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Mine Safety Incorporated (MSA), established in 1914, stands as the global leader in manufacturing safety products designed to protect people worldwide. Headquartered in Cranberry Township, Pennsylvania, MSA employs approximately 5,000 associates and operates worldwide. The company boasts manufacturing facilities across five continents, major R&D centers in the United States, Germany, and China, and over 40 international locations, ensuring safety for lives in over 140 countries.
MSA's product portfolio includes breathing apparatuses, fall protection, portable gas detection systems, industrial head protection, fire and rescue helmets, and fixed gas and flame detection systems. These products serve industries such as oil and gas, mining, fire services, industrial sectors, and utilities. Despite the simplicity in usage and maintenance, MSA products are highly sophisticated in design, integrating electronics, mechanical systems, and advanced materials to protect against hazardous and life-threatening situations.
As a publicly traded company on the NYSE under the symbol MSA, MSA Safety has achieved record revenue growth in 8 of the past 10 years, with annual revenues reaching approximately $1.8 billion. The company has recently reported strong financial results, highlighting double-digit sales growth and robust margin expansion for the year 2023. MSA's commitment to innovation, commercial strategy, and functional support areas has enabled enhanced customer service and fulfillment of its mission, entering 2024 with significant momentum.
MSA's notable achievements include the development of innovative safety products and solutions, strategic acquisitions, and a disciplined capital allocation strategy. The company's segments—Americas, International, and Corporate—demonstrate its global reach and operational efficiency. Recent leadership changes, such as the planned succession of CEO Nish Vartanian by Steve Blanco, align with MSA's strategic objectives and ensure continued corporate governance excellence.
Among its latest news, MSA has announced a new share repurchase plan, ongoing financial results reporting, and significant leadership transitions. The company is focused on delivering mid-single-digit sales growth for 2024, leveraging the MSA Business System to drive further sales growth and margin expansion.
MSA Safety becomes the first-ever 100-year exhibitor at the National Safety Council (NSC) Expo, showcasing its commitment to workplace safety technology. Founded in 1914, MSA highlights its Connected Work Platform, including the ALTAIR io™ 4 Gas Detection Wearable and MSA Grid software, aimed at enhancing worker safety. The expo, taking place in San Diego from September 19-21, features various products such as the V-SHOCK® Overhead Web PFL and ADVANTAGE® 900 Elastomeric Half-Mask Respirator. MSA emphasizes its long-standing dedication to innovation in safety solutions.
The 2021 Corporate Social Responsibility (CSR) report from MSA Safety Inc. is now available online. It highlights MSA's commitment to worker safety and outlines progress in areas like environmental sustainability and diversity. Key achievements include the acquisition of Bacharach, the launch of the V-Gard® C1™ hard hat to combat heat stress, and a donation of over $500,000 in safety equipment to Ukrainian firefighters. The report reflects MSA's strategic investments toward integrating sustainability into product development, demonstrating their commitment to enhancing workforce safety amidst global challenges.
The Board of Directors of MSA Safety has declared a third quarter dividend of 46 cents per share on common stock, payable on September 10, 2022. Shareholders must be on record by August 16, 2022. Additionally, a dividend of 56-1/4 cents per share on preferred stock will be payable on September 1, 2022, also to shareholders of record on August 16, 2022. MSA Safety, established in 1914, had revenues of $1.4 billion in 2021 and operates globally in safety product manufacturing.
MSA Safety Incorporated (NYSE: MSA) announced the resignation of CFO Kenneth Krause, effective August 26, 2022. Krause, who served as CFO since December 2015, is moving to a CFO role at another public company outside Pennsylvania. MSA's Chief Accounting Officer, Jonathan Buck, will serve as interim CFO while the company conducts a nationwide search for a permanent replacement. Chairman and CEO Nish Vartanian acknowledged Krause's contributions, citing improvements in profitability and shareholder returns during his tenure. In 2021, MSA reported revenues of $1.4 billion.
MSA Safety reported Q2 2022 sales of $372 million, marking a 9% increase year-over-year. The company achieved a 16.5% GAAP operating income margin, up from 10.3% last year. Earnings per diluted share improved to $1.21 from $0.64. Operating cash flow declined to $15 million, impacted by increased working capital due to high demand and supply chain constraints. MSA declared an $18 million dividend and repurchased $28 million in shares. Strong order activity contributed to a 15% year-over-year increase in orders.
MSA Safety has secured a $9 million contract with the London Fire Brigade to provide new M1 Self-Contained Breathing Apparatus (SCBA) and telemetry technology, with deliveries starting in Q4 2022. The contract involves comprehensive training for over 4,500 firefighters. The SCBA features advanced ergonomics, lightweight design, and compatibility with MSA's G1 facepiece. This marks a significant partnership aimed at enhancing firefighter safety and operational efficiency in London.
MSA Safety announced a $23 million contract with the Los Angeles County Fire Department to supply its advanced G1 SCBA respiratory protective equipment. This selection followed a thorough evaluation process, highlighting the G1 SCBA's innovative technology and upgrade capabilities. Key features include an integrated thermal imaging camera and Bluetooth technology for real-time data transmission to incident commanders. Delivery of units is slated for September, with invoicing spanning multiple quarters. MSA aims to enhance firefighter safety and positions itself as a leader in firefighting innovation.
MSA Safety, a leader in safety product development, will host its second quarter earnings conference call on July 28, 2022, at 8:30 a.m. ET. The call will be led by Nish Vartanian and Kenneth Krause. A press release detailing MSA's financial results will be available on July 27, 2022, after market close. MSA reported $1.4 billion in revenues for 2021 and operates globally, with significant revenue from international markets. Interested parties can access the live conference at www.MSAsafety.com.
MSA Safety Incorporated (NYSE: MSA) announced that Chairman and CEO Nish Vartanian and CFO Kenneth Krause will present at two upcoming investor conferences. The conferences are:
- William Blair 42nd Annual Growth Stock Conference on June 6, 2022, from 1:40 p.m. to 2:10 p.m. E.T.
- Stifel 2022 Cross Sector Insight Conference on June 8, 2022, from 3:35 p.m. to 4:05 p.m. E.T.
Both presentations will be webcast live, with replays available for 90 days on MSA's investor website.
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