(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) |
(Address of principal executive offices) | (Zip Code) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02 | Results of Operations and Financial Condition | ||||
Item 9.01 | Financial Statements and Exhibits |
MSA SAFETY INCORPORATED | |||||||||||
(Registrant) | |||||||||||
By | /s/ Kenneth D. Krause | ||||||||||
Kenneth D. Krause | |||||||||||
Sr. Vice President, Chief Financial Officer and Treasurer |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | 341,289 | $ | 314,438 | $ | 649,717 | $ | 655,583 | |||||||||||||||
Cost of products sold | 188,374 | 172,841 | 362,063 | 356,627 | |||||||||||||||||||
Gross profit | 152,915 | 141,597 | 287,654 | 298,956 | |||||||||||||||||||
Selling, general and administrative | 83,426 | 69,034 | 158,889 | 149,271 | |||||||||||||||||||
Research and development | 13,970 | 13,760 | 27,204 | 27,872 | |||||||||||||||||||
Restructuring charges | 7,078 | 8,865 | 8,385 | 10,872 | |||||||||||||||||||
Currency exchange losses (gains), net | 1,640 | 793 | (459) | 1,063 | |||||||||||||||||||
Product liability expense | 11,751 | 851 | 14,547 | 2,802 | |||||||||||||||||||
Operating income | 35,050 | 48,294 | 79,088 | 107,076 | |||||||||||||||||||
Interest expense | 2,172 | 2,459 | 4,082 | 5,602 | |||||||||||||||||||
Other income, net | (2,293) | (2,000) | (6,506) | (3,258) | |||||||||||||||||||
Total other (income) expense, net | (121) | 459 | (2,424) | 2,344 | |||||||||||||||||||
Income before income taxes | 35,171 | 47,835 | 81,512 | 104,732 | |||||||||||||||||||
Provision for income taxes | 9,784 | 11,429 | 19,525 | 24,523 | |||||||||||||||||||
Net income | 25,387 | 36,406 | 61,987 | 80,209 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (262) | (340) | (448) | (468) | |||||||||||||||||||
Net income attributable to MSA Safety Incorporated | $ | 25,125 | $ | 36,066 | $ | 61,539 | $ | 79,741 | |||||||||||||||
Earnings per share attributable to MSA Safety Incorporated common shareholders: | |||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.93 | $ | 1.57 | $ | 2.05 | |||||||||||||||
Diluted | $ | 0.64 | $ | 0.92 | $ | 1.56 | $ | 2.03 | |||||||||||||||
Basic shares outstanding | 39,167 | 38,830 | 39,131 | 38,826 | |||||||||||||||||||
Diluted shares outstanding | 39,420 | 39,195 | 39,421 | 39,273 |
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 174,078 | $ | 160,672 | |||||||
Trade receivables, net | 226,575 | 252,283 | |||||||||
Inventories | 232,658 | 197,819 | |||||||||
Notes receivable, insurance companies | 3,855 | 3,796 | |||||||||
Other current assets | 132,816 | 139,708 | |||||||||
Total current assets | 769,982 | 754,278 | |||||||||
Property, net | 201,163 | 189,620 | |||||||||
Prepaid pension cost | 105,078 | 97,545 | |||||||||
Operating lease assets, net | 67,383 | 53,451 | |||||||||
Goodwill | 447,267 | 443,272 | |||||||||
Notes receivable, insurance companies, noncurrent | 49,133 | 48,540 | |||||||||
Insurance receivable, noncurrent | 91,185 | 85,077 | |||||||||
Other noncurrent assets | 232,042 | 200,701 | |||||||||
Total assets | $ | 1,963,233 | $ | 1,872,484 | |||||||
Liabilities and shareholders' equity | |||||||||||
Notes payable and current portion of long-term debt, net | $ | 20,000 | $ | 20,000 | |||||||
Accounts payable | 89,086 | 86,854 | |||||||||
Other current liabilities | 208,755 | 203,691 | |||||||||
Total current liabilities | 317,841 | 310,545 | |||||||||
Long-term debt, net | 314,587 | 287,157 | |||||||||
Pensions and other employee benefits | 201,311 | 208,068 | |||||||||
Noncurrent operating lease liabilities | 58,877 | 44,639 | |||||||||
Deferred tax liabilities | 13,017 | 10,916 | |||||||||
Product liability and other noncurrent liabilities | 208,832 | 201,268 | |||||||||
Total shareholders' equity | 848,768 | 809,891 | |||||||||
Total liabilities and shareholders' equity | $ | 1,963,233 | $ | 1,872,484 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 25,387 | $ | 36,406 | $ | 61,987 | $ | 80,209 | |||||||||||||||
Depreciation and amortization | 11,584 | 9,786 | 22,088 | 19,428 | |||||||||||||||||||
Change in working capital and other operating | 1,327 | 23,232 | (161) | (16,606) | |||||||||||||||||||
Cash flow from operating activities | 38,298 | 69,424 | 83,914 | 83,031 | |||||||||||||||||||
Capital expenditures | (10,706) | (13,272) | (20,288) | (19,834) | |||||||||||||||||||
Acquisition, net of cash acquired | — | — | (62,992) | — | |||||||||||||||||||
Change in short-term investments | 5,015 | 10,210 | 25,045 | (9,402) | |||||||||||||||||||
Property disposals | 25 | (9) | 60 | 83 | |||||||||||||||||||
Cash flow used in investing activities | (5,666) | (3,071) | (58,175) | (29,153) | |||||||||||||||||||
Change in debt | (25,013) | (37,000) | 27,004 | (9,000) | |||||||||||||||||||
Cash dividends paid | (17,247) | (16,721) | (34,067) | (33,052) | |||||||||||||||||||
Other financing | (834) | 873 | (4,392) | (24,124) | |||||||||||||||||||
Cash flow used in financing activities | (43,094) | (52,848) | (11,455) | (66,176) | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (187) | 102 | (907) | (3,654) | |||||||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | $ | (10,649) | $ | 13,607 | $ | 13,377 | $ | (15,952) |
Americas | International | Corporate | Consolidated | ||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Sales to external customers | $ | 217,707 | $ | 123,582 | $ | — | $ | 341,289 | |||||||||||||||
Operating income | 35,050 | ||||||||||||||||||||||
Operating margin % | 10.3 | % | |||||||||||||||||||||
Restructuring charges | 7,078 | ||||||||||||||||||||||
Currency exchange losses, net | 1,640 | ||||||||||||||||||||||
Product liability expense | 11,751 | ||||||||||||||||||||||
Acquisition related costs | 3,168 | ||||||||||||||||||||||
Adjusted operating income (loss) | 49,238 | 20,440 | (10,991) | 58,687 | |||||||||||||||||||
Adjusted operating margin % | 22.6 | % | 16.5 | % | 17.2 | % | |||||||||||||||||
Depreciation and amortization | 11,584 | ||||||||||||||||||||||
Adjusted EBITDA | 57,137 | 24,020 | (10,886) | 70,271 | |||||||||||||||||||
Adjusted EBITDA % | 26.2 | % | 19.4 | % | 20.6 | % | |||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Sales to external customers | $ | 204,231 | $ | 110,207 | $ | — | $ | 314,438 | |||||||||||||||
Operating income | 48,294 | ||||||||||||||||||||||
Operating margin % | 15.4 | % | |||||||||||||||||||||
Restructuring charges | 8,865 | ||||||||||||||||||||||
Currency exchange losses, net | 793 | ||||||||||||||||||||||
Product liability expense | 851 | ||||||||||||||||||||||
Acquisition related costs | 64 | ||||||||||||||||||||||
Adjusted operating income (loss) | 49,003 | 17,402 | (7,538) | 58,867 | |||||||||||||||||||
Adjusted operating margin % | 24.0 | % | 15.8 | % | 18.7 | % | |||||||||||||||||
Depreciation and amortization | 9,786 | ||||||||||||||||||||||
Adjusted EBITDA | 55,620 | 20,474 | (7,441) | 68,653 | |||||||||||||||||||
Adjusted EBITDA % | 27.2 | % | 18.6 | % | 21.8 | % |
Americas | International | Corporate | Consolidated | ||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Sales to external customers | $ | 426,046 | $ | 223,671 | $ | — | $ | 649,717 | |||||||||||||||
Operating income | 79,088 | ||||||||||||||||||||||
Operating margin % | 12.2 | % | |||||||||||||||||||||
Restructuring charges | 8,385 | ||||||||||||||||||||||
Currency exchange gains, net | (459) | ||||||||||||||||||||||
Product liability expense | 14,547 | ||||||||||||||||||||||
Acquisition related costs | 4,541 | ||||||||||||||||||||||
Adjusted operating income (loss) | 94,390 | 29,194 | (17,482) | 106,102 | |||||||||||||||||||
Adjusted operating margin % | 22.2 | % | 13.1 | % | 16.3 | % | |||||||||||||||||
Depreciation and amortization | 22,088 | ||||||||||||||||||||||
Adjusted EBITDA | 109,322 | 36,147 | (17,279) | 128,190 | |||||||||||||||||||
Adjusted EBITDA % | 25.7 | % | 16.2 | % | 19.7 | % | |||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Sales to external customers | $ | 435,484 | $ | 220,099 | $ | — | $ | 655,583 | |||||||||||||||
Operating income | 107,076 | ||||||||||||||||||||||
Operating margin % | 16.3 | % | |||||||||||||||||||||
Restructuring charges | 10,872 | ||||||||||||||||||||||
Currency exchange losses, net | 1,063 | ||||||||||||||||||||||
Product liability expense | 2,802 | ||||||||||||||||||||||
Acquisition related costs | 161 | ||||||||||||||||||||||
COVID-19 related costs | 757 | ||||||||||||||||||||||
Adjusted operating income (loss) | 108,811 | 30,073 | (16,153) | 122,731 | |||||||||||||||||||
Adjusted operating margin % | 25.0 | % | 13.7 | % | 18.7 | % | |||||||||||||||||
Depreciation and amortization | 19,428 | ||||||||||||||||||||||
Adjusted EBITDA | 121,878 | 36,239 | (15,958) | 142,159 | |||||||||||||||||||
Adjusted EBITDA % | 28.0 | % | 16.5 | % | 21.7 | % |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | % | 32 | % | 25 | % | 37 | % | (1) | % | 42 | % | 15 | % | (26) | % | 9 | % | |||||||||||||||||
Plus: Currency translation effects | (3) | % | (4) | % | (5) | % | (5) | % | (3) | % | (8) | % | (3) | % | (4) | % | (4) | % | |||||||||||||||||
Constant currency sales change | (2) | % | 28 | % | 20 | % | 32 | % | (4) | % | 34 | % | 12 | % | (30) | % | 5 | % | |||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | (4) | % | 20 | % | 7 | % | 10 | % | (8) | % | 16 | % | 4 | % | (26) | % | (1) | % | |||||||||||||||||
Plus: Currency translation effects | (2) | % | (3) | % | (1) | % | (3) | % | (2) | % | (5) | % | (3) | % | (3) | % | (3) | % | |||||||||||||||||
Constant currency sales change | (6) | % | 17 | % | 6 | % | 7 | % | (10) | % | 11 | % | 1 | % | (29) | % | (4) | % | |||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | % | 8 | % | 41 | % | 48 | % | 1 | % | 55 | % | 16 | % | (39) | % | 7 | % | |||||||||||||||||
Plus: Currency translation effects | — | % | — | % | (3) | % | (2) | % | (1) | % | (3) | % | (1) | % | (1) | % | (1) | % | |||||||||||||||||
Constant currency sales change | 2 | % | 8 | % | 38 | % | 46 | % | — | % | 52 | % | 15 | % | (40) | % | 6 | % | |||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | % | 12 | % | 14 | % | (6) | % | 15 | % | 3 | % | (33) | % | (2) | % | |||||||||||||||||
Plus: Currency translation effects | — | % | — | % | 1 | % | — | % | — | % | (1) | % | — | % | — | % | — | % | |||||||||||||||||
Constant currency sales change | (3) | % | 4 | % | 13 | % | 14 | % | (6) | % | 14 | % | 3 | % | (33) | % | (2) | % | |||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
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) | % | 153 | % | (8) | % | 20 | % | (2) | % | 28 | % | 14 | % | — | % | 12 | % | |||||||||||||||||
Plus: Currency translation effects | (8) | % | (24) | % | (7) | % | (9) | % | (7) | % | (13) | % | (9) | % | (9) | % | (9) | % | |||||||||||||||||
Constant currency sales change | (9) | % | 129 | % | (15) | % | 11 | % | (9) | % | 15 | % | 5 | % | (9) | % | 3 | % | |||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | (5) | % | 98 | % | (5) | % | 2 | % | (10) | % | 18 | % | 5 | % | (14) | % | 2 | % | |||||||||||||||||
Plus: Currency translation effects | (8) | % | (19) | % | (8) | % | (7) | % | (5) | % | (11) | % | (8) | % | (7) | % | (8) | % | |||||||||||||||||
Constant currency sales change | (13) | % | 79 | % | (13) | % | (5) | % | (15) | % | 7 | % | (3) | % | (21) | % | (6) | % | |||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||
Consolidated | Americas | International | |||||||||||||||
Fall Protection | 34 | % | 52 | % | 15 | % | |||||||||||
Portable Gas Detection | 32 | % | 46 | % | 11 | % | |||||||||||
Firefighter Helmets and Protective Apparel | 28 | % | 8 | % | 129 | % | |||||||||||
Industrial Head Protection | 20 | % | 38 | % | (15) | % | |||||||||||
Breathing Apparatus | (2) | % | 2 | % | (9) | % | |||||||||||
Fixed Gas and Flame Detection | (4) | % | — | % | (9) | % | |||||||||||
Core Sales | 12 | % | 15 | % | 5 | % | |||||||||||
Non-Core Sales | (30) | % | (40) | % | (9) | % | |||||||||||
Net Sales | 5 | % | 6 | % | 3 | % | |||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||
Consolidated | Americas | International | |||||||||||||||
Firefighter Helmets and Protective Apparel | 17 | % | 4 | % | 79 | % | |||||||||||
Fall Protection | 11 | % | 14 | % | 7 | % | |||||||||||
Portable Gas Detection | 7 | % | 14 | % | (5) | % | |||||||||||
Industrial Head Protection | 6 | % | 13 | % | (13) | % | |||||||||||
Breathing Apparatus | (6) | % | (3) | % | (13) | % | |||||||||||
Fixed Gas and Flame Detection | (10) | % | (6) | % | (15) | % | |||||||||||
Core Sales | 1 | % | 3 | % | (3) | % | |||||||||||
Non-Core Sales | (29) | % | (33) | % | (21) | % | |||||||||||
Net Sales | (4) | % | (2) | % | (6) | % | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Net income attributable to MSA Safety Incorporated | $ | 25,125 | $ | 36,066 | (30)% | $ | 61,539 | $ | 79,741 | (23)% | ||||||||||||||||||||||||||||
Tax benefit associated with ASU 2016-09: Improvements to employee share-based payment accounting | (545) | (348) | (2,079) | (1,619) | ||||||||||||||||||||||||||||||||||
Subtotal | 24,580 | 35,718 | (31)% | 59,460 | 78,122 | (24)% | ||||||||||||||||||||||||||||||||
Product liability expense | 11,751 | 851 | 14,547 | 2,802 | ||||||||||||||||||||||||||||||||||
Acquisition related costs | 3,168 | 64 | 4,541 | 161 | ||||||||||||||||||||||||||||||||||
Restructuring charges | 7,078 | 8,865 | 8,385 | 10,872 | ||||||||||||||||||||||||||||||||||
Asset related losses, net | 29 | 5 | 48 | 127 | ||||||||||||||||||||||||||||||||||
COVID-19 related costs | — | — | — | 757 | ||||||||||||||||||||||||||||||||||
Currency exchange losses (gains), net | 1,640 | 793 | (459) | 1,063 | ||||||||||||||||||||||||||||||||||
Income tax expense on adjustments | (6,484) | (2,613) | (7,320) | (3,914) | ||||||||||||||||||||||||||||||||||
Adjusted earnings | $ | 41,762 | $ | 43,683 | (4)% | $ | 79,202 | $ | 89,990 | (12)% | ||||||||||||||||||||||||||||
Adjusted earnings per diluted share | $ | 1.06 | $ | 1.11 | (5)% | $ | 2.01 | $ | 2.29 | (12)% |
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Cover Page Document |
Jul. 28, 2021 |
---|---|
Cover [Abstract] | |
Entity Incorporation, State or Country Code | PA |
Document Type | 8-K |
City Area Code | 724 |
Title of 12(b) Security | Common stock, no par value |
Pre-commencement Issuer Tender Offer | false |
Pre-commencement Tender Offer | false |
Soliciting Material | false |
Written Communications | false |
Amendment Flag | false |
Entity Central Index Key | 0000066570 |
Entity File Number | 1-15579 |
Entity Tax Identification Number | 46-4914539 |
Trading Symbol | MSA |
Security Exchange Name | NYSE |
Local Phone Number | 776-8600 |
Entity Emerging Growth Company | false |
Document Period End Date | Jul. 28, 2021 |
Entity Registrant Name | MSA SAFETY INCORPORATED |
Entity Address, Address Line One | 1000 Cranberry Woods Drive |
Entity Address, City or Town | Cranberry Township, |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 16066-5207 |
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