MSA Safety Announces Third Quarter 2026 Results

Quarterly free cash flow fell 32%, while nine-month free cash flow increased 14%.

Rhea-AI Summary

MSA Safety (NYSE: MSA) reported third-quarter 2026 net sales of $536.4 million, up 15% from the prior year. Organic sales rose 6%. GAAP net income fell 16% to $58.4 million, with diluted earnings per share down 15% to $1.51; the company attributed the earnings decline to Autronica acquisition costs. Adjusted diluted earnings per share rose 8% to $2.09.

GAAP operating income declined 6% to $88.2 million, and operating margin fell to 16.4% from 20.1%. Free cash flow decreased 32% to $68.2 million. MSA completed its $563 million acquisition of Autronica Fire and Security, net of cash acquired. Long-term debt, net, reached $1,088,108 thousand, versus $572,709 thousand at year-end 2025.

Americas sales increased 8%, while International sales rose 28%. MSA maintained its full-year sales outlook for low-double-digit reported growth. Nine-month net income rose 12% to $215.9 million.

34 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointAutronica Fire and Security acquisition completed for $563 million, net of cash acquired. 7.8% of market cap
• Moderate pointThird-quarter sales rose 15% to $536.4 million year over year, including 6% organic growth.
• Moderate pointThird-quarter adjusted operating income rose 11% to $114.9 million year over year.
• Moderate pointThird-quarter adjusted earnings rose 6% to $80.6 million year over year.
• Moderate pointThird-quarter adjusted EBITDA rose 10% to $130.7 million year over year.

29 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year sales outlook maintained at low-double-digit reported growth, as expected by MSA.
• Minor pointThird-quarter adjusted diluted earnings per share rose 8% to $2.09 year over year.
• Minor pointNine-month sales increased 10% to $1,503.4 million year over year.
• Minor pointNine-month GAAP net income rose 12% to $215.9 million year over year.
• Minor pointNine-month diluted earnings per share increased 14% to $5.57 year over year.
• Minor pointNine-month GAAP operating income rose 14% to $293.2 million year over year.
• Minor pointNine-month GAAP operating margin increased to 19.5% from 18.9% a year earlier.
• Minor pointNine-month adjusted earnings rose 15% to $251.2 million year over year.
• Minor pointNine-month adjusted diluted earnings per share rose 17% to $6.48 year over year.
• Minor pointNine-month adjusted operating income rose 15% to $337.2 million year over year.
• Minor pointNine-month adjusted operating margin increased to 22.4% from 21.5% a year earlier.
• Minor pointNine-month adjusted EBITDA rose 14% to $383.4 million year over year.
• Minor pointNine-month adjusted EBITDA margin increased to 25.5% from 24.7% a year earlier.
• Minor pointNine-month free cash flow increased 14% to $216.0 million year over year.
• Minor pointNine-month free cash flow conversion increased to 100% from 99% a year earlier.
• Minor pointAmericas sales rose 8% year over year in both the third quarter and nine-month period.
• Minor pointAmericas GAAP operating income rose 8% to $93.9 million quarterly and 16% to $295.8 million year to date.
• Minor pointAmericas GAAP operating margin reached 27.8% versus 27.7% quarterly; nine-month margin reached 29.4% versus 27.5%.
• Minor pointAmericas adjusted operating income rose 9% to $96.7 million quarterly and 17% to $303.9 million year to date.
• Minor pointAmericas adjusted operating margin reached 28.6% versus 28.3% quarterly; nine-month margin reached 30.2% versus 28.1%.
• Minor pointInternational sales increased 28% to $198.2 million quarterly and 14% to $498.5 million year to date.
• Minor pointInternational GAAP operating income rose 1% to $22.9 million quarterly and 11% to $58.3 million year to date.
• Minor pointInternational adjusted operating income rose 28% to $31.8 million quarterly and 12% to $71.4 million year to date.
• Minor pointInternational third-quarter adjusted operating margin increased to 16.1% from 16.0% a year earlier.
• Minor pointDetection quarterly sales increased to $233,935 thousand from $191,188 thousand a year earlier.
• Minor pointFire Service quarterly sales increased to $173,214 thousand from $158,654 thousand a year earlier.
• Minor pointIndustrial PPE and Other quarterly sales increased to $129,281 thousand from $118,603 thousand a year earlier.
• Minor pointALTAIR io 6 order marked MSA's largest MSA+ order to date.
• Minor pointCash and cash equivalents reached $187,248 thousand, versus $165,067 thousand at December 31, 2025.

Negative

• Moderate pointThird-quarter GAAP net income fell 16% to $58.4 million year over year.
• Moderate pointThird-quarter GAAP operating income fell 6% to $88.2 million year over year.
• Moderate pointThird-quarter free cash flow declined 32% to $68.2 million year over year.
• Moderate pointLong-term debt, net, increased to $1,088,108 thousand from $572,709 thousand at December 31, 2025.
• Minor pointThird-quarter diluted earnings per share declined 15% to $1.51 year over year.

12 minor points

• Minor pointThird-quarter GAAP operating margin declined to 16.4% from 20.1% a year earlier.
• Minor pointThird-quarter free cash flow conversion fell to 117% from 144% a year earlier.
• Minor pointThird-quarter adjusted operating margin declined to 21.4% from 22.1% a year earlier.
• Minor pointThird-quarter adjusted EBITDA margin declined to 24.4% from 25.4% a year earlier.
• Minor pointNotes payable and current long-term debt, net, rose to $33,098 thousand from $8,225 thousand at year-end 2025.
• Minor pointQuarterly interest expense increased to $13,759 thousand from $8,416 thousand a year earlier.
• Minor pointNine-month interest expense increased to $29,413 thousand from $23,368 thousand a year earlier.
• Minor pointInternational GAAP operating margin fell to 11.6% from 14.7% quarterly and 11.7% from 12.0% year to date.
• Minor pointInternational nine-month adjusted operating margin declined to 14.3% from 14.6% a year earlier.
• Minor pointQuarterly operating cash flow fell to $82,312 thousand from $112,462 thousand a year earlier.
• Minor pointQuarterly restructuring charges increased to $1,780 thousand from $58 thousand a year earlier.
• Minor pointNine-month restructuring charges increased to $6,318 thousand from $2,470 thousand a year earlier.

Key Figures

Net sales: $536 million; +15% GAAP and +6% organic year-over-year GAAP operating income: $88.2 million; down 6% year-over-year GAAP diluted EPS: $1.51; down 15% year-over-year +4 more

Net sales

$536 million; +15% GAAP and +6% organic year-over-year

Q3 2026

GAAP operating income

$88.2 million; down 6% year-over-year

Q3 2026

GAAP diluted EPS

$1.51; down 15% year-over-year

Q3 2026

Adjusted diluted EPS

$2.09; up 8% year-over-year

Q3 2026

Free cash flow

$68.2 million; down 32% year-over-year

Q3 2026

Autronica acquisition

$563 million, net of cash acquired

Completed in Q3 2026

Full-year sales outlook

Low-double-digit reported growth

Maintained

Previous Earnings Reports

1 past event · Latest: Oct 28

Same Type 1 event

1. Oct 28

   Q3 earnings

   24h Move

   +4.1%

   Q3 2025 reported net sales of $468.4 million and adjusted diluted EPS of $1.94.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, adjusted ebitda, diluted eps, free cash flow

4 terms

gaap financial

"15% GAAP increase and a 6% organic increase year-over-year"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

adjusted ebitda financial

"Non-GAAP Adjusted EBITDA"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

diluted eps financial

"$1.51 per diluted share"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

free cash flow financial

"Free cash flow | 68.2 | | 100.5"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Third Quarter 2026 Highlights

• Achieved quarterly net sales of $536 million, a 15% GAAP increase and a 6% organic increase year-over-year

• Generated GAAP operating income of $88 million, or 16.4% of sales, and adjusted operating income of $115 million, or 21.4% of sales

• Recorded GAAP net income of $58 million, or $1.51 per diluted share, a decrease from prior year due to Autronica acquisition costs, and adjusted earnings of $81 million, or $2.09 per diluted share, an increase of 8% year-over-year

• Completed the acquisition of Autronica Fire and Security for $563 million, net of cash acquired

PITTSBURGH, Nov. 2, 2026 /PRNewswire/ -- Global provider of advanced industrial safety technology products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the third quarter of 2026.

"The MSA team continued to advance our Accelerate strategy in the third quarter, delivering 15% sales growth," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We executed several strategic objectives, including closing the acquisition of Autronica Fire and Security, launching the G1 City Edition SCBA, and continuing momentum in MSA+ connected safety, with an ALTAIR io 6 order that marked our largest MSA+ order to date. Together, these actions strengthen our safety technology portfolio, reinforce our market leadership, and enhance our ability to deliver sustainable long-term growth," Mr. Blanco added.

Financial Highlights
	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share data and percentages)	2026		2025		% Change (a)		2026		2025		% Change (a)
Net Sales	$ 536.4		$ 468.4		15 %		$1,503.4		$1,363.9		10 %
GAAP
Operating income	88.2		94.3		(6) %		293.2		257.9		14 %
% of Net sales	16.4 %		20.1 %		(370) bps		19.5 %		18.9 %		60 bps
Net income	58.4		69.6		(16) %		215.9		192.0		12 %
Diluted EPS	1.51		1.77		(15) %		5.57		4.87		14 %
Non-GAAP
Adjusted EBITDA	$ 130.7		$ 118.9		10 %		$ 383.4		$ 336.9		14 %
% of Net sales	24.4 %		25.4 %		(100) bps		25.5 %		24.7 %		80 bps
Adjusted operating income	114.9		103.7		11 %		337.2		292.7		15 %
% of Net sales	21.4 %		22.1 %		(70) bps		22.4 %		21.5 %		90 bps
Adjusted earnings	80.6		76.2		6 %		251.2		218.6		15 %
Adjusted diluted EPS	2.09		1.94		8 %		6.48		5.55		17 %
Free cash flow	68.2		100.5		(32) %		216.0		189.4		14 %
Free cash flow conversion	117 %		144 %				100 %		99 %
Americas Segment
Net sales	$ 338.2		$ 313.3		8 %		$1,004.9		$ 926.6		8 %
GAAP operating income	93.9		86.7		8 %		295.8		254.5		16 %
% of Net sales	27.8 %		27.7 %		10 bps		29.4 %		27.5 %		190 bps
Adjusted operating income	96.7		88.7		9 %		303.9		260.7		17 %
% of Net sales	28.6 %		28.3 %		30 bps		30.2 %		28.1 %		210 bps
International Segment
Net sales	$ 198.2		$ 155.1		28 %		$ 498.5		$ 437.3		14 %
GAAP operating income	22.9		22.7		1 %		58.3		52.3		11 %
% of Net sales	11.6 %		14.7 %		(310) bps		11.7 %		12.0 %		(30) bps
Adjusted operating income	31.8		24.8		28 %		71.4		63.7		12 %
% of Net sales	16.1 %		16.0 %		10 bps		14.3 %		14.6 %		(30) bps
(a) Percentage change may not calculate exactly due to rounding.

"Our adjusted earnings per share increased by 8% and we continued to deliver strong free cash flow conversion. Our cash generation and disciplined capital allocation framework enabled the acquisition of Autronica Fire and Security and meaningful shareholder returns via dividends and share repurchases. With net leverage within our target range, we remain well positioned to pursue strategic growth opportunities. We are maintaining our full-year sales outlook of low-double-digit reported growth," stated Julie Beck, MSA Safety's Chief Financial Officer.

Conference Call
MSA Safety will host a conference call on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time to discuss its third 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net sales	$      536,430		$      468,445		$  1,503,389		$  1,363,900
Cost of products sold	292,199		250,829		790,287		732,179
Gross profit	244,231		217,616		713,102		631,721
Selling, general and administrative	132,377		102,852		354,133		308,895
Research and development	19,963		16,521		55,472		49,186
Restructuring charges	1,780		58		6,318		2,470
Currency exchange losses, net	1,876		3,875		3,971		13,237
Operating income	88,235		94,310		293,208		257,933
Interest expense	13,759		8,416		29,413		23,368
Other income, net	(7,478)		(6,562)		(22,538)		(18,585)
Total other expense, net	6,281		1,854		6,875		4,783
Income before income taxes	81,954		92,456		286,333		253,150
Provision for income taxes	23,558		22,843		70,474		61,159
Net income	$        58,396		$       69,613		$     215,859		$     191,991
Earnings per share attributable to common shareholders:
Basic	$           1.51		$           1.78		$          5.58		$          4.89
Diluted	$           1.51		$           1.77		$          5.57		$          4.87
Basic shares outstanding	38,564		39,168		38,681		39,253
Diluted shares outstanding	38,647		39,280		38,776		39,380

 

MSA Safety Incorporated Condensed Consolidated Balance Sheets (Unaudited) (In thousands)
	September 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$                      187,248		$               165,067
Trade receivables, net	374,211		306,452
Inventories	370,595		343,035
Other current assets	58,690		54,738
Total current assets	990,744		869,292
Property, plant and equipment, net	282,269		283,063
Prepaid pension cost	297,101		279,450
Goodwill	1,044,108		731,592
Intangible assets, net	558,574		299,127
Other noncurrent assets	105,516		91,850
Total assets	$                    3,278,312		$            2,554,374
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net	$                        33,098		$                  8,225
Accounts payable	145,800		110,775
Other current liabilities	194,800		170,211
Total current liabilities	373,698		289,211
Long-term debt, net	1,088,108		572,709
Pensions and other employee benefits	139,464		143,834
Deferred tax liabilities	172,328		127,540
Other noncurrent liabilities	70,727		54,068
Total shareholders' equity	1,433,987		1,367,012
Total liabilities and shareholders' equity	$                    3,278,312		$            2,554,374

 

MSA Safety Incorporated Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$        58,396		$       69,613		$     215,859		$     191,991
Depreciation and amortization	23,009		18,585		60,683		52,935
Change in working capital and other operating	907		24,264		(23,167)		(3,413)
Cash flow from operating activities	82,312		112,462		253,375		241,513
Acquisitions, net of cash acquired	(563,087)		—		(563,087)		(187,774)
Capital expenditures	(14,128)		(11,986)		(37,388)		(52,104)
Property disposals and other investing	—		—		36		19
Cash flow used in investing activities	(577,215)		(11,986)		(600,439)		(239,859)
Change in debt	521,698		(49,892)		542,458		115,328
Cash dividends paid	(20,834)		(20,757)		(62,248)		(61,638)
Company stock purchases under repurchase program	(12,683)		—		(88,809)		(39,995)
Other financing	(224)		(1,156)		(9,392)		(11,521)
Cash flow (used in) from financing activities	487,957		(71,805)		382,009		2,174
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,900)		(5,690)		(12,477)		2,002
Change in cash, cash equivalents and restricted cash	$       (12,846)		$       22,981		$      22,468		$        5,830

 

MSA Safety Incorporated Sales by Product Group (Unaudited) (In thousands, except percentages)
Three Months Ended September 30, 2026		Consolidated				Americas				International
		Dollars		Percent		Dollars		Percent		Dollars		Percent
Detection(a)		$  233,935		44 %		$ 130,107		38 %		$ 103,828		52 %
Fire Service(b)		173,214		32 %		119,179		35 %		54,035		27 %
Industrial PPE and Other(c)		129,281		24 %		88,960		27 %		40,321		21 %
Total		$  536,430		100 %		$ 338,246		100 %		$ 198,184		100 %
Three Months Ended September 30, 2025		Consolidated				Americas				International
		Dollars		Percent		Dollars		Percent		Dollars		Percent
Detection(a)		$  191,188		41 %		$ 124,111		40 %		$  67,077		43 %
Fire Service(b)		158,654		34 %		109,497		35 %		49,157		32 %
Industrial PPE and Other(c)		118,603		25 %		79,742		25 %		38,861		25 %
Total		$  468,445		100 %		$ 313,350		100 %		$ 155,095		100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the Autronica Fire and Security acquisition from July 9, 2026 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.

 

Nine Months Ended September 30, 2026		Consolidated				Americas				International
		Dollars		Percent		Dollars		Percent		Dollars		Percent
Detection(a)		$  616,154		41 %		$  392,710		39 %		$ 223,444		45 %
Fire Service(b)		494,378		33 %		343,514		34 %		150,864		30 %
Industrial PPE and Other(c)		392,857		26 %		268,711		27 %		124,146		25 %
Total		$1,503,389		100 %		$1,004,935		100 %		$ 498,454		100 %
Nine Months Ended September 30, 2025		Consolidated				Americas				International
		Dollars		Percent		Dollars		Percent		Dollars		Percent
Detection(a)		$  546,094		40 %		$  361,176		39 %		$ 184,918		42 %
Fire Service(b)		472,576		35 %		326,220		35 %		146,356		33 %
Industrial PPE and Other(c)		345,230		25 %		239,253		26 %		105,977		25 %
Total		$1,363,900		100 %		$  926,649		100 %		$ 437,251		100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the M&C TechGroup acquisition from May 6, 2025, onward (Americas and International) and sales from the Autronica Fire and Security acquisition from July 9, 2026 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 September 30, 2026
	Detection(a)	Fire Service(b)	Industrial PPE and Other(c)		Net Sales
GAAP reported sales change	22 %	9 %	9 %		15 %
Currency translation effects	— %	— %	(2) %		(1) %
Less: Acquisitions	(20) %	— %	— %		(8) %
Organic sales change	2 %	9 %	7 %		6 %
	Nine Months Ended September 30, 2026
	Detection(a)	Fire Service(b)	Industrial PPE and Other(c)		Net Sales
GAAP reported sales change	13 %	5 %	14 %		10 %
Currency translation effects	(1) %	(2) %	(4) %		(2) %
Less: Acquisitions	(11) %	— %	— %		(4) %
Organic sales change	1 %	3 %	10 %		4 %

 

Americas Segment
	Three Months Ended September 30, 2026
	Detection(a)	Fire Service(b)	Industrial PPE and Other(c)		Net Sales
GAAP reported sales change	5 %	9 %	12 %		8 %
Currency translation effects	— %	— %	(3) %		(1) %
Less: Acquisitions	(1) %	— %	— %		— %
Organic sales change	4 %	9 %	9 %		7 %
	Nine months ended September 30, 2026
	Detection(a)	Fire Service(b)	Industrial PPE and Other(c)		Net Sales
GAAP reported sales change	9 %	5 %	12 %		8 %
Currency translation effects	(1) %	— %	(3) %		(1) %
Less: Acquisitions	(2) %	— %	— %		(1) %
Organic sales change	6 %	5 %	9 %		6 %

 

International Segment
	Three Months Ended September 30, 2026
	Detection(a)	Fire Service(b)	Industrial PPE and Other(c)		Net Sales
GAAP reported sales change	55 %	10 %	4 %		28 %
Currency translation effects	— %	— %	(1) %		— %
Less: Acquisitions	(59) %	— %	— %		(26) %
Organic sales change	(4) %	10 %	3 %		2 %
	Nine months ended September 30, 2026
	Detection(a)	Fire Service(b)	Industrial PPE and Other(c)		Net Sales
GAAP reported sales change	21 %	3 %	17 %		14 %
Currency translation effects	(2) %	(4) %	(4) %		(3) %
Less: Acquisitions	(29) %	— %	— %		(12) %
Organic sales change	(10) %	(1) %	13 %		(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 Incorporated Reconciliation of Non-GAAP Financial Measures Adjusted operating income (Unaudited) Adjusted EBITDA (Unaudited) (In thousands)
	Three Months Ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Adjusted EBITDA from reportable segments	$ 144,278		$ 128,487		$ 421,559		$ 367,651
Less:
Depreciation and amortization	15,784		14,973		46,252		43,258
Adjusted operating income from reportable segments	128,494		113,514		375,307		324,393
Less:
Corporate expenses	13,564		9,773		38,138		31,718
Adjusted operating income	114,930		103,741		337,169		292,675
Less:
Currency exchange losses, net	1,876		3,875		3,971		13,237
Restructuring charges	1,780		58		6,318		2,470
Acquisition-related amortization	8,072		3,595		14,841		9,033
Transaction and digital transformation costs (a)	14,967		1,903		18,831		10,002
GAAP operating income	88,235		94,310		293,208		257,933
Less:
Interest expense	13,759		8,416		29,413		23,368
Other income, net	(7,478)		(6,562)		(22,538)		(18,585)
Income before income taxes	81,954		92,456		286,333		253,150
Provision for income taxes	23,558		22,843		70,474		61,159
Net income	$   58,396		$   69,613		$ 215,859		$ 191,991
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. 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 and digital transformation 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 Incorporated Reconciliation of Non-GAAP Financial Measures Adjusted earnings (Unaudited) Adjusted diluted earnings per share (Unaudited) (In thousands, except per share amounts and percentages)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2026		2025		% Change		2026		2025		% Change
Net income	$ 58,396		$ 69,613		(16) %		$215,859		$191,991		12 %
Currency exchange losses, net	1,876		3,875				3,971		13,237
Restructuring charges	1,780		58				6,318		2,470
Acquisition-related amortization	8,072		3,595				14,841		9,033
Transaction and digital transformation costs (a)	14,967		1,903				18,831		10,002
Asset related losses	249		97				637		989
Pension settlement	—		—				—		721
Income tax expense on adjustments	(4,693)		(2,949)				(9,301)		(9,885)
Adjusted earnings	$ 80,647		$ 76,192		6 %		$251,156		$218,558		15 %
Adjusted diluted earnings per share	$     2.09		$     1.94		8 %		$     6.48		$     5.55		17 %
Diluted shares outstanding	38,647		39,280				38,776		39,380
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. 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 Incorporated Reconciliation of Non-GAAP Financial Measures Free Cash Flow (Unaudited) (In thousands, except percentages)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Cash flow from operating activities		$        82,312		$     112,462		$  253,375		$  241,513
Capital expenditures		(14,128)		(11,986)		(37,388)		(52,104)
Free cash flow		$        68,184		$     100,476		$  215,987		$  189,409
Net Income		$        58,396		$       69,613		$  215,859		$  191,991
Free cash flow conversion		117 %		144 %		100 %		99 %

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. 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.

MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited) (In thousands)
		Twelve Months Ended September 30,
		2026
Operating income		$                     407,093
Depreciation and amortization		60,328
Currency exchange losses, net		6,535
Restructuring charges		7,745
Acquisition-related amortization		18,423
Transaction and digital transformation costs (a)		19,296
Autronica estimated adjusted EBITDA contribution (b)		24,000
Adjusted EBITDA		$                     543,420
Total end-of-period debt		1,121,206
Debt to adjusted EBITDA		2.1
Total end-of-period debt		$                  1,121,206
Total end-of-period cash and cash equivalents		187,248
Net debt		$                     933,958
Net debt to adjusted EBITDA		1.7

(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.

(b) Adjusted EBITDA includes Autronica estimates for nine months preceding MSA's ownership.  The estimate was developed using information disclosed in MSA's Form 8-K filed on May 5, 2026. Pro forma Adjusted EBITDA is derived from Autronica's estimated 2025 revenue of approximately $160 million and estimated Adjusted EBITDA margin of approximately 20%. These amounts are unaudited and based on preliminary estimates.

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 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-third-quarter-2026-results-302926898.html

SOURCE MSA Safety

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MSA Safety's third-quarter 2026 earnings and sales?

MSA Safety reported sales of $536.4 million and GAAP diluted earnings per share of $1.51. Sales increased 15% year over year, while GAAP diluted earnings per share declined 15%. Adjusted diluted earnings per share increased 8% to $2.09.

What is MSA Safety's full-year 2026 sales outlook?

MSA Safety maintained its expectation for low-double-digit reported sales growth for the full year.

When did MSA Safety begin including Autronica sales in its results?

Autronica Fire and Security sales are included from July 9, 2026 onward. They are reported within the Detection product group in both the Americas and International segments.