Global safety equipment and solutions provider MSA Safety Incorporated has reported financial results for the second quarter of 2024.
The company achieved net sales of $462 million, representing a 3% increase compared to the same period last year.
Additionally, MSA Safety generated a GAAP operating income of $100 million, which is 21.6% of sales, and an adjusted operating income of $108 million, or 23.4% of sales.
The financial highlights include a GAAP net income of $72 million, equivalent to $1.83 per diluted share, and adjusted earnings of $80 million, or $2.01 per diluted share.
The company also invested $14 million in capital expenditures, repaid $8 million of debt, returned $20 million to shareholders through dividends, and repurchased $10 million of common stock.
Steve Blanco, MSA Safety President and CEO, stated: “Our team executed very well in the second quarter, as evidenced by the continued solid top-line growth and margin expansion, while our results continue to demonstrate the resiliency within our business.”
During the second quarter, MSA Safety held an investor day where the company outlined its long-term strategy to drive profitable growth and create value for stakeholders over the next five years.
The presentation included an in-depth review of MSA’s range of safety products and solutions, the diverse markets it serves, and the adoption of the MSA Business System across the enterprise.
Blanco highlighted the company’s commitment to its mission and the dedication of its associates: “We provided an in-depth review of our innovative range of leading safety products and solutions, the diverse end markets we serve, the enterprise-wide adoption of the MSA Business System, and above all, the unwavering commitment of our associates to advance our mission.”
MSA Safety’s Senior Vice President and Chief Financial Officer, Lee McChesney, noted the disciplined execution of the company’s strategies in the quarter.
He emphasized the 4% organic constant currency sales growth, healthy margin expansion, and double-digit adjusted EPS growth.
The company’s balance sheet remains strong with net leverage of 0.9 times.
McChesney commented: “Reflecting the disciplined execution of our team in the quarter, grounded in the MSA Business System, we delivered 4% organic constant currency sales growth with healthy margin expansion and double-digit adjusted EPS growth.
“Our balance sheet remains strong, with net leverage of 0.9 times.”
