MSA Safety Announces Second Quarter Results

PITTSBURGH, July 29, 2020 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated MSA today reported results for the second quarter of 2020.

Quarterly Highlights

  • Revenue was $314 million, decreasing 10 percent from a year ago on a reported basis and 8 percent on a constant currency basis.
  • GAAP operating income was $48 million or 15.4 percent of sales, compared to $54 million or 15.6 percent of sales in the same period a year ago. Adjusted operating income was $59 million or 18.7 percent of sales, compared to $64 million or 18.4 percent of sales in the same period a year ago.
  • GAAP earnings were $36 million or $0.92 per diluted share, compared to $40 million or $1.01 per diluted share in the same period a year ago. Adjusted earnings were $44 million or $1.11 per diluted share, compared to $48 million or $1.22 per diluted share in the same period a year ago. Adjusted earnings include $0.03 per share of headwind from higher noncash pension expense, in line with the company's expectations.
  • Operating cash flow was $69 million, nearly doubling from a year ago on strong working capital management and lower product liability payments. MSA paid down $37 million of debt, funded $17 million of dividends, and invested $13 million in capital expenditures in the quarter.
  • MSA's debt balance was $335 million at quarter end, reflecting 1.2x adjusted EBITDA on a gross basis or 0.7x adjusted EBITDA on a net basis. With more than $136 million in cash and significant room available under its current debt covenants, the company has ample liquidity and flexibility to maintain its balanced capital allocation strategy.

Comments from Management

"Our second quarter results reflect strong execution and a resilient business model in a challenging environment," said Nish Vartanian, MSA Chairman, President and CEO.  "Our diversified portfolio and continued focus on productivity yielded adjusted operating margin expansion of 30 basis points. It's particularly noteworthy that we achieved this level of margin performance on lighter sales volume," he said. Mr. Vartanian added that in addition to lower discretionary costs, strategic growth and profitability improvement programs supported the strong performance. "The returns from our investments in our respirator manufacturing capabilities, combined with solid execution of our International segment margin improvement programs, were clear highlights of the quarter."

The company's quarterly results include 63 percent revenue growth in air-purifying respirators. "In response to the global shortage of personal protective equipment, we have started to make investments to ramp up and modernize our manufacturing operations associated with the air-purifying respirator side of our business," Mr. Vartanian explained.  "These investments will help us improve lead times for our existing industrial and first responder customers, while positioning MSA to respond to potential growth opportunities."  He added that the company's unwavering mission of protecting people at work, in an ongoing pandemic environment, is more relevant than ever before.

In MSA's International segment, profitability improvement programs helped drive adjusted operating margin expansion of 310 basis points in the quarter and 240 basis points for the year to date. "Our focus on price realization across MSA International is supporting gross profit improvements, and previously executed restructuring programs are enabling operating expense leverage," said Mr. Vartanian.

Mr. Vartanian noted that business conditions remain challenging and a number of external factors could impact how the second half of 2020 unfolds for the company.  "While we expect a tough environment in the near term, we continue to focus on leveraging our diversified portfolio, controlling discretionary costs, and investing in long-term growth and productivity programs that will position MSA to emerge from this downturn as an even stronger organization," he 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,



2020



2019



2020



2019

















Net sales

$

314,438





$

349,675





$

655,583





$

675,713



Cost of products sold

172,841





188,591





356,627





364,647



Gross profit

141,597





161,084





298,956





311,066



















Selling, general and administrative

69,034





84,009





149,271





162,437



Research and development

13,760





14,256





27,872





27,962



Restructuring charges

8,865





3,522





10,872





9,353



Currency exchange losses, net (a)

793





1,290





1,063





18,251



Product liability expense

851





3,529





2,802





6,425



Operating income

48,294





54,478





107,076





86,638



















Interest expense

2,459





4,470





5,602





6,830



Other income, net

(2,000)





(3,342)





(3,258)





(5,921)



Total other expense, net

459





1,128



2,344





909

















Income before income taxes

47,835





53,350





104,732





85,729



Provision for income taxes

11,429





13,238





24,523





22,241



Net income

36,406





40,112





80,209





63,488



Net income attributable to noncontrolling interests

(340)





(306)





(468)





(450)



Net income attributable to MSA Safety Incorporated

$

36,066





$

39,806





$

79,741





$

63,038



















Earnings per share attributable to MSA Safety Incorporated common shareholders:















Basic

$

0.93





$

1.03





$

2.05





$

1.63



Diluted

$

0.92





$

1.01





$

2.03





$

1.61



















Basic shares outstanding

38,830





38,663





38,826





38,602



Diluted shares outstanding

39,195





39,160





39,273





39,124





(a) currency exchange losses for the six months ended June 30, 2019 includes a $15.4 million non-cash charge related to the recognition of currency translation adjustments associated with the closure of MSA's South Africa affiliates.

 

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)





June 30, 2020



December 31, 2019

Assets







Cash and cash equivalents

$

136,238





$

152,195



Trade receivables, net

240,137





255,082



Inventories

225,410





185,027



Notes receivable, insurance companies

3,736





3,676



Other current assets

116,029





97,383



    Total current assets

721,550





693,363











Property, net

170,184





167,038



Operating lease assets, net

47,106





51,675



Prepaid pension cost

80,775





75,066



Goodwill

430,671





436,679



Notes receivable, insurance companies, noncurrent

52,988





52,336



Insurance receivable, noncurrent

51,033





56,169



Other noncurrent assets

198,628





207,367



   Total assets

$

1,752,935





$

1,739,693











Liabilities and shareholders' equity







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

$

20,000





$

20,000



Accounts payable

96,513





89,120



Other current liabilities

176,845





168,389



   Total current liabilities

293,358





277,509











Long-term debt, net

314,500





328,394



Pensions and other employee benefits

185,464





186,697



Noncurrent operating lease liabilities

38,826





42,632



Deferred tax liabilities

10,533





9,787



Product liability and other noncurrent liabilities

161,600





162,101



Total shareholders' equity

748,654





732,573



   Total liabilities and shareholders' equity

$

1,752,935





$

1,739,693



 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)





Three Months Ended

June 30,



Six Months Ended

June 30,



2020



2019



2020



2019

















Net income

$

36,406





$

40,112





$

80,209





$

63,488



Depreciation and amortization

9,786





9,466





19,428





18,792



Change in working capital and other operating

23,232





(13,250)





(16,606)





(44,735)



  Cash flow from operating activities

69,424





36,328





83,031





37,545



















Capital expenditures

(13,272)





(8,628)





(19,834)





(13,525)



Acquisition, net of cash acquired





(33,196)









(33,196)



Change in short-term investments

10,210





1,639





(9,402)





(17,302)



Property disposals and other investing

(9)





69





83





81



  Cash flow used in investing activities

(3,071)





(40,116)





(29,153)





(63,942)



















Change in debt

(37,000)





22,973





(9,000)





37,064



Cash dividends paid

(16,721)





(16,282)





(33,052)





(30,934)



Other financing

873





(1,410)





(24,124)





(7,391)



  Cash flow (used in) from financing activities

(52,848)





5,281





(66,176)





(1,261)



















Effect of exchange rate changes on cash,

cash equivalents and restricted cash

102





2,236





(3,654)





(985)



















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

$

13,607





$

3,729





$

(15,952)





$

(28,643)



 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)





Americas



International



Corporate



Consolidated

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



Strategic transaction 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

%

















Three Months Ended June 30, 2019















Sales to external customers

$

231,389





$

118,286





$





$

349,675



Operating income













54,478



Operating margin %













15.6

%

Restructuring charges













3,522



Currency exchange losses, net













1,290



Product liability expense













3,529



Strategic transaction costs













1,529



Adjusted operating income (loss)

57,689





15,072





(8,413)





64,348



Adjusted operating margin %

24.9

%



12.7

%







18.4

%

Depreciation and amortization













9,466



Adjusted EBITDA

63,842





18,288





(8,316)





73,814



Adjusted EBITDA %

27.6

%



15.5

%







21.1

%

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, and strategic transaction costs, and 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

Segment Information (Unaudited)

(In thousands, except percentage amounts)





Americas



International



Corporate



Consolidated

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



Strategic transaction 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

%

















Six Months Ended June 30, 2019















Sales to external customers

$

445,076





$

230,637





$





$

675,713



Operating income













86,638



Operating margin %













12.8

%

Restructuring charges













9,353



Currency exchange losses, net













18,251



Product liability expense













6,425



Strategic transaction costs













1,985



Adjusted operating income (loss)

112,492





26,112





(15,952)





122,652



Adjusted operating margin %

25.3

%



11.3

%







18.2

%

Depreciation and amortization













18,792



Adjusted EBITDA

124,742





32,459





(15,757)





141,444



Adjusted EBITDA %

28.0

%



14.1

%







20.9

%

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, strategic transaction costs and COVID-19 related costs, and 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, 2020



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

%

(17)

%

(21)

%

(33)

%

(7)

%

(32)

%

(15)

%



22

%



(10)

%

Plus: Currency translation effects

2

%

%

5

%

2

%

1

%

3

%

2

%



5

%



2

%

Constant currency sales change

3

%

(17)

%

(16)

%

(31)

%

(6)

%

(29)

%

(13)

%



27

%



(8)

%







Six Months Ended June 30, 2020



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

%

(10)

%

(12)

%

(16)

%

4

%

(21)

%

(6)

%



22

%



(3)

%

Plus: Currency translation effects

1

%

%

5

%

2

%

1

%

3

%

1

%



5

%



2

%

Constant currency sales change

2

%

(10)

%

(7)

%

(14)

%

5

%

(18)

%

(5)

%



27

%



(1)

%



        * Non-Core Sales include Air-Purifying Respirators.

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, 2020



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)

%

(14)

%

(33)

%

(40)

%

(6)

%

(39)

%

(18)

%



37

%



(12)

%

Plus: Currency translation effects

1

%

%

6

%

3

%

1

%

3

%

2

%



6

%



2

%

Constant currency sales change

%

(14)

%

(27)

%

(37)

%

(5)

%

(36)

%

(16)

%



43

%



(10)

%







Six Months Ended June 30, 2020



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

%

(7)

%

(18)

%

(19)

%

8

%

(21)

%

(7)

%



35

%



(2)

%

Plus: Currency translation effects

1

%

%

5

%

2

%

1

%

3

%

2

%



5

%



2

%

Constant currency sales change

2

%

(7)

%

(13)

%

(17)

%

9

%

(18)

%

(5)

%



40

%



%



        * Non-Core Sales include Air-Purifying Respirators.

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, 2020



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

%

(32)

%

19

%

(19)

%

(8)

%

(20)

%

(8)

%



%



(7)

%

Plus: Currency translation effects

3

%

1

%

4

%

2

%

2

%

3

%

2

%



3

%



3

%

Constant currency sales change

8

%

(31)

%

23

%

(17)

%

(6)

%

(17)

%

(6)

%



3

%



(4)

%







Six Months Ended June 30, 2020



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

%

(23)

%

9

%

(11)

%

(2)

%

(20)

%

(6)

%



5

%



(5)

%

Plus: Currency translation effects

3

%

2

%

4

%

3

%

2

%

2

%

2

%



3

%



3

%

Constant currency sales change

3

%

(21)

%

13

%

(8)

%

%

(18)

%

(4)

%



8

%



(2)

%



        * Non-Core Sales include Air-Purifying Respirators.

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, 2020



Consolidated



Americas



International

Breathing Apparatus

3

%



%



8

%

Fixed Gas and Flame Detection

(6)

%



(5)

%



(6)

%

Industrial Head Protection

(16)

%



(27)

%



23

%

Firefighter Helmets and Protective Apparel

(17)

%



(14)

%



(31)

%

Fall Protection

(29)

%



(36)

%



(17)

%

Portable Gas Detection

(31)

%



(37)

%



(17)

%

Core Sales

(13)

%



(16)

%



(6)

%













Non-Core Sales *

27

%



43

%



3

%













Net Sales

(8)

%



(10)

%



(4)

%











Six Months Ended June 30, 2020



Consolidated



Americas



International

Breathing Apparatus

2

%



2

%



3

%

Fixed Gas and Flame Detection

5

%



9

%



%

Industrial Head Protection

(7)

%



(13)

%



13

%

Firefighter Helmets and Protective Apparel

(10)

%



(7)

%



(21)

%

Fall Protection

(18)

%



(18)

%



(18)

%

Portable Gas Detection

(14)

%



(17)

%



(8)

%

Core Sales

(5)

%



(5)

%



(4)

%













Non-Core Sales *

27

%



40

%



8

%













Net Sales

(1)

%



%



(2)

%



   * Non-Core Sales include Air-Purifying Respirators.

 

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,







2020



2019



%

Change



2020



2019



%

Change

























Net income attributable to MSA Safety Incorporated

$

36,066





$

39,806





(9)%



$

79,741





$

63,038





26%

Non-deductible non-cash charge related to the recognition of currency translation adjustments (a)

















15,359







Tax (benefit) / charge associated with ASU 2016-09: Improvements to employee share-based payment accounting

(348)





429









(1,619)





(1,993)







Subtotal

35,718





40,235





(11)%



78,122





76,404





2%

























Restructuring charges

8,865





3,522









10,872





9,353







Product liability expense

851





3,529









2,802





6,425







Currency exchange losses, net

793





1,290









1,063





2,892







Strategic transaction costs

64





1,529









161





1,985







Asset related losses, net

5





208









127





233







COVID-19 related costs













757











Income tax expense on adjustments

(2,613)





(2,439)









(3,914)





(5,034)







Adjusted earnings

$

43,683





$

47,874





(9)%



$

89,990





$

92,258





(2)%

























Adjusted earnings per diluted share

$

1.11





$

1.22





(9)%



$

2.29





$

2.36





(3)%



(a)  Included in Currency exchange losses, net on the Condensed Consolidated Statement 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

June 30,





2020

Operating income



$

206,668



Depreciation and amortization



38,654



Product liability expense



22,996



Restructuring charges



15,365



Currency exchange losses, net



2,626



Strategic transaction costs



2,576



COVID-19 related costs



757



Adjusted EBITDA



$

289,642









Total end-of-period debt



334,500









Debt to adjusted EBITDA



1.2









Total end-of-period debt



334,500



Total end-of-period cash and cash equivalents



136,238



Net debt



$

198,262









Net debt to adjusted EBITDA



0.7



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.

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 2019 revenues of $1.4 billion, MSA employs approximately 5,000 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 20, 2020. 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, debt to adjusted EBITDA ratio, net debt to adjusted EBITDA ratio, 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.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/msa-safety-announces-second-quarter-results-301102510.html

SOURCE MSA Safety

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