Spain Brazil Russia France Germany China Korea Japan

Artificial Intelligence driven Marketing Communications

Feb 20, 2020 1:00 AM ET

MSA Safety Announces Fourth Quarter and Full Year 2019 Results


MSA Safety Announces Fourth Quarter and Full Year 2019 Results

iCrowd Newswire - Feb 20, 2020

PITTSBURGH,– Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the fourth quarter and full year of 2019.

Quarterly Highlights

Annual Highlights

Comments from Management

“MSA delivered record revenue in the fourth quarter, realized strong returns on previously completed restructuring programs, and drove substantial improvements in working capital,” commented Nish Vartanian, MSA President and CEO.  “For the full year, we achieved mid-single digit revenue growth, incremental margins of more than 35 percent, and healthy levels of cash flow while continuing to invest heavily in our business.” Mr. Vartanian added that MSA’s book-to-bill ratio exceeded 100 percent in the fourth quarter, providing a healthy backlog to start 2020.

The company’s fourth quarter results include a $3 million or 26 percent increase in R&D expense as it continued to invest in and launch a significant number of new products.  Among these was the launch of the company’s ALTAIR io 360 gas detector earlier this month.  Combining many of the capabilities of a fixed gas monitoring system with the wireless convenience of a hand-held detector, the ALTAIR io 360 enables connected work-sites while expanding MSA’s addressable market into the area-monitoring space.

MSA also continues to advance the development of its connected firefighter platform powered by LUNAR, a wireless, hand-held device that provides thermal imaging capability, firefighter ranging, and motionless alarm through the use of cloud technology. LUNAR is expected to launch in the second half of 2020. Mr. Vartanian noted that for the quarter, more than 40 percent of MSA’s total sales were from products introduced within the past five years.

The company continues to make progress against its goal to improve profitability in its International business segment. “Our team has been highly focused on driving growth in select markets, optimizing our go-to-market strategy, and rationalizing our cost structure. It is encouraging to see the returns of these strategic programs coming through in the quarter,” Mr. Vartanian commented.  The company’s International segment adjusted operating margin increased by 160 basis points in the fourth quarter of 2019.

“With a robust new product development pipeline and a strong balance sheet, we remain well positioned to continue investing in the growth programs, talent and technologies that create value for our shareholders and advance our mission of protecting workers’ lives around the world,” Mr. Vartanian concluded.

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)

 
 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

               

Net sales

$

375,255

   

$

361,784

   

$

1,401,981

   

$

1,358,104

 

Cost of products sold

208,410

   

199,397

   

765,369

   

746,241

 

Gross profit

166,845

   

162,387

   

636,612

   

611,863

 
               

Selling, general and administrative

85,165

   

84,558

   

330,502

   

324,784

 

Research and development

16,366

   

12,944

   

57,848

   

52,696

 

Restructuring charges

2,643

   

3,024

   

13,846

   

13,247

 

Currency exchange losses (gains), net (a)

2,476

   

(241)

   

19,814

   

2,330

 

Product liability and other operating expense

20,217

   

19,858

   

28,372

   

45,327

 

Operating income

39,978

   

42,244

   

186,230

   

173,479

 
               

Interest expense

2,500

   

4,427

   

13,589

   

18,881

 

Loss on extinguishment of debt

   

   

   

1,494

 

Other income, net

(2,244)

   

(939)

   

(11,094)

   

(9,231)

 

Total other expense, net

256

   

3,488

   

2,495

   

11,144

 
               

Income before income taxes

39,722

   

38,756

   

183,735

   

162,335

 

Provision for income taxes

8,173

   

13,614

   

46,086

   

37,220

 

Net income

31,549

   

25,142

   

137,649

   

125,115

 

Net income attributable to noncontrolling interests

(387)

   

(259)

   

(1,209)

   

(965)

 

Net income attributable to MSA Safety Incorporated

$

31,162

   

$

24,883

   

$

136,440

   

$

124,150

 
               

Earnings per share attributable to MSA Safety
Incorporated common shareholders:

             

Basic

$

0.80

   

$

0.65

   

$

3.52

   

$

3.23

 

Diluted

$

0.79

   

$

0.64

   

$

3.48

   

$

3.18

 
               

Basic shares outstanding

38,762

   

38,465

   

38,653

   

38,362

 

Diluted shares outstanding

39,366

   

39,104

   

39,189

   

38,961

 
 

(a) Year-to-date currency exchange losses 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)

 
 

December 31, 2019

 

December 31, 2018

Assets

     

Cash and cash equivalents

$

152,195

   

$

140,095

 

Trade receivables, net

255,082

   

245,032

 

Inventories

185,027

   

156,602

 

Notes receivable, insurance companies

3,676

   

3,555

 

Other current assets

97,383

   

111,339

 

    Total current assets

693,363

   

656,623

 
       

Property, plant and equipment, net

167,038

   

157,940

 

Operating lease assets, net

51,675

   

 

Prepaid pension cost

75,066

   

57,568

 

Goodwill

436,679

   

413,640

 

Notes receivable, insurance companies, noncurrent

52,336

   

56,012

 

Insurance receivable, noncurrent

56,169

   

56,866

 

Other noncurrent assets

207,367

   

209,363

 

   Total assets

$

1,739,693

   

$

1,608,012

 
       

Liabilities and shareholders’ equity

     

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

$

20,000

   

$

20,063

 

Accounts payable

89,120

   

78,367

 

Other current liabilities

168,389

   

183,630

 

   Total current liabilities

277,509

   

282,060

 
       

Long-term debt, net

328,394

   

341,311

 

Pensions and other employee benefits

186,697

   

166,101

 

Noncurrent operating lease liabilities

42,632

   

 

Deferred tax liabilities

9,787

   

7,164

 

Product liability and other noncurrent liabilities

162,101

   

171,857

 

Total shareholders’ equity

732,573

   

639,519

 

   Total liabilities and shareholders’ equity

$

1,739,693

   

$

1,608,012

 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)

 
 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

               

Net income

$

31,549

   

$

25,142

   

$

137,649

   

$

125,115

 

Depreciation and amortization

9,681

   

9,267

   

38,020

   

37,852

 

Change in working capital and other operating

35,482

   

43,281

   

(10,707)

   

100,920

 

  Cash flow from operating activities

76,712

   

77,690

   

164,962

   

263,887

 
               

Capital expenditures

(13,081)

   

(15,340)

   

(36,604)

   

(33,960)

 

Acquisition, net of cash acquired

   

   

(33,196)

   

 

Change in short-term investments

22,614

   

2,068

   

5,425

   

(55,022)

 

Property disposals

95

   

586

   

218

   

4,587

 

  Cash flow from (used in) investing activities

9,628

   

(12,686)

   

(64,157)

   

(84,395)

 
               

Change in debt

(29,502)

   

(26,941)

   

(16,565)

   

(107,616)

 

Cash dividends paid

(16,308)

   

(14,643)

   

(63,523)

   

(57,248)

 

Other financing

2,019

   

2,170

   

(4,536)

   

1,595

 

  Cash flow used in financing activities

(43,791)

   

(39,414)

   

(84,624)

   

(163,269)

 
               

Effect of exchange rate changes on cash,

cash equivalents and restricted cash

1,136

   

(3,556)

   

(4,242)

   

(13,508)

 
               

Increase in cash, cash equivalents and restricted
cash

$

43,685

   

$

22,034

   

$

11,939

   

$

2,715

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)

 
 

Americas

 

International

 

Corporate

 

Consolidated

Three Months Ended December 31, 2019

             

Sales to external customers

$

235,419

   

$

139,836

   

$

   

$

375,255

 

Operating income

           

39,978

 

Operating margin %

           

10.7

%

Restructuring charges

           

2,643

 

Currency exchange losses, net

           

2,476

 

Product liability expense

           

18,464

 

Strategic transaction costs

           

1,463

 

Adjusted operating income (loss)

55,133

   

20,022

   

(10,131)

   

65,024

 

Adjusted operating margin %

23.4

%

 

14.3

%

     

17.3

%

Depreciation and amortization

           

9,681

 

Adjusted EBITDA

61,203

   

23,535

   

(10,033)

   

74,705

 

Adjusted EBITDA %

26.0

%

 

16.8

%

     

19.9

%

               

Three Months Ended December 31, 2018

             

Sales to external customers

$

220,475

   

$

141,309

   

$

   

$

361,784

 

Operating income

           

42,244

 

Operating margin %

           

11.7

%

Restructuring charges

           

3,024

 

Currency exchange gains, net

           

(241)

 

Product liability expense

           

19,858

 

Strategic transaction costs

           

213

 

Adjusted operating income (loss)

55,383

   

17,906

   

(8,191)

   

65,098

 

Adjusted operating margin %

25.1

%

 

12.7

%

     

18.0

%

Depreciation and amortization

           

9,267

 

Adjusted EBITDA

61,291

   

21,168

   

(8,094)

   

74,365

 

Adjusted EBITDA %

27.8

%

 

15.0

%

     

20.6

%

 
 

Americas

 

International

 

Corporate

 

Consolidated

Twelve Months Ended December 31, 2019

             

Sales to external customers

$

915,118

   

$

486,863

   

$

   

$

1,401,981

 

Operating income

           

186,230

 

Operating margin %

           

13.3

%

Restructuring charges

           

13,846

 

Currency exchange losses, net

           

19,814

 

Product liability expense

           

26,619

 

Strategic transaction costs

           

4,400

 

Adjusted operating income (loss)

226,596

   

59,910

   

(35,597)

   

250,909

 

Adjusted operating margin %

24.8

%

 

12.3

%

     

17.9

%

Depreciation and amortization

           

38,020

 

Adjusted EBITDA

251,287

   

72,848

   

(35,206)

   

288,929

 

Adjusted EBITDA %

27.5

%

 

15.0

%

     

20.6

%

               

Twelve Months Ended December 31, 2018

             

Sales to external customers

$

854,287

   

$

503,817

   

$

   

$

1,358,104

 

Operating income

           

173,479

 

Operating margin %

           

12.8

%

Restructuring charges

           

13,247

 

Currency exchange losses, net

           

2,330

 

Product liability expense

           

45,327

 

Strategic transaction costs

           

421

 

Adjusted operating income (loss)

206,839

   

59,866

   

(31,901)

   

234,804

 

Adjusted operating margin %

24.2

%

 

11.9

%

     

17.3

%

Depreciation and amortization

           

37,852

 

Adjusted EBITDA

230,982

   

73,169

   

(31,495)

   

272,656

 

Adjusted EBITDA %

27.0

%

 

14.5

%

     

20.1

%

 

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

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)

 

Consolidated

 
 

Three Months Ended December 31, 2019

 

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

%

%

(5)

%

3

%

18

%

(1)

%

4

%

 

%

 

4

%

Plus: Currency
translation effects

%

1

%

1

%

1

%

1

%

%

1

%

 

1

%

 

1

%

Constant currency sales change

1

%

1

%

(4)

%

4

%

19

%

(1)

%

5

%

 

1

%

 

5

%

 
 

Twelve Months Ended December 31, 2019

 

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)

%

5

%

(1)

%

4

%

12

%

15

%

4

%

 

(5)

%

 

3

%

Plus: Currency translation effects

1

%

1

%

2

%

2

%

2

%

3

%

2

%

 

3

%

 

2

%

Constant currency sales change

(1)

%

6

%

1

%

6

%

14

%

18

%

6

%

 

(2)

%

 

5

%

 

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 December 31, 2019

 

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

8

%

(3)

%

(5)

%

5

%

23

%

18

%

8

%

 

(1)

%

 

7

%

Plus: Currency
translation effects

%

%

1

%

1

%

%

1

%

%

 

%

 

%

Constant currency sales change

8

%

(3)

%

(4)

%

6

%

23

%

19

%

8

%

 

(1)

%

 

7

%

 
 

Twelve Months Ended December 31, 2019

 

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

%

(2)

%

4

%

18

%

27

%

7

%

 

6

%

 

7

%

Plus: Currency translation effects

%

%

2

%

1

%

%

2

%

1

%

 

1

%

 

1

%

Constant currency sales change

3

%

4

%

%

5

%

18

%

29

%

8

%

 

7

%

 

8

%

 

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 December 31, 2019

 

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

(12)

%

13

%

(6)

%

%

14

%

(22)

%

(1)

%

 

%

 

(1)

%

Plus: Currency
translation effects

1

%

4

%

1

%

1

%

2

%

%

1

%

 

3

%

 

2

%

Constant currency sales change

(11)

%

17

%

(5)

%

1

%

16

%

(22)

%

%

 

3

%

 

1

%

 
 

Twelve Months Ended December 31, 2019

 

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

(12)

%

9

%

3

%

2

%

5

%

(1)

%

(1)

%

 

(15)

%

 

(3)

%

Plus: Currency translation effects

4

%

6

%

4

%

5

%

5

%

4

%

4

%

 

4

%

 

4

%

Constant currency sales change

(8)

%

15

%

7

%

7

%

10

%

3

%

3

%

 

(11)

%

 

1

%

 

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 December 31, 2019

 

Consolidated

 

Americas

 

International

Fixed Gas and Flame Detection

19

%

 

23

%

 

16

%

Portable Gas Detection

4

%

 

6

%

 

1

%

Breathing Apparatus

1

%

 

8

%

 

(11)

%

Firefighter Helmets and Protective Apparel

1

%

 

(3)

%

 

17

%

Fall Protection

(1)

%

 

19

%

 

(22)

%

Industrial Head Protection

(4)

%

 

(4)

%

 

(5)

%

Core Sales

5

%

 

8

%

 

%

           

Non-Core Sales

1

%

 

(1)

%

 

3

%

           

Net Sales

5

%

 

7

%

 

1

%

   
 

Twelve Months Ended December 31, 2019

 

Consolidated

 

Americas

 

International

Fixed Gas and Flame Detection

14

%

 

18

%

 

10

%

Portable Gas Detection

6

%

 

5

%

 

7

%

Breathing Apparatus

(1)

%

 

3

%

 

(8)

%

Firefighter Helmets and Protective Apparel

6

%

 

4

%

 

15

%

Fall Protection

18

%

 

29

%

 

3

%

Industrial Head Protection

1

%

 

%

 

7

%

Core Sales

6

%

 

8

%

 

3

%

           

Non-Core Sales

(2)

%

 

7

%

 

(11)

%

           

Net Sales

5

%

 

8

%

 

1

%

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 December 31,

     

Twelve Months
Ended December 31,

   
 

2019

 

2018

 

%
Change

 

2019

 

2018

 

%
Change

                       

Net income attributable to MSA Safety
Incorporated

$

31,162

   

$

24,883

   

25%

 

$

136,440

   

$

124,150

   

10%

Tax charges associated with U.S. Tax
Reform

   

4,475

       

   

2,518

     

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

   

       

15,359

   

     

Tax charges associated with
restructuring activities

584

   

1,794

       

584

   

1,794

     

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

(98)

   

(225)

       

(2,278)

   

(2,531)

     

Subtotal

31,648

   

30,927

   

2%

 

150,105

   

125,931

   

19%

                       

Product liability expense

18,464

   

19,858

       

26,619

   

45,327

     

Restructuring charges

2,643

   

3,024

       

13,846

   

13,247

     

Strategic transaction costs

1,463

   

213

       

4,400

   

421

     

Currency exchange losses (gains), net

2,476

   

(241)

       

4,455

   

2,330

     

Loss on extinguishment of debt

   

       

   

1,494

     

Asset related losses, net

100

   

68

       

371

   

484

     

Income tax expense on adjustments

(5,914)

   

(4,155)

       

(11,826)

   

(13,800)

     

Adjusted earnings

$

50,880

   

$

49,694

   

2%

 

$

187,970

   

$

175,434

   

7%

                       

Adjusted earnings per diluted share

$

1.29

   

$

1.27

   

2%

 

$

4.80

   

$

4.50

   

7%

(a) Included in Currency exchange losses (gains), net on the 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

Free cash flow (Unaudited)

(In thousands, except percentages)

 
 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2019

 

2018

 

2019

 

2018

               

Cash flow from operating activities

$

76,712

   

$

77,690

   

$

164,962

   

$

263,887

 

Capital expenditures

(13,081)

   

(15,340)

   

(36,604)

   

(33,960)

 
               

Free cash flow

$

63,631

   

$

62,350

   

$

128,358

   

$

229,927

 
               

Net income attributable to MSA Safety
Incorporated

$

31,162

   

$

24,883

   

$

136,440

   

$

124,150

 
               

Free cash flow conversion

204%

 

251%

 

94%

 

185%

 

Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA’s business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company’s ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income attributable to MSA. There can be no assurances that MSA’s definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.

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 $1.40 billion, MSA employs approximately 4,800 people worldwide.  The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United StatesEuropeAsia 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, 2019. 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, adjusted earnings per diluted share and free cash flow. 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.

Contact Information:

MSA Safety








Tags:    Profitwire, Wire, United States, English