September 30, 2022


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core Sales


Non-Core
Sales


Net Sales

GAAP reported
sales change

17 %

2 %

15 %

3 %

23 %

(7) %

11 %


(5) %


10 %

Plus: Currency
translation effects

4 %

3 %

2 %

2 %

2 %

4 %

3 %


5 %


3 %

Constant currency
sales change

21 %

5 %

17 %

5 %

25 %

(3) %

14 %


— %


13 %

Less:

Acquisitions

— %

— %

— %

— %

16 %

— %

4 %


— %


4 %

Organic constant
currency sales
change

21 %

5 %

17 %

5 %

9 %

(3) %

10 %


— %


9 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.  Acquisition constant currency revenue growth represents six months of Bacharach net sales from January 1, 2022 through June 30, 2022.

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

 

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)
  

Americas Segment



Three Months Ended September 30, 2022


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core Sales


Non-Core
Sales


Net Sales

GAAP reported
sales change

53 %

23 %

19 %

(3) %

16 %

— %

22 %


9 %


21 %

Plus: Currency
translation effects

— %

— %

1 %

1 %

— %

1 %

— %


2 %


— %

Constant currency
sales change

53 %

23 %

20 %

(2) %

16 %

1 %

22 %


11 %


21 %

Less:

Acquisitions

— %

— %

— %

— %

— %

— %

— %


— %


— %

Organic constant
currency sales
change

53 %

23 %

20 %

(2) %

16 %

1 %

22 %


11 %


21 %

 


Nine Months Ended September 30, 2022


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core Sales


Non-Core
Sales


Net Sales

GAAP reported
sales change

27 %

5 %

17 %

7 %

32 %

— %

17 %


(8) %


15 %

Plus: Currency
translation effects

— %

— %

— %

1 %

— %

1 %

1 %


1 %


1 %

Constant currency
sales change

27 %

5 %

17 %

8 %

32 %

1 %

18 %


(7) %


16 %

Less:

Acquisitions

— %

— %

— %

— %

20 %

— %

4 %


— %


4 %

Organic constant
currency sales
change

27 %

5 %

17 %

8 %

12 %

1 %

14 %


(7) %


12 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.  Acquisition constant currency revenue growth represents six months of Bacharach net sales from January 1, 2022 through June 30, 2022.

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

 

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)
  

International Segment


Three Months Ended September 30, 2022


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core Sales


Non-Core
Sales


Net Sales

GAAP reported
sales change

(13) %

(16) %

15 %

(12) %

(1) %

(3) %

(7) %


8 %


(5) %

Plus: Currency
translation effects

12 %

12 %

11 %

8 %

8 %

13 %

11 %


16 %


11 %

Constant currency
sales change

(1) %

(4) %

26 %

(4) %

7 %

10 %

4 %


24 %


6 %

Less:

Acquisitions

— %

— %

— %

— %

— %

— %

— %


— %


— %

Organic constant
currency sales
change

(1) %

(4) %

26 %

(4) %

7 %

10 %

4 %


24 %


6 %

 


Nine Months Ended September 30, 2022


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection*

Fall
Protection

Core Sales


Non-Core
Sales


Net Sales

GAAP reported
sales change

(2) %

(5) %

8 %

(7) %

8 %

(17) %

(1) %


(1) %


(1) %

Plus: Currency
translation effects

9 %

9 %

7 %

7 %

7 %

8 %

8 %


11 %


8 %

Constant currency
sales change

7 %

4 %

15 %

— %

15 %

(9) %

7 %


10 %


7 %

Less:

Acquisitions

— %

— %

— %

— %

11 %

— %

3 %


— %


2 %

Organic constant
currency sales
change

7 %

4 %

15 %

— %

4 %

(9) %

4 %


10 %


5 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.  Acquisition constant currency revenue growth represents six months of Bacharach net sales from January 1, 2022 through June 30, 2022.

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

 

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group



Three Months Ended September 30, 2022


Consolidated


Americas


International

Breathing Apparatus

34 %


53 %


(1) %

Industrial Head Protection

22 %


20 %


26 %

Firefighter Helmets & Protective Apparel

15 %


23 %


(4) %

Fixed Gas and Flame Detection

13 %


16 %


7 %

Fall Protection

4 %


1 %


10 %

Portable Gas Detection

(2) %


(2) %


(4) %

Core Sales

16 %


22 %


4 %







Non-Core Sales

16 %


11 %


24 %







Net Sales

16 %


21 %


6 %

Net Sales excluding Acquisitions

16 %


21 %


6 %

   .  




Nine Months Ended September 30, 2022


Consolidated


Americas


International

Breathing Apparatus

21 %


27 %


7 %

Industrial Head Protection

17 %


17 %


15 %

Firefighter Helmets & Protective Apparel

5 %


5 %


4 %

Fixed Gas and Flame Detection*

25 %


32 %


15 %

Fall Protection

(3) %


1 %


(9) %

Portable Gas Detection

5 %


8 %


— %

Core Sales

14 %


18 %


7 %







Non-Core Sales

— %


(7) %


10 %







Net Sales

13 %


16 %


7 %

Net Sales excluding Acquisitions

9 %


12 %


5 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.  Acquisition constant currency revenue growth represents six months of Bacharach net sales from January 1, 2022 through June 30, 2022.      

 

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,




2022


2021


%

Change


2022


2021


%

Change













Net income attributable to MSA Safety
Incorporated

$   44,906


$   21,180


112 %


$ 128,141


$   82,816


55 %













Product liability expense

4,035


10,688




9,733


25,235



Acquisition related costs (a)

2,899


7,351




8,398


11,891



Restructuring charges

899


3,853




3,146


12,239



Asset related losses and other

4,652


375




4,776


423



Currency exchange losses (gains), net

2,979


100




4,788


(359)



Income tax expense on adjustments

(3,331)


(4,105)




(7,400)


(13,504)



Adjusted earnings

$   57,039


$   39,442


45 %


$ 151,582


$ 118,741


28 %













Adjusted earnings per diluted share

$       1.45


$       1.00


45 %


$       3.85


$       3.01


28 %

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

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

About MSA:  

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

Cautionary Statement Regarding Forward-Looking Statements:

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

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

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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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