US Market News
1月前
MSA Safety Announces First Quarter 2026 ResultsMay 4, 2026 4:30 PM
PR Newswire (US) First Quarter 2026 HighlightsAchieved quarterly net sales of $464 million, a 10% GAAP increase and a 3% organic increase year-over-yearGenerated GAAP operating income of $93 million, or 20.1% of sales, and adjusted operating income of $101 million, or 21.8% of salesRecorded GAAP net income of $71 million, or $1.83 per diluted share, and adjusted earnings of $77 million, or $1.99 per diluted shareReturned a total of $71 million to shareholders via $50 million of share repurchases and $21 million of dividends; authorized a new $500 million share repurchase programMaintain a strong balance sheet and ample liquidity to support Accelerate strategyPITTSBURGH, May 4, 2026 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: MSA) today reported financial results for the first quarter of 2026. "Our first quarter performance reflects the resilience of our diverse business, and a solid start to the year," said Steve Blanco, President and CEO of MSA Safety. "We continued to execute our Accelerate strategy and leverage the MSA Business System (MBS) to drive profitable growth, while navigating the current macroeconomic and geopolitical landscape. Strong operational execution in our Americas segment drove our sales and margin performance, more than offsetting short-term challenges in Europe and the Middle East, which are part of our International segment. The team remains focused on achieving our strategic commitments, serving our customers, and delivering on our mission."Financial Highlights
Three Months Ended March 31,(In millions, except per share data and percentages)2026
2025
% Change (a)Net Sales$ 463.6
$ 421.3
10 %GAAP
Operating income93.0
77.8
20 %% of Net sales20.1 %
18.5 %
160 bpsNet income71.3
59.6
20 %Diluted EPS1.83
1.51
21 %Non-GAAP
Adjusted EBITDA$ 115.9
$ 101.5
14 %% of Net sales25.0 %
24.1 %
90 bpsAdjusted operating income101.1
87.5
16 %% of Net sales21.8 %
20.8 %
100 bpsAdjusted earnings77.5
66.4
17 %Adjusted diluted EPS1.99
1.68
18 %Free cash flow65.1
51.0
28 %Free cash flow conversion91 %
86 %
Americas Segment
Net sales$ 325.2
$ 293.2
11 %GAAP operating income95.8
76.5
25 %% of Net sales29.4 %
26.1 %
330 bpsAdjusted operating income98.1
78.7
25 %% of Net sales30.2 %
26.8 %
340 bpsInternational Segment
Net sales$ 138.4
$ 128.2
8 %GAAP operating income12.5
17.3
(28) %% of Net sales9.0 %
13.5 %
(450) bpsAdjusted operating income14.5
18.7
(22) %% of Net sales10.5 %
14.6 %
(410) bps(a) Percentage change may not calculate exactly due to rounding."The team delivered solid organic growth and profit pull-through in the first quarter, resulting in 18% adjusted EPS growth," stated Julie Beck, MSA Safety's Chief Financial Officer. "Our gross margin expansion reflects MBS-driven execution. The balance sheet and free cash flow generation remain strong, and we returned cash to shareholders. We announced a new $500 million share repurchase authorization in February and maintain an active M&A pipeline. Given the solid start to the year and our healthy order book, we are maintaining our mid-single-digit 2026 organic sales growth outlook. We also recognize the potential challenges posed by the volatile geopolitical and macroeconomic operating environment," Ms. Beck added.The company returned a total of $71 million to shareholders via dividends of $21 million and executing $50 million of share repurchases, while investing $11 million in capital expenditures. MSA maintains a strong liquidity position with net debt at the end of the first quarter of $433 million. The company's net leverage ratio was 0.9x at March 31, 2026. MSA's strong financial profile, including ample liquidity of $1.2 billion, continues to provide optionality around execution of strategic growth initiatives, including acquisitions.Conference Call MSA Safety will host a conference call on Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time to discuss its first quarter 2026 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.MSA Safety Incorporated
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended March 31,
2026
2025
Net sales$ 463,632
$ 421,340Cost of products sold244,051
227,945Gross profit219,581
193,395
Selling, general and administrative107,684
93,965Research and development16,355
15,669Restructuring charges2,329
1,924Currency exchange losses, net199
4,076Operating income93,014
77,761
Interest expense7,703
6,835Other income, net(7,681)
(7,023)Total other expense (income), net22
(188)
Income before income taxes92,992
77,949Provision for income taxes21,723
18,344Net income$ 71,269
$ 59,605
Earnings per share attributable to common shareholders:
Basic$ 1.83
$ 1.51Diluted$ 1.83
$ 1.51
Basic shares outstanding38,859
39,334Diluted shares outstanding38,986
39,501 MSA Safety Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
March 31, 2026
December 31, 2025
Assets
Cash and cash equivalents$ 180,158
$ 165,067Trade receivables, net325,011
306,452Inventories352,314
343,035Other current assets34,189
54,738 Total current assets891,672
869,292
Property, plant and equipment, net278,056
283,063Prepaid pension cost285,283
279,450Goodwill727,440
731,592Intangible assets, net291,991
299,127Other noncurrent assets89,544
91,850 Total assets$ 2,563,986
$ 2,554,374
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net$ 8,074
$ 8,225Accounts payable118,348
110,775Other current liabilities154,845
170,211 Total current liabilities281,267
289,211
Long-term debt, net605,075
572,709Pensions and other employee benefits141,788
143,834Deferred tax liabilities127,000
127,540Other noncurrent liabilities53,496
54,068Total shareholders' equity1,355,360
1,367,012 Total liabilities and shareholders' equity$ 2,563,986
$ 2,554,374 MSA Safety IncorporatedCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)
Three Months Ended March 31,
2026
2025
Net income$ 71,269
$ 59,605Depreciation and amortization18,352
16,251Change in working capital and other operating(13,934)
(14,023)Cash flow from operating activities75,687
61,833
Capital expenditures(10,587)
(10,784)Property disposals and other investing34
18Cash flow used in investing activities(10,553)
(10,766)
Change in debt33,760
(7,466)Cash dividends paid(20,561)
(20,033)Company stock purchases under repurchase program(50,447)
(9,996)Other financing(9,975)
(8,117)Cash flow used in financing activities(47,223)
(45,612)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(2,568)
743
Increase in cash, cash equivalents and restricted cash$ 15,343
$ 6,198 MSA Safety IncorporatedSales by Product Group (Unaudited)(In thousands, except percentages)
Three Months Ended March 31, 2026
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
PercentDetection(a)
$ 180,842
39 %
$ 123,975
38 %
$ 56,867
41 %Fire Service(b)
159,271
34 %
116,092
36 %
43,179
31 %Industrial PPE and Other(c)
123,519
27 %
85,171
26 %
38,348
28 %Total
$ 463,632
100 %
$ 325,238
100 %
$ 138,394
100 %
Three Months Ended March 31, 2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
PercentDetection(a)
$ 161,070
38 %
$ 109,891
37 %
$ 51,179
40 %Fire Service(b)
150,616
36 %
105,907
36 %
44,709
35 %Industrial PPE and Other(c)
109,654
26 %
77,362
27 %
32,292
25 %Total
$ 421,340
100 %
$ 293,160
100 %
$ 128,180
100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Organic sales change (Unaudited)
Consolidated
Three Months Ended March 31, 2026
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change12 %6 %13 %
10 %Currency translation effects(3) %(3) %(6) %
(4) %Less: Acquisitions(9) %— %— %
(3) %Organic sales change— %3 %7 %
3 % Americas Segment
Three Months Ended March 31, 2026
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change13 %10 %10 %
11 %Currency translation effects(1) %(1) %(4) %
(2) %Less: Acquisitions(5) %— %— %
(2) %Organic sales change7 %9 %6 %
7 % International Segment
Three Months Ended March 31, 2026
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change11 %(3) %19 %
8 %Currency translation effects(6) %(8) %(9) %
(7) %Less: Acquisitions(18) %— %— %
(8) %Organic sales change(13) %(11) %10 %
(7) %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International).(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.MSA Safety IncorporatedReconciliation of Non-GAAP Financial MeasuresAdjusted operating income (Unaudited)Adjusted EBITDA (Unaudited)(In thousands)
Three Months Ended March 31,
2026
2025
Adjusted EBITDA from reportable segments$ 127,399
$ 111,137Less:
Depreciation and amortization14,742
13,736Adjusted operating income from reportable segments112,657
97,401Less:
Corporate expenses11,536
9,899Adjusted operating income101,121
87,502Less:
Currency exchange losses, net199
4,076 Restructuring charges2,329
1,924 Acquisition-related amortization3,392
2,286 Transaction costs (a)2,187
1,455GAAP operating income93,014
77,761Less:
Interest expense7,703
6,835 Other income, net(7,681)
(7,023)Income before income taxes92,992
77,949Provision for income taxes21,723
18,344Net income$ 71,269
$ 59,605
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding currency exchange gains / losses, restructuring charges, acquisition-related amortization, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, 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, 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 and net income determined on a GAAP basis in addition to these non-GAAP measures.MSA Safety IncorporatedReconciliation of Non-GAAP Financial MeasuresAdjusted earnings (Unaudited)Adjusted diluted earnings per share (Unaudited)(In thousands, except per share amounts and percentages)
Three Months Ended March 31,
2026
2025
%Change
Net income$ 71,269
$ 59,605
20 %
Currency exchange losses, net199
4,076
Restructuring charges2,329
1,924
Acquisition-related amortization3,392
2,286
Transaction costs (a)2,187
1,455
Asset related losses160
8
Income tax expense on adjustments(2,084)
(2,916)
Adjusted earnings$ 77,452
$ 66,438
17 %
Adjusted diluted earnings per share$ 1.99
$ 1.68
18 %
Diluted shares outstanding38,986
39,501
(a)Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.Management believes that adjusted earnings and adjusted diluted earnings per 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 IncorporatedReconciliation of Non-GAAP Financial MeasuresDebt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)(In thousands)
Twelve Months Ended
March 31,
2026Operating income
$ 387,071Depreciation and amortization
59,319Currency exchange losses, net
11,924Restructuring charges
4,302Acquisition-related amortization
13,721Transaction costs (a)
11,199Adjusted EBITDA
$ 487,536
Total end-of-period debt
613,149
Debt to adjusted EBITDA
1.3
Total end-of-period debt
$ 613,149Total end-of-period cash and cash equivalents
180,158Net debt
$ 432,991
Net debt to adjusted EBITDA
0.9
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.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 Safety: MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit 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. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures:This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends. The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above. View original content to download multimedia:https://www.prnewswire.com/news-releases/msa-safety-announces-first-quarter-2026-results-302761829.htmlSOURCE MSA Safety Original: MSA Safety Announces First Quarter 2026 Results
US Market News
4月前
MSA Safety Announces Fourth Quarter and Full-Year 2025 ResultsFebruary 11, 2026 4:45 PM
PR Newswire (US)
Fourth Quarter 2025 HighlightsAchieved net sales of $511 million, a 2% GAAP increase and (3)% organic(a) decrease year-over-year primarily due to timing delays in fire serviceGenerated GAAP operating income of $114 million, or 22.3% of net sales, and adjusted operating income of $122 million, or 23.9% of net salesRecorded GAAP net income of $87 million, or $2.21 per diluted share, and adjusted earnings of $93 million, or $2.38 per diluted shareReturned a total of $61 million to shareholders via $40 million of share repurchases and $21 million of dividends, repaid $48 million of debt, and invested $16 million for capital expendituresFull-Year 2025 HighlightsAchieved net sales of $1.9 billion, a 4% GAAP increase and 1% organic increase year-over-year, including timing delays in fire serviceGenerated GAAP operating income of $372 million, or 19.8% of net sales, and adjusted operating income of $415 million, or 22.1% of net salesRecorded GAAP earnings of $279 million, or $7.09 per diluted share, and adjusted earnings of $312 million, or $7.93 per diluted shareAcquired M&C TechGroup for $189 million, returned a total of $162 million to shareholders via $80 million of share repurchases and $82 million of dividends, and invested $68 million for capital expendituresMaintain strong balance sheet and ample liquidity to support Accelerate strategyPITTSBURGH, Feb. 11, 2026 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: MSA) today reported financial results for the fourth quarter and year ended December 31, 2025.
(a) Definition of organic revenue growth provided on the bottom of page ten."We reported solid 2025 performance in a challenging operating environment," said Steve Blanco, MSA Safety President and Chief Executive Officer. "Our team delivered resilient full-year results despite headwinds to organic sales and margins, driven by strong execution and effective SG&A management. This year, our sales growth headwinds included pockets of industrial end market weakness, timing challenges in the U.S. fire service, and difficult comparisons. We are entering 2026 with strong momentum, due to our Mission-driven commitment to deliver innovative products and solutions to our customers, along with a solid commercial pipeline. The team remains confident in our ability to execute our Accelerate strategy to deliver on our 2028 financial commitments."Financial Highlights
Three Months Ended December 31,
Twelve Months Ended December 31,(In millions, except per share data and percentages)
2025
2024
% Change (a)
2025
2024
% Change (a)Net Sales
$ 511
$ 500
2 %
$ 1,875
$ 1,808
4 %GAAP
Operating income
114
118
(3) %
372
389
(4) %% of Net sales
22.3 %
23.5 %
(120) bps
19.8 %
21.5 %
(170) bpsNet income
87
88
(1) %
279
285
(2) %Diluted EPS
$ 2.21
$ 2.22
— %
$ 7.09
$ 7.21
(2) %Non-GAAP
Adjusted EBITDA
$ 136
$ 135
1 %
$ 473
$ 469
1 %% of Net sales
26.6 %
26.9 %
(30) bps
25.2 %
26.0 %
(80) bpsAdjusted operating income
$ 122
$ 120
1 %
$ 415
$ 414
— %% of Net sales
23.9 %
24.0 %
(10) bps
22.1 %
22.9 %
(80) bpsAdjusted earnings
93
89
5 %
312
305
2 %Adjusted diluted EPS
$ 2.38
$ 2.25
6 %
$ 7.93
$ 7.70
3 %Free cash flow
106
93
13 %
295
242
22 %Free cash flow conversion
122 %
106 %
106 %
85 %
Americas Segment
Net sales
$ 335
$ 337
(1) %
$ 1,262
$ 1,247
1 %GAAP operating income
101
101
— %
356
371
(4) %% of Net sales
30.3 %
30.1 %
20 bps
28.2 %
29.8 %
(160) bpsAdjusted operating income
104
104
— %
365
380
(4) %% of Net sales
31.0 %
30.7 %
30 bps
28.9 %
30.5 %
(160) bpsInternational Segment
Net sales
$ 176
$ 163
8 %
$ 613
$ 561
9 %GAAP operating income
27
28
(3) %
79
79
— %% of Net sales
15.4 %
17.1 %
(170) bps
12.9 %
14.1 %
(120) bpsAdjusted operating income
30
29
3 %
93
85
10 %% of Net sales
16.8 %
17.6 %
(80) bps
15.2 %
15.1 %
10 bps(a) Percentage change may not calculate exactly due to rounding.Balance Sheet and Cash Flow"While macroeconomic conditions presented challenges, MSA delivered organic sales growth within our low-single digit 2025 Outlook range, free cash flow conversion that surpassed our annual target range and higher capital returns to shareholders," commented Julie Beck, MSA Safety Senior Vice President and Chief Financial Officer. "Our strong balance sheet and ample liquidity continue to provide us the ability to deliver on our balanced capital allocation priorities of organic growth, M&A, and capital returns to shareholders, which will enable us to execute our strategy to invest and drive profitable growth," Beck added.The company deployed capital in line with its capital allocation strategy in 2025 by acquiring M&C TechGroup for $189 million, returning a total of $162 million to shareholders via dividends of $82 million and executing $80 million of share repurchases, while investing $68 million in capital expenditures. MSA maintains a strong liquidity position with net debt at the end of the fourth quarter of $416 million. The company's net leverage ratio was 0.9x at December 31, 2025. MSA's strong financial profile, including ample liquidity of $1.2 billion, continues to provide optionality around execution of strategic growth initiatives, including acquisitions.2026 Net Sales OutlookThe company is expecting mid-single digit full-year organic sales growth in 2026, and has provided an update on the operating environment below:TailwindsIncreasing global safety standards creating demand for sophisticated safety products and solutions; diverse end markets provide resiliencyFavorable underlying demand for fixed and portable detection, including MSA+ connected ecosystem solutionsCarry-over from fire service late AFG funding and U.S. Government shutdown in 2025Industrial PPE to benefit from continued momentum in fall protectionPositive contribution from strategic pricing actionsHeadwindsContinued macroeconomic, tariff and geopolitical policy uncertaintyMixed industrial end market demand globallyNon-recurrence of large detection orders in Latin AmericaConference Call MSA Safety will host a conference call on Thursday, February 12, 2026 at 10:00 a.m. Eastern Time to discuss the fourth quarter and full-year 2025 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.MSA Safety IncorporatedConsolidated Statement of Income (Unaudited)(In thousands, except per share amounts)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Net sales$ 510,913
$ 499,696
$ 1,874,814
$ 1,808,140Cost of products sold271,521
265,267
1,003,701
947,695Gross profit239,392
234,429
871,113
860,445
Selling, general and administrative105,359
100,378
414,254
394,707Research and development16,157
16,831
65,343
66,526Restructuring charges1,427
653
3,897
6,397Currency exchange losses (gains), net 2,564
(1,077)
15,801
3,638Operating income113,885
117,644
371,818
389,177
Interest expense8,431
7,333
31,799
36,889Other income, net(7,794)
(6,503)
(26,379)
(22,718)Total other expense, net637
830
5,420
14,171
Income before income taxes113,248
116,814
366,398
375,006Provision for income taxes26,315
28,868
87,474
90,039Net income86,933
87,946
278,924
284,967
Earnings per share attributable to common shareholders:
Basic$ 2.22
$ 2.23
$ 7.11
$ 7.24Diluted$ 2.21
$ 2.22
$ 7.09
$ 7.21
Basic shares outstanding39,107
39,374
39,216
39,371Diluted shares outstanding39,248
39,548
39,346
39,535 MSA Safety IncorporatedCondensed Consolidated Balance Sheet (Unaudited)(In thousands)
December 31, 2025
December 31, 2024Assets
Cash and cash equivalents$ 165,067
$ 164,560Trade receivables, net306,452
279,213Inventories343,035
296,796Other current assets54,738
62,461 Total current assets869,292
803,030
Property, plant and equipment, net283,063
211,865Prepaid pension cost279,450
224,638Goodwill731,592
620,895Intangible assets, net299,127
246,437Other noncurrent assets91,850
98,919 Total assets$ 2,554,374
$ 2,205,784
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net$ 8,225
$ 26,391Accounts payable110,775
108,163Other current liabilities170,211
153,539 Total current liabilities289,211
288,093
Long-term debt, net572,709
481,622Pensions and other employee benefits143,834
134,251Deferred tax liabilities127,540
107,691Other noncurrent liabilities54,068
50,808Total shareholders' equity1,367,012
1,143,319 Total liabilities and shareholders' equity$ 2,554,374
$ 2,205,784 MSA Safety IncorporatedCondensed Consolidated Statement of Cash Flows (Unaudited)(In thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Net income$ 86,933
$ 87,946
$ 278,924
$ 284,967Depreciation and amortization18,656
16,770
71,591
64,333Change in working capital and other operating16,765
3,192
13,352
(52,872) Cash flow from operating activities122,354
107,908
363,867
296,428
Capital expenditures(16,334)
(14,409)
(68,438)
(54,223)Acquisition, net of cash acquired(1,501)
—
(189,275)
—Property disposals and other investing60
378
79
468 Cash flow used in investing activities(17,775)
(14,031)
(257,634)
(53,755)
Change in debt(48,014)
(43,251)
67,314
(94,254)Cash dividends paid(20,706)
(20,089)
(82,344)
(78,759)Company stock purchases under repurchase program(39,997)
(9,906)
(79,992)
(29,932)Other financing1,078
729
(10,443)
(5,744) Cash flow used in financing activities(107,639)
(72,517)
(105,465)
(208,689)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,875)
(11,233)
127
(17,295)
(Decrease) increase in cash, cash equivalents and
restricted cash$ (4,935)
$ 10,127
$ 895
$ 16,689 MSA Safety IncorporatedSales by Product Group (Unaudited)(In thousands, except percentages)
Three Months Ended December 31, 2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
PercentDetection(a)
$ 217,299
43 %
$ 140,608
42 %
$ 76,691
44 %Fire Service(b)
174,898
34 %
120,025
36 %
54,873
31 %Industrial PPE and Other(c)
118,716
23 %
74,558
22 %
44,158
25 %Total
$ 510,913
100 %
$ 335,191
100 %
$ 175,722
100 %
Three Months Ended December 31, 2024
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
PercentDetection(a)
$ 169,578
34 %
$ 108,680
32 %
$ 60,898
37 %Fire Service(b)
216,206
43 %
155,008
46 %
61,198
38 %Industrial PPE and Other(c)
113,912
23 %
73,207
22 %
40,705
25 %Total
$ 499,696
100 %
$ 336,895
100 %
$ 162,801
100 %
Twelve Months Ended December 31, 2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
PercentDetection(a)
$ 763,393
41 %
$ 501,784
40 %
$ 261,609
43 %Fire Service(b)
647,474
34 %
446,245
35 %
201,229
33 %Industrial PPE and Other(c)
463,947
25 %
313,812
25 %
150,135
24 %Total
$ 1,874,814
100 %
$ 1,261,841
100 %
$ 612,973
100 %
Twelve Months Ended December 31, 2024
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
PercentDetection(a)
642,792
36 %
426,839
34 %
215,953
38 %Fire Service(b)
712,684
39 %
507,738
41 %
204,946
36 %Industrial PPE and Other(c)
452,664
25 %
312,064
25 %
140,600
26 %Total
$ 1,808,140
100 %
$ 1,246,641
100 %
$ 561,499
100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. MSA Safety IncorporatedReconciliation of GAAP to Non-GAAP Financial MeasuresOrganic revenue change (Unaudited)
Consolidated
Three Months Ended December 31, 2025
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change28 %(19) %4 %
2 %Currency translation effects(3) %(2) %(3) %
(2) %Less: Acquisitions(8) %— %— %
(3) %Organic sales change17 %(21) %1 %
(3) %
Twelve Months Ended December 31, 2025
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change19 %(9) %2 %
4 %Currency translation effects(1) %(1) %— %
(1) %Less: Acquisitions(6) %— %— %
(2) %Organic sales change12 %(10) %2 %
1 %
Americas Segment
Three Months Ended December 31, 2025
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change29 %(23) %2 %
(1) %Currency translation effects(2) %— %(3) %
(1) %Less: Acquisitions(3) %— %— %
(1) %Organic sales change24 %(23) %(1) %
(3) %
Twelve Months Ended December 31, 2025
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change18 %(12) %1 %
1 %Currency translation effects— %— %1 %
— %Less: Acquisitions(3) %— %— %
(1) %Organic sales change15 %(12) %2 %
— %
International Segment
Three Months Ended December 31, 2025
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change26 %(10) %8 %
8 %Currency translation effects(4) %(6) %(4) %
(5) %Less: Acquisitions(18) %— %— %
(6) %Organic sales change4 %(16) %4 %
(3) %
Twelve Months Ended December 31, 2025
Detection(a)Fire
Service(b)Industrial PPE
and Other(c)
Net SalesGAAP reported sales change21 %(2) %7 %
9 %Currency translation effects(3) %(3) %(3) %
(3) %Less: Acquisitions(13) %— %— %
(5) %Organic sales change5 %(5) %4 %
1 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International).(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.MSA Safety IncorporatedReconciliation of Non-GAAP Financial MeasuresAdjusted operating income (Unaudited)Adjusted EBITDA (Unaudited)(In thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Adjusted EBITDA $ 135,999
$ 134,642
$ 472,911
$ 469,431Less:
Depreciation and amortization14,076
14,484
58,313
55,159Adjusted operating income121,923
120,158
414,598
414,272Less:
Currency exchange losses (gains), net2,564
(1,077)
15,801
3,638 Acquisition-related amortization3,582
2,286
12,615
9,174 Restructuring charges1,427
653
3,897
6,397 Net cost for product related legal matter—
—
—
5,000 Transaction costs (a)465
652
10,467
886GAAP operating income113,885
117,644
371,818
389,177Less:
Interest expense8,431
7,333
31,799
36,889 Other income, net(7,794)
(6,503)
(26,379)
(22,718)Income before income taxes113,248
116,814
366,398
375,006Provision for income taxes26,315
28,868
87,474
90,039Net income$ 86,933
$ 87,946
$ 278,924
$ 284,967
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations.Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, acquisition-related amortization, net cost for product related legal matter and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, 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, 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 and net income determined on a GAAP basis in addition to these non-GAAP measures.MSA Safety IncorporatedReconciliation of Non-GAAP Financial MeasuresAdjusted earnings (Unaudited)Adjusted earnings per diluted share (Unaudited)(In thousands, except percentages and per share amounts)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
%
Change
2025
2024
%
Change
Net income$ 86,933
$ 87,946
(1) %
$ 278,924
$ 284,967
(2) %
Currency exchange losses (gains), net2,564
(1,077)
15,801
3,638
Restructuring charges1,427
653
3,897
6,397
Acquisition-related amortization3,582
2,286
12,615
9,174
Transaction costs (a)465
652
10,467
886
Asset related losses (gains)419
(141)
1,408
819
Pension settlement—
—
721
1,308
Net cost for product related legal matter—
—
—
5,000
Income tax expense on adjustments(2,019)
(1,277)
(11,904)
(7,689)
Adjusted earnings$ 93,371
$ 89,042
5 %
$ 311,929
$ 304,500
2 %
Adjusted earnings per diluted share$ 2.38
$ 2.25
6 %
$ 7.93
$ 7.70
3 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations.Management believes that adjusted earnings and adjusted diluted earnings per 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 IncorporatedReconciliation of Non-GAAP Financial MeasuresDebt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)(In thousands)
Twelve Months Ended December 31, 2025Operating income
$ 371,818Depreciation and amortization
58,313Currency exchange losses, net
15,801Restructuring charges
3,897Acquisition-related amortization
12,615Transaction costs (a)
10,467Adjusted EBITDA
$ 472,911
Total end-of-period debt
580,934
Debt to adjusted EBITDA
1.2
Total end-of-period debt
580,934Total end-of-period cash and cash equivalents
165,067Net debt
$ 415,867
Net debt to adjusted EBITDA
0.9
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations.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 Safety: MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technologies and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit 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. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures:This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends. The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above.
View original content to download multimedia:https://www.prnewswire.com/news-releases/msa-safety-announces-fourth-quarter-and-full-year-2025-results-302685683.htmlSOURCE MSA Safety
Original: MSA Safety Announces Fourth Quarter and Full-Year 2025 Results
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