STOCK TITAN
  1. Home
  2. Sec-filings
  3. MSA
  4. [8-K] MSA Safety Inc Reports Material Event

MSA Safety (NYSE: MSA) Q2 EPS climbs to $2.23 on 6% sales growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

MSA Safety Incorporated reported solid second-quarter 2026 results, with net sales of $503.3 million, up 6% year-over-year and 3% on an organic basis. GAAP operating income rose to $112.0 million, a 22.2% margin, while adjusted operating income was $121.1 million, or 24.1% of sales. GAAP net income increased to $86.2 million, and diluted EPS grew to $2.23 from $1.59, a 40% increase. Adjusted earnings were $93.1 million with adjusted diluted EPS of $2.40, up 24%.

The company generated $82.7 million of free cash flow, up 118%, with 96% free cash flow conversion. MSA returned $47 million to shareholders via $26 million of share repurchases and $21 million of dividends and increased its annual dividend for the 56th consecutive year. It announced the approximately $555 million acquisition of Autronica Fire and Security, which closed in July, leaving a net leverage ratio of 0.8x at quarter end and pro forma net leverage of about 1.8x. Management’s full-year outlook calls for low-double-digit total revenue growth, driven by mid-single-digit organic growth, a similar contribution from acquisitions, and a low-single-digit foreign exchange tailwind.

Positive

  • Diluted EPS rose 40% to $2.23 on 6% net sales growth and higher margins, while adjusted diluted EPS increased 24% to $2.40, indicating strong earnings leverage.
  • Free cash flow more than doubled to $82.7 million, a 118% increase year-over-year, with 96% free cash flow conversion and $47 million returned to shareholders via dividends and buybacks.
  • Balance sheet remains conservative with a net leverage ratio of 0.8x and net debt to adjusted EBITDA of 0.8x, even after agreeing to a roughly $555 million Autronica acquisition.

Negative

  • None.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net sales Q2 2026 $503.3 million Three months ended June 30, 2026; up 6% year-over-year
GAAP net income Q2 2026 $86.2 million Three months ended June 30, 2026; up 37% year-over-year
Diluted EPS Q2 2026 $2.23 Three months ended June 30, 2026; 40% increase from $1.59
Adjusted diluted EPS Q2 2026 $2.40 Three months ended June 30, 2026; up 24% year-over-year
Free cash flow Q2 2026 $82.7 million Three months ended June 30, 2026; 118% increase year-over-year
Autronica acquisition price approximately $555 million Acquisition of Autronica Fire and Security, closed in July 2026
Net leverage ratio 0.8x Net debt to adjusted EBITDA at quarter end June 30, 2026
Trailing 12-month adjusted EBITDA $507,639 thousand Twelve months ended June 30, 2026, used for debt to adjusted EBITDA
organic sales change financial
"Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies"
Organic sales change measures how a company’s revenue grows or shrinks from its ongoing operations after removing effects from things like buying or selling businesses and swings in currency value. It tells investors whether the core business is gaining or losing customers and market share — like judging a garden’s growth by the plants you tended yourself, not by adding new pots or blaming the weather — which helps separate real performance from one-time or external factors.
adjusted EBITDA financial
"Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization"
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.
free cash flow conversion financial
"Free cash flow conversion | 96 % | | 60 %"
Free cash flow conversion measures how effectively a company turns its reported profits into actual cash that can be used for growth, debt repayment, or dividends. It compares the cash generated after expenses to the company's net income, similar to how a person might compare their savings to their paycheck. High conversion indicates the company is efficient at translating profits into cash, which is important for investors assessing its financial health and flexibility.
net leverage ratio financial
"The company's net leverage ratio was 0.8x at quarter end"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
non-GAAP financial measures financial
"This press release includes certain non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Net sales $503.3 million 6% year-over-year
GAAP net income $86.2 million 37% year-over-year
Diluted EPS $2.23 40% year-over-year
Adjusted diluted EPS $2.40 24% year-over-year
Free cash flow $82.7 million 118% year-over-year
Guidance

Full-year sales outlook includes low-double-digit total revenue growth, supported by mid-single-digit organic growth, a mid-single-digit contribution from acquisitions and a low-single-digit tailwind from foreign exchange.

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
Understanding 8-K Material Events →

FAQ

How did MSA (MSA) perform financially in the second quarter of 2026?
MSA posted Q2 2026 net sales of $503.3 million, up 6% year-over-year, with GAAP net income of $86.2 million. Diluted EPS increased to $2.23 from $1.59, and adjusted diluted EPS rose to $2.40, reflecting improved profitability.

How strong was MSA (MSA) cash generation and shareholder returns in Q2 2026?
MSA generated $82.7 million of free cash flow, up 118% year-over-year, with 96% free cash flow conversion. The company returned $47 million to shareholders, including $26 million of share repurchases and $21 million in dividends.

What guidance did MSA (MSA) provide for full-year 2026 revenue growth?
Management stated that the full-year sales outlook includes low-double-digit total revenue growth, driven by mid-single-digit organic growth, a mid-single-digit contribution from acquisitions, and a low-single-digit tailwind from foreign exchange.

What is the size and impact of MSA (MSA)’s Autronica Fire and Security acquisition?
MSA announced the acquisition of Autronica Fire and Security for approximately $555 million, closing in July. The deal adds a complementary fixed detection business and results in pro forma net leverage of about 1.8x, up from 0.8x at quarter end.

How leveraged is MSA (MSA) based on its June 30, 2026 results?
At quarter end, MSA reported a net leverage ratio of 0.8x and net debt to adjusted EBITDA of 0.8x. Total end-of-period debt was $599.7 million, offset by $200.1 million of cash and cash equivalents, indicating moderate leverage.
false000006657000000665702026-07-302026-07-3000000665702026-05-042026-05-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2026

a8kimage1a09.jpg
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
Pennsylvania1-1557946-4914539
(State or other jurisdiction of incorporation or organization)(Commission File Number)(IRS Employer Identification Number)
1000 Cranberry Woods Drive
Cranberry Township,Pennsylvania 16066-5207
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 724-776-8600

Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, no par valueMSANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02
Results of Operations and Financial Condition
On July 30, 2026, the Company issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 to this report.

Item 9.01
Financial Statements and Exhibits
    
    (d) Exhibits

99.1    MSA Safety Incorporated Press Release dated July 30, 2026, announcing financial results for the quarter ended June 30, 2026.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MSA SAFETY INCORPORATED
(Registrant)
By
/s/ Julie A. Beck
Julie A. Beck
Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
July 30, 2026


EXHIBIT INDEX

Exhibit No.     Description

99.1    MSA Safety Incorporated Press Release dated July 30th, 2026, announcing financial results for the quarter ended June 30th, 2026.


EXHIBIT 99.1     
msa01a.jpg
FOR IMMEDIATE RELEASE

FROM: MSA Safety Incorporated
Ticker: MSA (NYSE)
Media Relations Contact: Ron Hudok (724) 822-7925
Investor Relations Contact: Julie Beck (724) 799-9105


MSA Safety Announces Second Quarter 2026 Results

Second Quarter 2026 Highlights
•Achieved quarterly net sales of $503 million, a 6% GAAP increase and a 3% organic increase year-over-year

•Generated GAAP operating income of $112 million, or 22.2% of sales, and adjusted operating income of $121 million, or 24.1% of sales

•Recorded GAAP net income of $86 million, or $2.23 per diluted share, an increase of 40% year-over-year, and adjusted earnings of $93 million, or $2.40 per diluted share, an increase of 24% year-over-year

•Generated free cash flow of $83 million and returned $47 million of capital to shareholders via share repurchases and dividend payments

•Announced the acquisition of Autronica Fire and Security for ~$555 million, which closed in July, and raised annual dividend for 56th consecutive year


PITTSBURGH, July 30, 2026 - Global provider of advanced industrial safety products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the second quarter of 2026.

"I want to thank the MSA team for their disciplined execution across our business in the second quarter," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We delivered strong operating performance through the continued advancement of our Accelerate strategy. We also announced the acquisition of Autronica Fire and Security, which closed in early July and adds a highly complementary business that builds on the strength of our existing fixed detection platform while expanding our addressable market opportunity."
(more)

2
Financial Highlights
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share data and percentages)20262025
% Change (a)
20262025
% Change (a)
Net Sales$503.3 $474.1 6%$967.0 $895.5 8 %
GAAP
Operating income112.0 85.9 30 %205.0 163.6 25 %
% of Net sales22.2 %18.1 %410 bps21.2 %18.3 %290 bps
Net income86.2 62.8 37 %157.5 122.4 29 %
Diluted EPS2.23 1.59 40 %4.05 3.10 31 %
Non-GAAP
Adjusted EBITDA$136.4 $116.5 17 %$252.7 $218.0 16 %
% of Net sales27.1 %24.6 %250 bps26.1 %24.3 %180 bps
Adjusted operating income121.1 101.4 19 %222.2 188.9 18 %
% of Net sales24.1 %21.4 %270 bps23.0 %21.1 %190 bps
Adjusted earnings93.1 75.9 23 %170.5 142.4 20 %
Adjusted diluted EPS2.40 1.93 24 %4.39 3.61 22 %
Free cash flow82.7 37.9 118 %147.8 88.9 66 %
Free cash flow conversion96 %60 %94 %73 %
Americas Segment
Net sales$341.5 $320.1 7 %$666.7 $613.3 9 %
GAAP operating income106.2 91.3 16 %202.0 167.8 20 %
% of Net sales31.1 %28.5 %260 bps30.3 %27.4 %290 bps
Adjusted operating income109.1 93.3 17 %207.2 172.0 20 %
% of Net sales32.0 %29.1 %290 bps31.1 %28.0 %310 bps
International Segment
Net sales$161.9 $154.0 5 %$300.3 $282.2 6 %
GAAP operating income22.9 12.2 87 %35.4 29.5 20 %
% of Net sales14.2 %8.0 %620 bps11.8 %10.5 %130 bps
Adjusted operating income25.1 20.2 24 %39.6 38.9 2 %
% of Net sales15.5 %13.1 %240 bps13.2 %13.8 %(60) bps
(a) Percentage change may not calculate exactly due to rounding.

"Our adjusted earnings per share increased by 24%, driven by 6% reported sales growth and robust margin expansion. We also generated strong free cash flow and returned capital to shareholders," stated Julie Beck, MSA Safety's Chief Financial Officer. "Margin expansion was primarily driven by our ongoing execution of the principles of the MSA Business System and benefited from tariff refunds. Our full-year sales outlook includes low-double-digit total revenue growth, supported by mid-single-digit organic growth, a mid-single-digit contribution from acquisitions and a low-single-digit tailwind from foreign exchange," Ms. Beck added.


(more)

3
The company increased its annual dividend for a 56th consecutive year and returned a total of $47 million to shareholders through $26 million of share repurchases and dividends of $21 million, while investing $13 million in capital expenditures. The company's net leverage ratio was 0.8x at quarter end. Including the debt for the acquisition of Autronica Fire and Security, pro forma net leverage is ~1.8x.

Conference Call
MSA Safety will host a conference call on Friday, July 31, 2026, at 10:00 a.m. Eastern Time to discuss its second 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.

(more)

4
MSA Safety Incorporated
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net sales$503,327 $474,116 $966,959 $895,456 
Cost of products sold254,036 253,406 498,088 481,351 
Gross profit249,291 220,710 468,871 414,105 
Selling, general and administrative114,073 112,078 221,756 206,042 
Research and development19,154 16,996 35,509 32,665 
Restructuring charges2,209 488 4,538 2,412 
Currency exchange losses, net1,896 5,286 2,095 9,363 
Operating income111,959 85,862 204,973 163,623 
Interest expense7,951 8,116 15,654 14,951 
Other income, net(7,379)(5,000)(15,060)(12,022)
Total other expense, net572 3,116 594 2,929 
Income before income taxes111,387 82,746 204,379 160,694 
Provision for income taxes25,193 19,973 46,916 38,316 
Net income$86,194 $62,773 $157,463 $122,378 
Earnings per share attributable to common shareholders:
Basic$2.23 $1.60 $4.06 $3.11 
Diluted$2.23 $1.59 $4.05 $3.10 
Basic shares outstanding38,623 39,258 38,740 39,296 
Diluted shares outstanding38,697 39,359 38,841 39,430 

(more)

5
MSA Safety Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
June 30, 2026December 31, 2025
Assets
Cash and cash equivalents
$200,057 $165,067 
Trade receivables, net
347,877 306,452 
Inventories
350,119 343,035 
Other current assets
36,787 54,738 
    Total current assets
934,840 869,292 
Property, plant and equipment, net276,691 283,063 
Prepaid pension cost291,214 279,450 
Goodwill726,055 731,592 
Intangible assets, net285,721 299,127 
Other noncurrent assets86,990 91,850 
   Total assets
$2,601,511 $2,554,374 
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net
$8,096 $8,225 
Accounts payable
123,632 110,775 
Other current liabilities
157,171 170,211 
   Total current liabilities
288,899 289,211 
Long-term debt, net591,648 572,709 
Pensions and other employee benefits140,535 143,834 
Deferred tax liabilities126,747 127,540 
Other noncurrent liabilities52,025 54,068 
Total shareholders' equity1,401,657 1,367,012 
   Total liabilities and shareholders' equity
$2,601,511 $2,554,374 

(more)

6
MSA Safety Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income$86,194 $62,773 $157,463 $122,378 
Depreciation and amortization19,322 18,099 37,674 34,350 
Change in working capital and other operating(10,140)(13,654)(24,074)(27,677)
Cash flow from operating activities
95,376 67,218 171,063 129,051 
Capital expenditures(12,673)(29,334)(23,260)(40,118)
Acquisitions, net of cash acquired— (187,774)— (187,774)
Property disposals and other investing2 1 36 19 
Cash flow used in investing activities
(12,671)(217,107)(23,224)(227,873)
Change in debt(13,000)172,686 20,760 165,220 
Cash dividends paid(20,853)(20,848)(41,414)(40,881)
Company stock purchases under repurchase program(25,679)(29,998)(76,126)(39,995)
Other financing807 (2,249)(9,168)(10,365)
Cash flow (used in) from financing activities
(58,725)119,591 (105,948)73,979 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(4,009)6,949 (6,577)7,692 
Increase (decrease) in cash, cash equivalents and restricted cash$19,971 $(23,349)$35,314 $(17,151)







(more)

7
MSA Safety Incorporated
Sales by Product Group (Unaudited)
(In thousands, except percentages)

Three Months Ended June 30, 2026ConsolidatedAmericasInternational
DollarsPercentDollarsPercentDollarsPercent
Detection(a)
$201,376 40%$138,628 41%$62,748 39%
Fire Service(b)
161,892 32%108,243 32%53,649 33%
Industrial PPE and Other(c)
140,059 28%94,580 27%45,479 28%
Total$503,327 100%$341,451 100%$161,876 100%
Three Months Ended June 30, 2025ConsolidatedAmericasInternational
DollarsPercentDollarsPercentDollarsPercent
Detection(a)
$193,835 41%$127,174 40%$66,661 43%
Fire Service(b)
163,306 34%110,815 35%52,491 34%
Industrial PPE and Other(c)
116,975 25%82,150 25%34,825 23%
Total$474,116 100%$320,139 100%$153,977 100%
(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.


Six Months Ended June 30, 2026ConsolidatedAmericasInternational
DollarsPercentDollarsPercentDollarsPercent
Detection(a)
$382,218 40%$262,602 39%$119,616 40%
Fire Service(b)
321,164 33%224,335 34%96,829 32%
Industrial PPE and Other(c)
263,577 27%179,752 27%83,825 28%
Total$966,959 100%$666,689 100%$300,270 100%
Six Months Ended June 30, 2025ConsolidatedAmericasInternational
DollarsPercentDollarsPercentDollarsPercent
Detection(a)
$354,906 40%$237,065 39%$117,841 42%
Fire Service(b)
313,922 35%216,722 35%97,200 34%
Industrial PPE and Other(c)
226,628 25%159,512 26%67,116 24%
Total$895,456 100%$613,299 100%$282,157 100%
(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.

(more)

8
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Organic sales change (Unaudited)


Consolidated
Three Months Ended June 30, 2026
Detection(a)
Fire Service(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change4%(1)%20%6%
Currency translation effects(1)%(1)%(4)%(2)%
Less: Acquisitions(3)%—%—%(1)%
Organic sales change—%(2)%16%3%
Six Months Ended June 30, 2026
Detection(a)
Fire Service(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change8%2%16%8%
Currency translation effects(2)%(2)%(5)%(3)%
Less: Acquisitions(6)%—%—%(2)%
Organic sales change—%—%11%3%


Americas Segment
Three Months Ended June 30, 2026
Detection(a)
Fire Service(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change9%(2)%15%7%
Currency translation effects(1)%(1)%(4)%(2)%
Less: Acquisitions(1)%—%—%—%
Organic sales change7%(3)%11%5%
Six months ended June 30, 2026
Detection(a)
Fire Service(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change11%4%13%9%
Currency translation effects(1)%(1)%(5)%(2)%
Less: Acquisitions(3)%—%—%(1)%
Organic sales change7%3%8%6%



(more)

9
International Segment
Three Months Ended June 30, 2026
Detection(a)
Fire Service(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change(6)%2%30%5%
Currency translation effects(2)%(2)%(3)%(2)%
Less: Acquisitions(5)%—%—%(3)%
Organic sales change(13)%—%27%—%
Six months ended June 30, 2026
Detection(a)
Fire Service(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change2%—%25%6%
Currency translation effects(4)%(5)%(6)%(5)%
Less: Acquisitions(11)%—%—%(4)%
Organic sales change(13)%(5)%19%(3)%
(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.

(more)

10
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted operating income (Unaudited)
Adjusted EBITDA (Unaudited)
(In thousands)

Three Months Ended June 30,Six months ended June 30,
2026202520262025
Adjusted EBITDA from reportable segments
$149,441 $128,027 $277,281 $239,166 
Less:
     Depreciation and amortization15,285 14,549 30,468 28,286 
Adjusted operating income from reportable segments134,156 113,478 246,813 210,880 
Less:
     Corporate expenses13,038 12,044 24,574 21,944 
Adjusted operating income121,118 101,434 222,239 188,936 
Less:
     Currency exchange losses, net
1,896 5,286 2,095 9,363 
     Restructuring charges
2,209 488 4,538 2,412 
     Acquisition-related amortization3,377 3,153 6,769 5,439 
     Transaction costs (a)
1,677 6,645 3,864 8,099 
GAAP operating income111,959 85,862 204,973 163,623 
Less:
     Interest expense7,951 8,116 15,654 14,951 
     Other income, net(7,379)(5,000)(15,060)(12,022)
Income before income taxes
111,387 82,746 204,379 160,694 
Provision for income taxes
25,193 19,973 46,916 38,316 
Net income
$86,194 $62,773 $157,463 $122,378 
(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.

(more)

11
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 June 30,Six Months Ended June 30,
20262025%
Change		20262025%
Change
Net income
$86,194 $62,773 37%$157,463 $122,378 29%
Currency exchange losses, net1,896 5,286 2,095 9,363 
Restructuring charges
2,209 488 4,538 2,412 
Acquisition-related amortization3,377 3,153 6,769 5,439 
Transaction costs (a)
1,677 6,645 3,864 8,099 
Asset related losses
228 884 388 892 
Pension settlement— 721 — 721 
Income tax expense on adjustments
(2,524)(4,021)(4,607)(6,937)
Adjusted earnings
$93,057 $75,929 23%$170,510 $142,367 20%


Adjusted diluted earnings per share
$2.40 $1.93 24%$4.39 $3.61 22%
Diluted shares outstanding38,697 39,359 38,841 39,430 
(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.

(more)

12
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)
(In thousands)

Twelve Months Ended June 30,
2026
Operating income$413,168 
Depreciation and amortization 59,738 
Currency exchange losses, net8,533 
Restructuring charges6,023 
Acquisition-related amortization13,945 
Transaction costs (a)
6,232 
Adjusted EBITDA$507,639 
Total end-of-period debt599,744 
Debt to adjusted EBITDA1.2 
Total end-of-period debt$599,744 
Total end-of-period cash and cash equivalents200,057 
Net debt$399,687 
Net debt to adjusted EBITDA0.8 
(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 MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.

(more)

13
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.




(more)
14
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.
# # #


Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents