MSA Safety Incorporated reports developments for a global safety equipment and technology business serving fire service, industrial, mining, oil and gas, utilities, contractor and critical-infrastructure markets. News commonly covers operating results across the Americas and International segments, demand for respiratory protection, fall protection, head protection, gas and flame detection systems, and fire and rescue equipment.
Company updates also include capital allocation actions such as dividends and share repurchases, product activity around firefighter protection and the G1 breathing apparatus platform, and material agreements tied to strategic M&A. Recurring disclosures frame MSA’s business around protecting workers and facility infrastructure through safety products, technologies and solutions.
MSA Safety Incorporated (NYSE: MSA) reported record quarterly sales of $443 million, reflecting an 8% increase year-over-year, with a 15.9% operating margin. Adjusted earnings reached $71 million or $1.80 per diluted share. For the full year, sales totaled $1.53 billion (up 9%), with GAAP earnings at $180 million, translating to $4.56 per diluted share. The company maintained strong cash flow, with free cash flow of $115 million. MSA's backlog supports growth potential in 2023, with expectations for mid-single-digit sales growth despite economic challenges.
MSA Safety Incorporated (NYSE: MSA) scheduled its fourth quarter and full year 2022 earnings conference call for February 16, 2023, at 10:00 a.m. ET. The call can be accessed via webcast on their investor relations website and will include an accompanying slide presentation. A press release detailing MSA's financial results will be released on February 15, 2023, after market closure. MSA, established in 1914, is a leader in safety product development and supply, generating approximately $1.4 billion in revenue in 2021, with a significant portion of sales coming from international markets.
MSA Safety Incorporated (NYSE: MSA) announced a first quarter dividend of 46 cents per share on common stock, payable March 10, 2023, to shareholders on record as of February 14, 2023. This decision follows a board meeting held on January 17. Additionally, a dividend of 56-1/4 cents per share on preferred stock will be paid on March 1, 2023, to shareholders recorded by the same date. With a revenue of $1.4 billion in 2021, MSA Safety is a leader in safety product manufacturing, catering to various industries globally.
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MSA Safety announced the divestiture of a subsidiary holding legacy product liability claims related to coal dust, asbestos, and silica, to a joint venture between R&Q Insurance Holdings and Obra Capital. MSA contributed $341 million in cash, while the joint venture added $35 million. This transaction simplifies MSA's balance sheet and eliminates associated liabilities, enhancing cash flow predictability and reducing business risk. MSA aims to focus on growth and profitability, supported by a strong balance sheet, with plans for near-term deleveraging. The transaction closed on January 5, 2023.
Seagate Technology has appointed Robert Bruggeworth to its Board of Directors effective November 9, 2022. He will also join the Audit and Finance Committee. Bruggeworth brings over 20 years of executive leadership experience, including his role as CEO of Qorvo. He has held senior positions at AMP and has served on various boards including MSA Safety and the Semiconductor Industry Association. His extensive experience in technology and leadership is expected to enhance Seagate's strategic direction.
MSA Safety Incorporated (NYSE: MSA) announced that CEO Nish Vartanian will present at Baird's 2022 Global Industrial Conference on November 8, 2022, at 5:05 p.m. ET. The presentation will last approximately 30 minutes and will be webcast live. Interested parties can access the webcast at investors.msasafety.com, with a replay available for 90 days afterward. MSA, a leader in safety products, reported revenues of $1.4 billion in 2021 and has a global presence in various industries, including oil, gas, and construction.
MSA Safety has declared a fourth quarter dividend of 46 cents per share on common stock, payable on December 10, 2022, to shareholders of record by November 15, 2022. Additionally, a dividend of 56-1/4 cents per share on preferred stock will be paid on December 1, 2022, to shareholders of record on November 15. MSA Safety reported 2021 revenues of $1.4 billion and employs approximately 4,800 people globally, with a significant portion of its revenues derived from international markets.
MSA Safety reported strong financial results for Q3 2022, with sales rising to $382 million—a 12% organic increase year-over-year and 16% growth in constant currency. GAAP operating income rose to $64 million (16.8% of sales), up from $32 million (9.5%) a year prior. Net income saw a significant jump to $44.9 million or $1.14 per diluted share. The company also showcased robust cash flow, totaling $64 million. Management highlights strong demand and record backlog despite supply chain challenges.