(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 March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net sales | $ | 330,692 | $ | 308,428 | |||||||
Cost of products sold | 187,908 | 173,643 | |||||||||
Gross profit | 142,784 | 134,785 | |||||||||
Selling, general and administrative | 78,551 | 75,463 | |||||||||
Research and development | 13,333 | 13,234 | |||||||||
Restructuring charges | 2,189 | 1,308 | |||||||||
Currency exchange losses (gains), net | 3,271 | (2,099) | |||||||||
Product liability expense | 2,772 | 2,796 | |||||||||
Operating income | 42,668 | 44,083 | |||||||||
Interest expense | 3,618 | 1,911 | |||||||||
Other income, net | (6,344) | (4,213) | |||||||||
Total other income, net | (2,726) | (2,302) | |||||||||
Income before income taxes | 45,394 | 46,385 | |||||||||
Provision for income taxes | 9,852 | 9,749 | |||||||||
Net income | 35,542 | 36,636 | |||||||||
Net income attributable to noncontrolling interests | — | (186) | |||||||||
Net income attributable to MSA Safety Incorporated | $ | 35,542 | $ | 36,450 | |||||||
Earnings per share attributable to MSA Safety Incorporated common shareholders: | |||||||||||
Basic | $ | 0.90 | $ | 0.93 | |||||||
Diluted | $ | 0.90 | $ | 0.92 | |||||||
Basic shares outstanding | 39,291 | 39,094 | |||||||||
Diluted shares outstanding | 39,523 | 39,420 |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 147,300 | $ | 140,895 | |||||||
Trade receivables, net | 244,005 | 254,187 | |||||||||
Inventories | 321,602 | 280,617 | |||||||||
Notes receivable, insurance companies | 3,943 | 3,914 | |||||||||
Other current assets | 109,304 | 113,191 | |||||||||
Total current assets | 826,154 | 792,804 | |||||||||
Property, plant and equipment net | 205,995 | 207,793 | |||||||||
Prepaid pension cost | 169,842 | 163,283 | |||||||||
Goodwill | 631,821 | 636,858 | |||||||||
Intangible assets, net | 299,725 | 306,948 | |||||||||
Notes receivable, insurance companies, noncurrent | 44,893 | 44,626 | |||||||||
Insurance receivable, noncurrent | 117,805 | 121,609 | |||||||||
Other noncurrent assets | 119,542 | 122,475 | |||||||||
Total assets | $ | 2,415,777 | $ | 2,396,396 | |||||||
Liabilities and shareholders' equity | |||||||||||
Notes payable and current portion of long-term debt, net | $ | 8,021 | $ | — | |||||||
Accounts payable | 108,407 | 106,780 | |||||||||
Other current liabilities | 217,509 | 223,826 | |||||||||
Total current liabilities | 333,937 | 330,606 | |||||||||
Long-term debt, net | 591,393 | 597,651 | |||||||||
Pensions and other employee benefits | 187,818 | 189,973 | |||||||||
Noncurrent operating lease liabilities | 40,219 | 40,706 | |||||||||
Deferred tax liabilities | 33,049 | 33,337 | |||||||||
Product liability and other noncurrent liabilities | 368,454 | 369,735 | |||||||||
Total shareholders' equity | 860,907 | 834,388 | |||||||||
Total liabilities and shareholders' equity | $ | 2,415,777 | $ | 2,396,396 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 35,542 | $ | 36,636 | |||||||
Depreciation and amortization | 14,165 | 10,504 | |||||||||
Change in working capital and other operating | (25,184) | (1,524) | |||||||||
Cash flow from operating activities | 24,523 | 45,616 | |||||||||
Capital expenditures | (7,976) | (9,582) | |||||||||
Acquisition, net of cash acquired | — | (62,992) | |||||||||
Change in short-term investments | 9,027 | 20,030 | |||||||||
Property disposals and other investing | — | 35 | |||||||||
Cash flow from (used in) investing activities | 1,051 | (52,509) | |||||||||
Change in debt | 5,000 | 52,017 | |||||||||
Cash dividends paid | (17,292) | (16,820) | |||||||||
Other financing | (3,608) | (3,558) | |||||||||
Cash flow (used in) from financing activities | (15,900) | 31,639 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,361) | (720) | |||||||||
Increase in cash, cash equivalents and restricted cash | $ | 6,313 | $ | 24,026 |
Americas | International | Corporate | Consolidated | ||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Sales to external customers | $ | 225,648 | $ | 105,044 | $ | — | $ | 330,692 | |||||||||||||||
Operating income | 42,668 | ||||||||||||||||||||||
Operating margin % | 12.9 | % | |||||||||||||||||||||
Restructuring charges | 2,189 | ||||||||||||||||||||||
Currency exchange losses, net | 3,271 | ||||||||||||||||||||||
Product liability expense | 2,772 | ||||||||||||||||||||||
Acquisition related costs (a) | 2,943 | ||||||||||||||||||||||
Adjusted operating income (loss) | 52,435 | 9,024 | (7,616) | 53,843 | |||||||||||||||||||
Adjusted operating margin % | 23.2 | % | 8.6 | % | 16.3 | % | |||||||||||||||||
Depreciation and amortization (b) | 11,829 | ||||||||||||||||||||||
Adjusted EBITDA | 60,796 | 12,362 | (7,486) | 65,672 | |||||||||||||||||||
Adjusted EBITDA margin % | 26.9 | % | 11.8 | % | 19.9 | % | |||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Sales to external customers | $ | 208,340 | $ | 100,088 | $ | — | $ | 308,428 | |||||||||||||||
Operating income | 44,083 | ||||||||||||||||||||||
Operating margin % | 14.3 | % | |||||||||||||||||||||
Restructuring charges | 1,308 | ||||||||||||||||||||||
Currency exchange gains, net | (2,099) | ||||||||||||||||||||||
Product liability expense | 2,796 | ||||||||||||||||||||||
Acquisition related costs (a) | 1,373 | ||||||||||||||||||||||
Adjusted operating income (loss) | 45,195 | 8,792 | (6,526) | 47,461 | |||||||||||||||||||
Adjusted operating margin % | 21.7 | % | 8.8 | % | 15.4 | % | |||||||||||||||||
Depreciation and amortization | 10,504 | ||||||||||||||||||||||
Adjusted EBITDA | 52,229 | 12,165 | (6,429) | 57,965 | |||||||||||||||||||
Adjusted EBITDA margin % | 25.1 | % | 12.2 | % | 18.8 | % |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection* | Fall Protection | Core Sales | Non-Core Sales | Net Sales | |||||||||||||||||||||||||||
GAAP reported sales change | 1 | % | 5 | % | 9 | % | (2) | % | 38 | % | (6) | % | 10 | % | (12) | % | 7 | % | |||||||||||||||||
Plus: Currency translation effects | 2 | % | 2 | % | 1 | % | 1 | % | 2 | % | 2 | % | 1 | % | 3 | % | 2 | % | |||||||||||||||||
Constant currency sales change | 3 | % | 7 | % | 10 | % | (1) | % | 40 | % | (4) | % | 11 | % | (9) | % | 9 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 28 | % | — | % | 6 | % | — | % | 5 | % | |||||||||||||||||
Organic constant currency sales change | 3 | % | 7 | % | 10 | % | (1) | % | 12 | % | (4) | % | 5 | % | (9) | % | 4 | % |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
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 | % | (4) | % | 11 | % | — | % | 47 | % | 3 | % | 11 | % | (19) | % | 8 | % | |||||||||||||||||
Plus: Currency translation effects | 1 | % | — | % | — | % | — | % | — | % | 1 | % | 1 | % | — | % | 1 | % | |||||||||||||||||
Constant currency sales change | 6 | % | (4) | % | 11 | % | — | % | 47 | % | 4 | % | 12 | % | (19) | % | 9 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 33 | % | — | % | 7 | % | — | % | 6 | % | |||||||||||||||||
Organic constant currency sales change | 6 | % | (4) | % | 11 | % | — | % | 14 | % | 4 | % | 5 | % | (19) | % | 3 | % |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection* | Fall Protection | Core Sales | Non-Core Sales | Net Sales | |||||||||||||||||||||||||||
GAAP reported sales change | (8) | % | 35 | % | 4 | % | (7) | % | 24 | % | (20) | % | 6 | % | — | % | 5 | % | |||||||||||||||||
Plus: Currency translation effects | 5 | % | 9 | % | 4 | % | 5 | % | 3 | % | 3 | % | 5 | % | 6 | % | 5 | % | |||||||||||||||||
Constant currency sales change | (3) | % | 44 | % | 8 | % | (2) | % | 27 | % | (17) | % | 11 | % | 6 | % | 10 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 19 | % | — | % | 6 | % | — | % | 5 | % | |||||||||||||||||
Organic constant currency sales change | (3) | % | 44 | % | 8 | % | (2) | % | 8 | % | (17) | % | 5 | % | 6 | % | 5 | % |
Three Months Ended March 31, 2022 | |||||||||||||||||
Consolidated | Americas | International | |||||||||||||||
Fixed Gas and Flame Detection* | 40 | % | 47 | % | 27 | % | |||||||||||
Industrial Head Protection | 10 | % | 11 | % | 8 | % | |||||||||||
Firefighter Helmets and Protective Apparel | 7 | % | (4) | % | 44 | % | |||||||||||
Breathing Apparatus | 3 | % | 6 | % | (3) | % | |||||||||||
Portable Gas Detection | (1) | % | — | % | (2) | % | |||||||||||
Fall Protection | (4) | % | 4 | % | (17) | % | |||||||||||
Core Sales | 11 | % | 12 | % | 11 | % | |||||||||||
Non-Core Sales | (9) | % | (19) | % | 6 | % | |||||||||||
Net Sales | 9 | % | 9 | % | 10 | % | |||||||||||
Net Sales excluding Acquisitions | 4 | % | 3 | % | 5 | % |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Net income attributable to MSA Safety Incorporated | $ | 35,542 | $ | 36,450 | (2)% | |||||||||||||||
Product liability expense | 2,772 | 2,796 | ||||||||||||||||||
Acquisition related costs (a) | 2,943 | 1,373 | ||||||||||||||||||
Restructuring charges | 2,189 | 1,308 | ||||||||||||||||||
Asset related losses and other | 4 | 19 | ||||||||||||||||||
Currency exchange losses (gains), net | 3,271 | (2,099) | ||||||||||||||||||
Income tax expense on adjustments | (3,123) | (2,370) | ||||||||||||||||||
Adjusted earnings | $ | 43,598 | $ | 37,477 | 16% | |||||||||||||||
Adjusted earnings per diluted share | $ | 1.10 | $ | 0.95 | 16% |
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Cover Page Document |
Apr. 27, 2022 |
---|---|
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 | Apr. 27, 2022 |
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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