(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, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | 372,313 | $ | 341,289 | $ | 703,005 | $ | 649,717 | |||||||||||||||
Cost of products sold | 207,913 | 188,289 | 395,821 | 361,934 | |||||||||||||||||||
Gross profit | 164,400 | 153,000 | 307,184 | 287,783 | |||||||||||||||||||
Selling, general and administrative | 86,076 | 83,426 | 164,625 | 158,889 | |||||||||||||||||||
Research and development | 15,268 | 13,970 | 28,601 | 27,204 | |||||||||||||||||||
Restructuring charges | 57 | 7,078 | 2,247 | 8,385 | |||||||||||||||||||
Currency exchange (gains) losses, net | (1,463) | 1,640 | 1,809 | (459) | |||||||||||||||||||
Product liability expense | 2,926 | 11,751 | 5,698 | 14,547 | |||||||||||||||||||
Operating income | 61,536 | 35,135 | 104,204 | 79,217 | |||||||||||||||||||
Interest expense | 4,578 | 2,172 | 8,196 | 4,082 | |||||||||||||||||||
Other income, net | (6,419) | (2,293) | (12,762) | (6,506) | |||||||||||||||||||
Total other income, net | (1,841) | (121) | (4,566) | (2,424) | |||||||||||||||||||
Income before income taxes | 63,377 | 35,256 | 108,770 | 81,641 | |||||||||||||||||||
Provision for income taxes | 15,684 | 9,808 | 25,535 | 19,557 | |||||||||||||||||||
Net income | 47,693 | 25,448 | 83,235 | 62,084 | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | (262) | — | (448) | |||||||||||||||||||
Net income attributable to MSA Safety Incorporated | $ | 47,693 | $ | 25,186 | $ | 83,235 | $ | 61,636 | |||||||||||||||
Earnings per share attributable to MSA Safety Incorporated common shareholders: | |||||||||||||||||||||||
Basic | $ | 1.21 | $ | 0.64 | $ | 2.12 | $ | 1.57 | |||||||||||||||
Diluted | $ | 1.21 | $ | 0.64 | $ | 2.11 | $ | 1.56 | |||||||||||||||
Basic shares outstanding | 39,266 | 39,167 | 39,279 | 39,131 | |||||||||||||||||||
Diluted shares outstanding | 39,421 | 39,420 | 39,472 | 39,421 |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 134,047 | $ | 140,895 | |||||||
Trade receivables, net | 265,290 | 254,187 | |||||||||
Inventories | 341,544 | 280,617 | |||||||||
Notes receivable, insurance companies | 3,972 | 3,914 | |||||||||
Other current assets | 99,626 | 113,191 | |||||||||
Total current assets | 844,479 | 792,804 | |||||||||
Property, plant and equipment net | 203,036 | 207,793 | |||||||||
Prepaid pension cost | 176,373 | 163,283 | |||||||||
Goodwill | 619,449 | 636,858 | |||||||||
Intangible assets, net | 290,221 | 306,948 | |||||||||
Notes receivable, insurance companies, noncurrent | 45,161 | 44,626 | |||||||||
Insurance receivable, noncurrent | 117,825 | 121,609 | |||||||||
Other noncurrent assets | 111,903 | 122,475 | |||||||||
Total assets | $ | 2,408,447 | $ | 2,396,396 | |||||||
Liabilities and shareholders' equity | |||||||||||
Notes payable and current portion of long-term debt, net | $ | 7,433 | $ | — | |||||||
Accounts payable | 111,861 | 106,780 | |||||||||
Other current liabilities | 216,964 | 223,826 | |||||||||
Total current liabilities | 336,258 | 330,606 | |||||||||
Long-term debt, net | 615,778 | 597,651 | |||||||||
Pensions and other employee benefits | 181,958 | 189,973 | |||||||||
Noncurrent operating lease liabilities | 37,626 | 40,706 | |||||||||
Deferred tax liabilities | 31,342 | 33,337 | |||||||||
Product liability and other noncurrent liabilities | 367,415 | 369,735 | |||||||||
Total shareholders' equity | 838,070 | 834,388 | |||||||||
Total liabilities and shareholders' equity | $ | 2,408,447 | $ | 2,396,396 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 47,693 | $ | 25,448 | $ | 83,235 | $ | 62,084 | |||||||||||||||
Depreciation and amortization | 13,922 | 11,584 | 28,087 | 22,088 | |||||||||||||||||||
Change in working capital and other operating | (46,162) | 1,266 | (71,346) | (258) | |||||||||||||||||||
Cash flow from operating activities | 15,453 | 38,298 | 39,976 | 83,914 | |||||||||||||||||||
Capital expenditures | (11,829) | (10,706) | (19,805) | (20,288) | |||||||||||||||||||
Acquisition, net of cash acquired | — | — | — | (62,992) | |||||||||||||||||||
Change in short-term investments | 5,180 | 5,015 | 14,207 | 25,045 | |||||||||||||||||||
Property disposals and other investing | — | 25 | — | 60 | |||||||||||||||||||
Cash flow used in investing activities | (6,649) | (5,666) | (5,598) | (58,175) | |||||||||||||||||||
Change in debt | 32,000 | (25,013) | 37,000 | 27,004 | |||||||||||||||||||
Cash dividends paid | (18,109) | (17,247) | (35,401) | (34,067) | |||||||||||||||||||
Other financing | (27,764) | (834) | (31,372) | (4,392) | |||||||||||||||||||
Cash flow used in financing activities | (13,873) | (43,094) | (29,773) | (11,455) | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (7,113) | (187) | (10,474) | (907) | |||||||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | $ | (12,182) | $ | (10,649) | $ | (5,869) | $ | 13,377 |
Americas | International | Corporate | Consolidated | ||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Sales to external customers | $ | 252,386 | $ | 119,927 | $ | — | $ | 372,313 | |||||||||||||||
Operating income | 61,536 | ||||||||||||||||||||||
Operating margin % | 16.5 | % | |||||||||||||||||||||
Restructuring charges | 57 | ||||||||||||||||||||||
Currency exchange gains, net | (1,463) | ||||||||||||||||||||||
Product liability expense | 2,926 | ||||||||||||||||||||||
Acquisition related costs (a) | 2,557 | ||||||||||||||||||||||
Adjusted operating income (loss) | 57,141 | 17,207 | (8,735) | 65,613 | |||||||||||||||||||
Adjusted operating margin % | 22.6 | % | 14.3 | % | 17.6 | % | |||||||||||||||||
Depreciation and amortization (b) | 11,604 | ||||||||||||||||||||||
Adjusted EBITDA | 65,461 | 20,370 | (8,614) | 77,217 | |||||||||||||||||||
Adjusted EBITDA margin % | 25.9 | % | 17.0 | % | 20.7 | % | |||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Sales to external customers | $ | 217,707 | $ | 123,582 | $ | — | $ | 341,289 | |||||||||||||||
Operating income | 35,135 | ||||||||||||||||||||||
Operating margin % | 10.3 | % | |||||||||||||||||||||
Restructuring charges | 7,078 | ||||||||||||||||||||||
Currency exchange losses, net | 1,640 | ||||||||||||||||||||||
Product liability expense | 11,751 | ||||||||||||||||||||||
Acquisition related costs (a) | 3,168 | ||||||||||||||||||||||
Adjusted operating income (loss) | 49,319 | 20,444 | (10,991) | 58,772 | |||||||||||||||||||
Adjusted operating margin % | 22.7 | % | 16.5 | % | 17.2 | % | |||||||||||||||||
Depreciation and amortization | 11,584 | ||||||||||||||||||||||
Adjusted EBITDA | 57,218 | 24,024 | (10,886) | 70,356 | |||||||||||||||||||
Adjusted EBITDA margin % | 26.3 | % | 19.4 | % | 20.6 | % |
Americas | International | Corporate | Consolidated | ||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Sales to external customers | $ | 478,034 | $ | 224,971 | $ | — | $ | 703,005 | |||||||||||||||
Operating income | 104,204 | ||||||||||||||||||||||
Operating margin % | 14.8 | % | |||||||||||||||||||||
Restructuring charges | 2,247 | ||||||||||||||||||||||
Currency exchange losses, net | 1,809 | ||||||||||||||||||||||
Product liability expense | 5,698 | ||||||||||||||||||||||
Acquisition related costs (a) | 5,499 | ||||||||||||||||||||||
Adjusted operating income (loss) | 109,577 | 26,196 | (16,316) | 119,457 | |||||||||||||||||||
Adjusted operating margin % | 22.9 | % | 11.6 | % | 17.0 | % | |||||||||||||||||
Depreciation and amortization (b) | 23,420 | ||||||||||||||||||||||
Adjusted EBITDA | 126,256 | 32,698 | (16,077) | 142,877 | |||||||||||||||||||
Adjusted EBITDA margin % | 26.4 | % | 14.5 | % | 20.3 | % | |||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Sales to external customers | $ | 426,046 | $ | 223,671 | $ | — | $ | 649,717 | |||||||||||||||
Operating income | 79,217 | ||||||||||||||||||||||
Operating margin % | 12.2 | % | |||||||||||||||||||||
Restructuring charges | 8,385 | ||||||||||||||||||||||
Currency exchange gains, net | (459) | ||||||||||||||||||||||
Product liability expense | 14,547 | ||||||||||||||||||||||
Acquisition related costs (a) | 4,541 | ||||||||||||||||||||||
Adjusted operating income (loss) | 94,512 | 29,201 | (17,482) | 106,231 | |||||||||||||||||||
Adjusted operating margin % | 22.2 | % | 13.1 | % | 16.4 | % | |||||||||||||||||
Depreciation and amortization | 22,088 | ||||||||||||||||||||||
Adjusted EBITDA | 109,444 | 36,154 | (17,279) | 128,319 | |||||||||||||||||||
Adjusted EBITDA margin % | 25.7 | % | 16.2 | % | 19.7 | % |
Three Months Ended June 30, 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 | 20 | % | (10) | % | 15 | % | 16 | % | 24 | % | (14) | % | 11 | % | (5) | % | 9 | % | |||||||||||||||||
Plus: Currency translation effects | 4 | % | 3 | % | 1 | % | 2 | % | 3 | % | 4 | % | 3 | % | 5 | % | 3 | % | |||||||||||||||||
Constant currency sales change | 24 | % | (7) | % | 16 | % | 18 | % | 27 | % | (10) | % | 14 | % | — | % | 12 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 25 | % | — | % | 5 | % | — | % | 4 | % | |||||||||||||||||
Organic constant currency sales change | 24 | % | (7) | % | 16 | % | 18 | % | 2 | % | (10) | % | 9 | % | — | % | 8 | % |
Six Months Ended June 30, 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 | 11 | % | (3) | % | 13 | % | 7 | % | 31 | % | (10) | % | 11 | % | (10) | % | 8 | % | |||||||||||||||||
Plus: Currency translation effects | 3 | % | 3 | % | 1 | % | 2 | % | 2 | % | 3 | % | 2 | % | 3 | % | 3 | % | |||||||||||||||||
Constant currency sales change | 14 | % | — | % | 14 | % | 9 | % | 33 | % | (7) | % | 13 | % | (7) | % | 11 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 26 | % | — | % | 6 | % | — | % | 5 | % | |||||||||||||||||
Organic constant currency sales change | 14 | % | — | % | 14 | % | 9 | % | 7 | % | (7) | % | 7 | % | (7) | % | 6 | % |
Three Months Ended June 30, 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 | 26 | % | (4) | % | 18 | % | 25 | % | 37 | % | (4) | % | 18 | % | (7) | % | 16 | % | |||||||||||||||||
Plus: Currency translation effects | — | % | — | % | — | % | — | % | — | % | 1 | % | 1 | % | — | % | — | % | |||||||||||||||||
Constant currency sales change | 26 | % | (4) | % | 18 | % | 25 | % | 37 | % | (3) | % | 19 | % | (7) | % | 16 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 34 | % | — | % | 7 | % | — | % | 6 | % | |||||||||||||||||
Organic constant currency sales change | 26 | % | (4) | % | 18 | % | 25 | % | 3 | % | (3) | % | 12 | % | (7) | % | 10 | % |
Six Months Ended June 30, 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 | 15 | % | (4) | % | 15 | % | 12 | % | 44 | % | — | % | 15 | % | (15) | % | 12 | % | |||||||||||||||||
Plus: Currency translation effects | — | % | — | % | — | % | 1 | % | — | % | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||||
Constant currency sales change | 15 | % | (4) | % | 15 | % | 13 | % | 44 | % | 1 | % | 16 | % | (14) | % | 13 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 34 | % | — | % | 7 | % | — | % | 6 | % | |||||||||||||||||
Organic constant currency sales change | 15 | % | (4) | % | 15 | % | 13 | % | 10 | % | 1 | % | 9 | % | (14) | % | 7 | % |
Three Months Ended June 30, 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 | % | (23) | % | 4 | % | (1) | % | 7 | % | (27) | % | (3) | % | (3) | % | (3) | % | |||||||||||||||||
Plus: Currency translation effects | 10 | % | 8 | % | 7 | % | 7 | % | 8 | % | 7 | % | 8 | % | 10 | % | 8 | % | |||||||||||||||||
Constant currency sales change | 18 | % | (15) | % | 11 | % | 6 | % | 15 | % | (20) | % | 5 | % | 7 | % | 5 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 13 | % | — | % | 3 | % | — | % | 3 | % | |||||||||||||||||
Organic constant currency sales change | 18 | % | (15) | % | 11 | % | 6 | % | 2 | % | (20) | % | 2 | % | 7 | % | 2 | % |
Six Months Ended June 30, 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 | 4 | % | — | % | 5 | % | (4) | % | 13 | % | (24) | % | 1 | % | (5) | % | 1 | % | |||||||||||||||||
Plus: Currency translation effects | 8 | % | 9 | % | 5 | % | 6 | % | 5 | % | 6 | % | 7 | % | 9 | % | 6 | % | |||||||||||||||||
Constant currency sales change | 12 | % | 9 | % | 10 | % | 2 | % | 18 | % | (18) | % | 8 | % | 4 | % | 7 | % | |||||||||||||||||
Less: Acquisitions | — | % | — | % | — | % | — | % | 15 | % | — | % | 4 | % | — | % | 3 | % | |||||||||||||||||
Organic constant currency sales change | 12 | % | 9 | % | 10 | % | 2 | % | 3 | % | (18) | % | 4 | % | 4 | % | 4 | % |
Three Months Ended June 30, 2022 | |||||||||||||||||
Consolidated | Americas | International | |||||||||||||||
Fixed Gas and Flame Detection* | 27 | % | 37 | % | 15 | % | |||||||||||
Breathing Apparatus | 24 | % | 26 | % | 18 | % | |||||||||||
Portable Gas Detection | 18 | % | 25 | % | 6 | % | |||||||||||
Industrial Head Protection | 16 | % | 18 | % | 11 | % | |||||||||||
Firefighter Helmets & Protective Apparel | (7) | % | (4) | % | (15) | % | |||||||||||
Fall Protection | (10) | % | (3) | % | (20) | % | |||||||||||
Core Sales | 14 | % | 19 | % | 5 | % | |||||||||||
Non-Core Sales | — | % | (7) | % | 7 | % | |||||||||||
Net Sales | 12 | % | 16 | % | 5 | % | |||||||||||
Net Sales excluding Acquisitions | 8 | % | 10 | % | 2 | % |
Six Months Ended June 30, 2022 | |||||||||||||||||
Consolidated | Americas | International | |||||||||||||||
Fixed Gas and Flame Detection* | 33 | % | 44 | % | 18 | % | |||||||||||
Breathing Apparatus | 14 | % | 15 | % | 12 | % | |||||||||||
Portable Gas Detection | 9 | % | 13 | % | 2 | % | |||||||||||
Industrial Head Protection | 14 | % | 15 | % | 10 | % | |||||||||||
Firefighter Helmets & Protective Apparel | — | % | (4) | % | 9 | % | |||||||||||
Fall Protection | (7) | % | 1 | % | (18) | % | |||||||||||
Core Sales | 13 | % | 16 | % | 8 | % | |||||||||||
Non-Core Sales | (7) | % | (14) | % | 4 | % | |||||||||||
Net Sales | 11 | % | 13 | % | 7 | % | |||||||||||
Net Sales excluding Acquisitions | 6 | % | 7 | % | 4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
Net income attributable to MSA Safety Incorporated | $ | 47,693 | $ | 25,186 | 89% | $ | 83,235 | $ | 61,636 | 35% | |||||||||||||||||||||||||
Product liability expense | 2,926 | 11,751 | 5,698 | 14,547 | |||||||||||||||||||||||||||||||
Acquisition related costs (a) | 2,557 | 3,168 | 5,499 | 4,541 | |||||||||||||||||||||||||||||||
Restructuring charges | 57 | 7,078 | 2,247 | 8,385 | |||||||||||||||||||||||||||||||
Asset related losses and other | 120 | 29 | 124 | 48 | |||||||||||||||||||||||||||||||
Currency exchange (gains) losses, net | (1,463) | 1,640 | 1,809 | (459) | |||||||||||||||||||||||||||||||
Income tax expense on adjustments | (946) | (7,029) | (4,069) | (9,399) | |||||||||||||||||||||||||||||||
Adjusted earnings | $ | 50,944 | $ | 41,823 | 22% | $ | 94,543 | $ | 79,299 | 19% | |||||||||||||||||||||||||
Adjusted earnings per diluted share | $ | 1.29 | $ | 1.06 | 22% | $ | 2.40 | $ | 2.01 | 19% |
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Cover Page Document |
Jul. 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 | Jul. 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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