MSA Safety Announces Second Quarter 2025 Results
Second Quarter 2025 Highlights
Achieved quarterly net sales of $474 million, a 3% GAAP increase and flat organic(a) year-over-year
Generated GAAP operating income of $86 million, or 18.1% of sales, and adjusted operating income of $101 million, or 21.4% of sales
Recorded GAAP net income of $63 million, or $1.59 per diluted share, and adjusted earnings of $76 million, or $1.93 per diluted share
Acquired M&C TechGroup, a leading manufacturer of gas analysis and process safety technologies, in a transaction valued at $188 million, net of cash acquired
Repurchased $30 million of common stock, invested $29 million for capital expenditures, including a strategic footprint investment, and paid $21 million of dividends
PITTSBURGH, Aug. 4, 2025 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE:MSA) today reported financial results for the second quarter of 2025.
"Our second quarter financial performance demonstrates our team's commitment to our Accelerate strategy and creating long-term value for our stakeholders," said Steve Blanco, MSA Safety President and CEO. "Although we had a difficult comparison within our broader portfolio, leveraging the MSA Business System enabled strong backlog conversion of key customer orders, and we are energized by the momentum in our growth accelerator product categories of detection and fall protection. Lastly, we deployed capital for the acquisition of M&C TechGroup to expand our addressable market in detection, further diversify our end markets, and create a synergistic platform for growth in the gas analysis and process safety markets."
(a) Definition of organic sales change provided on the bottom of page nine.
Financial Highlights
Three Months Ended June 30,
Six Months Ended June 30,
(In millions, except per share data and percentages)
2025
2024
% Change (a)
2025
2024
% Change (a)
Net Sales
$ 474.1
$ 462.5
3 %
$ 895.5
$ 875.8
2 %
GAAP
Operating income
85.9
99.9
(14) %
163.6
180.1
(9) %
% of Net sales
18.1 %
21.6 %
(350) bps
18.3 %
20.6 %
(230) bps
Net income
62.8
72.2
(13) %
122.4
130.4
(6) %
Diluted EPS
1.59
1.83
(13) %
3.10
3.30
(6) %
Non-GAAP
Adjusted EBITDA
$ 116.5
$ 121.9
(4) %
$ 218.0
$ 223.2
(2) %
% of Net sales
24.6 %
26.4 %
(180) bps
24.3 %
25.5 %
(120) bps
Adjusted operating income
101.4
108.2
(6) %
188.9
196.2
(4) %
% of Net sales
21.4 %
23.4 %
(200) bps
21.1 %
22.4 %
(130) bps
Adjusted earnings
75.9
79.7
(5) %
142.4
143.2
(1) %
Adjusted diluted EPS
1.93
2.01
(4) %
3.61
3.62
— %
Free cash flow
37.9
39.0
(3) %
88.9
78.6
13 %
Free cash flow conversion
60 %
54 %
73 %
60 %
Americas Segment
Net sales
$ 320.1
$ 314.7
2 %
$ 613.3
$ 610.2
— %
GAAP operating income
91.3
96.2
(5) %
167.8
180.3
(7) %
% of Net sales
28.5 %
30.6 %
(210) bps
27.4 %
29.6 %
(220) bps
Adjusted operating income
93.3
98.5
(5) %
172.0
184.7
(7) %
% of Net sales
29.1 %
31.3 %
(220) bps
28.0 %
30.3 %
(230) bps
International Segment
Net sales
$ 154.0
$ 147.8
4 %
$ 282.2
$ 265.5
6 %
GAAP operating income
12.2
22.8
(46) %
29.5
33.9
(13) %
% of Net sales
8.0 %
15.4 %
(740) bps
10.5 %
12.8 %
(230) bps
Adjusted operating income
20.2
24.3
(17) %
38.9
37.8
3 %
% of Net sales
13.1 %
16.4 %
(330) bps
13.8 %
14.2 %
(40) bps
(a) Percentage change may not calculate exactly due to rounding.
"Our balance sheet remains strong, enabling us to invest in growth and return cash to shareholders through our disciplined capital allocation strategy," stated Elyse Brody, Interim CFO of MSA Safety. "Highlights this quarter include the acquisition of M&C TechGroup, our 55th consecutive annual dividend increase, share repurchases, and a strategic footprint investment in Cranberry Township, Pa., to expand manufacturing and engineering capabilities at our detection Center of Excellence. We reaffirm our low-single-digit organic sales growth outlook for 2025 while actively preparing for a wide range of macro scenarios, including tariffs, industrial demand, and the timing of the National Fire Protection Association (NFPA) approval for our next-generation self-contained breathing apparatus (SCBA)," Brody added.
2025 Net Sales Outlook
The company maintained its low-single-digit full-year organic sales growth outlook for 2025, while acknowledging ongoing risk due to macroeconomic factors and the timing of the NFPA standard approval process.
Conference Call
MSA Safety will host a conference call on Tuesday, August 5, 2025, at 10:00 a.m. Eastern time to discuss its second quarter 2025 results and outlook. 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.
MSA Safety Incorporated
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)
Three Months EndedJune 30,
Six Months EndedJune 30,
2025
2024
2025
2024
Net sales
$ 474,116
$ 462,463
$ 895,456
$ 875,765
Cost of products sold
253,406
239,434
481,351
457,205
Gross profit
220,710
223,029
414,105
418,560
Selling, general and administrative
112,078
105,075
206,042
199,226
Research and development
16,996
17,070
32,665
32,988
Restructuring charges
488
1,543
2,412
4,560
Currency exchange losses (gains), net
5,286
(603)
9,363
1,730
Operating income
85,862
99,944
163,623
180,056
Interest expense
8,116
9,664
14,951
20,403
Other income, net
(5,000)
(4,148)
(12,022)
(10,382)
Total other expense, net
3,116
5,516
2,929
10,021
Income before income taxes
82,746
94,428
160,694
170,035
Provision for income taxes
19,973
22,194
38,316
39,662
Net income
$ 62,773
$ 72,234
$ 122,378
$ 130,373
Earnings per share attributable to common shareholders:
Basic
$ 1.60
$ 1.83
$ 3.11
$ 3.31
Diluted
$ 1.59
$ 1.83
$ 3.10
$ 3.30
Basic shares outstanding
39,258
