MSA Safety Inc. Reports Q2 2024 Results

TL;DR

MSA Safety Q2 2024 sales hit $1.01B for H1. Filing out 7/25.

AI Summary

MSA Safety Inc. reported its Q2 2024 results, with net sales for the six months ended June 30, 2024, reaching $1.01 billion. The company's filing on July 25, 2024, also details financial performance for the quarter ended June 30, 2024, and comparative periods. Specific figures for the three months ended June 30, 2024, and June 30, 2023, are also provided.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for MSA Safety Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $1.01B — Net Sales (H1 2024) (Represents total revenue for the first half of 2024.)
• 20240630 — End of Reporting Period (The date up to which financial information is reported.)
• 20240725 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• MSA Safety Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• 20240725 (date) — Filing date of the 10-Q
• $1.01 billion (dollar_amount) — Net sales for the six months ended June 30, 2024

FAQ

Filing Documents

• msa-20240630.htm (10-Q) — 1245KB
• ex311-q22024.htm (EX-31.1) — 9KB
• ex312-q22024.htm (EX-31.2) — 9KB
• ex32-q22024.htm (EX-32) — 6KB
• msa-20240630_g1.jpg (GRAPHIC) — 6KB
• 0000066570-24-000037.txt ( ) — 7996KB
• msa-20240630.xsd (EX-101.SCH) — 53KB
• msa-20240630_cal.xml (EX-101.CAL) — 72KB
• msa-20240630_def.xml (EX-101.DEF) — 273KB
• msa-20240630_lab.xml (EX-101.LAB) — 680KB
• msa-20240630_pre.xml (EX-101.PRE) — 486KB
• msa-20240630_htm.xml (XML) — 1351KB

Signatures

Signatures 35 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MSA SAFETY INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share values) 2024 2023 2024 2023 Net sales $ 462,463 $ 447,299 $ 875,765 $ 845,561 Cost of products sold 239,434 233,503 457,205 450,367 Gross profit 223,029 213,796 418,560 395,194 Selling, general and administrative 105,075 96,336 199,226 187,427 Research and development 17,070 15,992 32,988 31,224 Restructuring charges (Note 3) 1,543 3,350 4,560 5,097 Currency exchange (gains) losses, net ( 603 ) 3,110 1,730 7,285 Loss on divestiture of MSA LLC (Note 17) — — — 129,211 Product liability expense (Note 17) — — — 3 Operating income 99,944 95,008 180,056 34,947 Interest expense 9,664 13,175 20,403 24,651 Other income, net ( 4,148 ) ( 5,650 ) ( 10,382 ) ( 9,450 ) Total other expense, net 5,516 7,525 10,021 15,201 Income before income taxes 94,428 87,483 170,035 19,746 Provision for income taxes (Note 10) 22,194 20,393 39,662 102,829 Net income (loss) $ 72,234 $ 67,090 $ 130,373 $ ( 83,083 ) Earnings (loss) per share attributable to common shareholders (Note 9): Basic $ 1.83 $ 1.71 $ 3.31 $ ( 2.12 ) Diluted $ 1.83 $ 1.70 $ 3.30 $ ( 2.12 ) Dividends per common share $ 0.51 $ 0.47 $ 0.98 $ 0.93 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. -3- Table of Contents MSA SAFETY INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Unaudited Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net income (loss) $ 72,234 $ 67,090 $ 130,373 $ ( 83,083 ) Other comprehensive (loss) gain, net of tax: Foreign currency translation adjustments (Note 6) ( 8,822 ) 5,039 ( 19,495 ) 16,233 Pension and post-retirement plan adjustments, net of tax (Note 6) 2,022 115 2,396 554 Unrealized gain on available-for-sale securities (Note 6) — — —

View Full Filing

View this 10-Q filing on SEC EDGAR