MSA Safety Announces Second Quarter Results

Rhea-AI Summary

MSA Safety Incorporated (NYSE: MSA) reported a 9% increase in revenue for Q2 2021, totaling $341 million. However, GAAP operating income dropped to $35 million, representing 10.3% of sales, compared to 15.4% a year prior. Net income decreased 30% to $25 million or $0.64 per diluted share. The company acquired Bacharach, Inc. for $337 million in July 2021, aiming to enhance its gas detection capabilities. Despite supply chain challenges, order activity surpassed 2020 and 2019 levels, strengthening the backlog.

Positive

• Revenue increased by 9% to $341 million.
• Strong order growth exceeding 2019 and 2020 levels.
• Completed acquisition of Bacharach, enhancing market reach.

Negative

• GAAP operating income decreased by 27% to $35 million.
• Net income fell 30% to $25 million.
• Adjusted earnings were down 5% to $1.06 per diluted share.

PITTSBURGH, July 28, 2021 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the second quarter of 2021.

Quarterly Highlights

• Revenue was $341 million, increasing 9 percent from a year ago on a reported basis and 5 percent on a constant currency basis.
• GAAP operating income was $35 million or 10.3 percent of sales, compared to $48 million or 15.4 percent of sales in the same period a year ago. Adjusted operating income was $59 million or 17.2 percent of sales, compared to $59 million or 18.7 percent of sales in the same period a year ago.
• GAAP earnings were $25 million or $0.64 per diluted share, compared to $36 million or $0.92 per diluted share in the same period a year ago. Adjusted earnings were $42 million or $1.06 per diluted share, compared to $44 million or $1.11 per diluted share in the same period a year ago. GAAP and adjusted operating income and earnings reflect $4 million of incremental stock compensation expense driven by the acquisition of Bacharach, Inc. and its expected revenue and profitability contributions in the coming years.
• On July 1, 2021, MSA completed the acquisition of Bacharach, Inc. in a transaction valued at $337 million. Based in New Kensington, Pa., Bacharach is a leader in gas detection technologies used in the heating, ventilation, air conditioning and refrigeration (HVAC-R) markets, with annual revenue of approximately $70 million. The transaction was financed through a combination of fixed and variable incremental borrowings with an after-tax cost of less than 2 percent.

Comments from Management

"MSA delivered strong quarterly revenue growth and reached exciting milestones on key strategic programs, including completing the acquisition of Bacharach," said Nish Vartanian, MSA Chairman, President and CEO. Mr. Vartanian added that MSA's second quarter incoming order activity exceeded both 2020 and 2019 comparable periods. "The uptick in incoming orders against the backdrop of ongoing supply chain constraints drove a significant increase in backlog."

MSA completed the acquisition of Bacharach on July 1, 2021.  "Many industries today are placing significant focus on monitoring and managing the usage of refrigerants for safety, environmental and efficiency purposes. That's one of many reasons we're thrilled to have Bacharach under the MSA umbrella," Mr. Vartanian said. "The acquisition also provides us with access to attractive end markets, and it's a natural fit with our product and manufacturing expertise."

"Throughout the pandemic and recession, we've been laser focused on improving our business model, building further resilience in our portfolio, and investing in new product development to fuel our growth engine for years to come," Mr. Vartanian commented. MSA has deployed approximately $400 million of capital in 2021 for the acquisitions of Bacharach and U.K. firefighter turnout gear manufacturer Bristol Uniforms. "We've added more elements of defensiveness to the portfolio through these acquisitions in strategic end markets. At the same time, we continue to invest heavily in our R&D programs to bring the most advanced safety technologies to our customers."

"The recent acquisitions, ongoing new product development investments, and the uptick in our order book position us well for the second half of 2021. I remain very confident in our ability to strengthen our market positions as business conditions continue to improve," Mr. Vartanian concluded.

MSA Safety Incorporated
Condensed Consolidated Statement of Income (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2020				2021				2020
Net sales	$	341,289			$	314,438			$	649,717			$	655,583
Cost of products sold	188,374				172,841				362,063				356,627
Gross profit	152,915				141,597				287,654				298,956
Selling, general and administrative	83,426				69,034				158,889				149,271
Research and development	13,970				13,760				27,204				27,872
Restructuring charges	7,078				8,865				8,385				10,872
Currency exchange losses (gains), net	1,640				793				(459)				1,063
Product liability expense	11,751				851				14,547				2,802
Operating income	35,050				48,294				79,088				107,076
Interest expense	2,172				2,459				4,082				5,602
Other income, net	(2,293)				(2,000)				(6,506)				(3,258)
Total other (income) expense, net	(121)				459				(2,424)				2,344
Income before income taxes	35,171				47,835				81,512				104,732
Provision for income taxes	9,784				11,429				19,525				24,523
Net income	25,387				36,406				61,987				80,209
Net income attributable to noncontrolling interests	(262)				(340)				(448)				(468)
Net income attributable to MSA Safety Incorporated	$	25,125			$	36,066			$	61,539			$	79,741
Earnings per share attributable to MSA Safety Incorporated common shareholders:
Basic	$	0.64			$	0.93			$	1.57			$	2.05
Diluted	$	0.64			$	0.92			$	1.56			$	2.03
Basic shares outstanding	39,167				38,830				39,131				38,826
Diluted shares outstanding	39,420				39,195				39,421				39,273

 

MSA Safety Incorporated
Condensed Consolidated Balance Sheet (Unaudited)
(In thousands)
	June 30, 2021				December 31, 2020
Assets
Cash and cash equivalents	$	174,078			$	160,672
Trade receivables, net	226,575				252,283
Inventories	232,658				197,819
Notes receivable, insurance companies	3,855				3,796
Other current assets	132,816				139,708
Total current assets	769,982				754,278
Property, net	201,163				189,620
Prepaid pension cost	105,078				97,545
Operating lease assets, net	67,383				53,451
Goodwill	447,267				443,272
Notes receivable, insurance companies, noncurrent	49,133				48,540
Insurance receivable, noncurrent	91,185				85,077
Other noncurrent assets	232,042				200,701
Total assets	$	1,963,233			$	1,872,484
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net	$	20,000			$	20,000
Accounts payable	89,086				86,854
Other current liabilities	208,755				203,691
Total current liabilities	317,841				310,545
Long-term debt, net	314,587				287,157
Pensions and other employee benefits	201,311				208,068
Noncurrent operating lease liabilities	58,877				44,639
Deferred tax liabilities	13,017				10,916
Product liability and other noncurrent liabilities	208,832				201,268
Total shareholders' equity	848,768				809,891
Total liabilities and shareholders' equity	$	1,963,233			$	1,872,484

 

MSA Safety Incorporated
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2020				2021				2020
Net income	$	25,387			$	36,406			$	61,987			$	80,209
Depreciation and amortization	11,584				9,786				22,088				19,428
Change in working capital and other operating	1,327				23,232				(161)				(16,606)
Cash flow from operating activities	38,298				69,424				83,914				83,031
Capital expenditures	(10,706)				(13,272)				(20,288)				(19,834)
Acquisition, net of cash acquired	—				—				(62,992)				—
Change in short-term investments	5,015				10,210				25,045				(9,402)
Property disposals	25				(9)				60				83
Cash flow used in investing activities	(5,666)				(3,071)				(58,175)				(29,153)
Change in debt	(25,013)				(37,000)				27,004				(9,000)
Cash dividends paid	(17,247)				(16,721)				(34,067)				(33,052)
Other financing	(834)				873				(4,392)				(24,124)
Cash flow used in financing activities	(43,094)				(52,848)				(11,455)				(66,176)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(187)				102				(907)				(3,654)
(Decrease) increase in cash, cash equivalents and restricted cash	$	(10,649)			$	13,607			$	13,377			$	(15,952)

 

MSA Safety Incorporated
Segment Information (Unaudited)
(In thousands, except percentage amounts)
	Americas				International				Corporate				Consolidated
Three Months Ended June 30, 2021
Sales to external customers	$	217,707			$	123,582			$	—			$	341,289
Operating income													35,050
Operating margin %													10.3		%
Restructuring charges													7,078
Currency exchange losses, net													1,640
Product liability expense													11,751
Acquisition related costs													3,168
Adjusted operating income (loss)	49,238				20,440				(10,991)				58,687
Adjusted operating margin %	22.6		%		16.5		%						17.2		%
Depreciation and amortization													11,584
Adjusted EBITDA	57,137				24,020				(10,886)				70,271
Adjusted EBITDA %	26.2		%		19.4		%						20.6		%
Three Months Ended June 30, 2020
Sales to external customers	$	204,231			$	110,207			$	—			$	314,438
Operating income													48,294
Operating margin %													15.4		%
Restructuring charges													8,865
Currency exchange losses, net													793
Product liability expense													851
Acquisition related costs													64
Adjusted operating income (loss)	49,003				17,402				(7,538)				58,867
Adjusted operating margin %	24.0		%		15.8		%						18.7		%
Depreciation and amortization													9,786
Adjusted EBITDA	55,620				20,474				(7,441)				68,653
Adjusted EBITDA %	27.2		%		18.6		%						21.8		%

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, acquisition related costs, including acquisition related amortization, and COVID-19 related costs. 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.

	Americas				International				Corporate				Consolidated
Six Months Ended June 30, 2021
Sales to external customers	$	426,046			$	223,671			$	—			$	649,717
Operating income													79,088
Operating margin %													12.2		%
Restructuring charges													8,385
Currency exchange gains, net													(459)
Product liability expense													14,547
Acquisition related costs													4,541
Adjusted operating income (loss)	94,390				29,194				(17,482)				106,102
Adjusted operating margin %	22.2		%		13.1		%						16.3		%
Depreciation and amortization													22,088
Adjusted EBITDA	109,322				36,147				(17,279)				128,190
Adjusted EBITDA %	25.7		%		16.2		%						19.7		%
Six Months Ended June 30, 2020
Sales to external customers	$	435,484			$	220,099			$	—			$	655,583
Operating income													107,076
Operating margin %													16.3		%
Restructuring charges													10,872
Currency exchange losses, net													1,063
Product liability expense													2,802
Acquisition related costs													161
COVID-19 related costs													757
Adjusted operating income (loss)	108,811				30,073				(16,153)				122,731
Adjusted operating margin %	25.0		%		13.7		%						18.7		%
Depreciation and amortization													19,428
Adjusted EBITDA	121,878				36,239				(15,958)				142,159
Adjusted EBITDA %	28.0		%		16.5		%						21.7		%

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, acquisition related costs, including acquisition related amortization, and COVID-19 related costs. 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 June 30, 2021
	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	%	32	%	25	%	37	%	(1)	%	42	%	15	%		(26)	%		9	%
Plus: Currency translation effects	(3)	%	(4)	%	(5)	%	(5)	%	(3)	%	(8)	%	(3)	%		(4)	%		(4)	%
Constant currency sales change	(2)	%	28	%	20	%	32	%	(4)	%	34	%	12	%		(30)	%		5	%

 

	Six Months Ended June 30, 2021
	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	(4)	%	20	%	7	%	10	%	(8)	%	16	%	4	%		(26)	%		(1)	%
Plus: Currency translation effects	(2)	%	(3)	%	(1)	%	(3)	%	(2)	%	(5)	%	(3)	%		(3)	%		(3)	%
Constant currency sales change	(6)	%	17	%	6	%	7	%	(10)	%	11	%	1	%		(29)	%		(4)	%

 

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 June 30, 2021
	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	%	8	%	41	%	48	%	1	%	55	%	16	%		(39)	%		7	%
Plus: Currency translation effects	—	%	—	%	(3)	%	(2)	%	(1)	%	(3)	%	(1)	%		(1)	%		(1)	%
Constant currency sales change	2	%	8	%	38	%	46	%	—	%	52	%	15	%		(40)	%		6	%

 

	Six Months Ended June 30, 2021
	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	%	12	%	14	%	(6)	%	15	%	3	%		(33)	%		(2)	%
Plus: Currency translation effects	—	%	—	%	1	%	—	%	—	%	(1)	%	—	%		—	%		—	%
Constant currency sales change	(3)	%	4	%	13	%	14	%	(6)	%	14	%	3	%		(33)	%		(2)	%

 

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 June 30, 2021
	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)	%	153	%	(8)	%	20	%	(2)	%	28	%	14	%		—	%		12	%
Plus: Currency translation effects	(8)	%	(24)	%	(7)	%	(9)	%	(7)	%	(13)	%	(9)	%		(9)	%		(9)	%
Constant currency sales change	(9)	%	129	%	(15)	%	11	%	(9)	%	15	%	5	%		(9)	%		3	%

 

	Six Months Ended June 30, 2021
	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	(5)	%	98	%	(5)	%	2	%	(10)	%	18	%	5	%		(14)	%		2	%
Plus: Currency translation effects	(8)	%	(19)	%	(8)	%	(7)	%	(5)	%	(11)	%	(8)	%		(7)	%		(8)	%
Constant currency sales change	(13)	%	79	%	(13)	%	(5)	%	(15)	%	7	%	(3)	%		(21)	%		(6)	%

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 June 30, 2021
	Consolidated			Americas			International
Fall Protection	34	%		52	%		15	%
Portable Gas Detection	32	%		46	%		11	%
Firefighter Helmets and Protective Apparel	28	%		8	%		129	%
Industrial Head Protection	20	%		38	%		(15)	%
Breathing Apparatus	(2)	%		2	%		(9)	%
Fixed Gas and Flame Detection	(4)	%		—	%		(9)	%
Core Sales	12	%		15	%		5	%
Non-Core Sales	(30)	%		(40)	%		(9)	%
Net Sales	5	%		6	%		3	%

 

	Six Months Ended June 30, 2021
	Consolidated			Americas			International
Firefighter Helmets and Protective Apparel	17	%		4	%		79	%
Fall Protection	11	%		14	%		7	%
Portable Gas Detection	7	%		14	%		(5)	%
Industrial Head Protection	6	%		13	%		(13)	%
Breathing Apparatus	(6)	%		(3)	%		(13)	%
Fixed Gas and Flame Detection	(10)	%		(6)	%		(15)	%
Core Sales	1	%		3	%		(3)	%
Non-Core Sales	(29)	%		(33)	%		(21)	%
Net Sales	(4)	%		(2)	%		(6)	%

 

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 June 30,										Six Months Ended June 30,
	2021				2020				% Change		2021				2020				% Change
Net income attributable to MSA Safety Incorporated	$	25,125			$	36,066			(30)%		$	61,539			$	79,741			(23)%
Tax benefit associated with ASU 2016- 09: Improvements to employee share- based payment accounting	(545)				(348)						(2,079)				(1,619)
Subtotal	24,580				35,718				(31)%		59,460				78,122				(24)%
Product liability expense	11,751				851						14,547				2,802
Acquisition related costs	3,168				64						4,541				161
Restructuring charges	7,078				8,865						8,385				10,872
Asset related losses, net	29				5						48				127
COVID-19 related costs	—				—						—				757
Currency exchange losses (gains), net	1,640				793							(459)			1,063
Income tax expense on adjustments	(6,484)				(2,613)						(7,320)				(3,914)
Adjusted earnings	$	41,762			$	43,683			(4)%		$	79,202			$	89,990			(12)%
Adjusted earnings per diluted share	$	1.06			$	1.11			(5)%		$	2.01			$	2.29			(12)%

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 2020 revenues of $1.35 billion, MSA employs approximately 5,200 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 19, 2021. 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, 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

FAQ

What were MSA Safety's Q2 2021 revenue figures?

MSA Safety reported Q2 2021 revenue of $341 million, a 9% increase from the previous year.

How did MSA Safety's net income change in Q2 2021?

Net income for Q2 2021 was $25 million, down 30% from $36 million in the same quarter last year.

What is MSA Safety's adjusted earnings per share for Q2 2021?

Adjusted earnings per share for Q2 2021 was $1.06, a decrease of 5% compared to the same quarter last year.

What significant acquisition did MSA Safety complete in 2021?

On July 1, 2021, MSA Safety completed the acquisition of Bacharach, Inc. for $337 million.

How did MSA Safety's operating income change in Q2 2021?

GAAP operating income for Q2 2021 was $35 million, which is a decrease from $48 million in the same period last year.