MSA Safety Announces Third Quarter 2025 Results
Third Quarter 2025 Highlights
PITTSBURGH, Oct. 28, 2025 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: MSA) today reported financial results for the third quarter of 2025.
"Our financial performance in the third quarter reflected solid results, demonstrating our continued execution of our Accelerate strategy," said Steve Blanco, President and CEO of MSA Safety. "We continued our broad-based momentum in fixed and portable detection and delivered double-digit growth in fall protection. The success of these growth areas offset timing headwinds in the fire service due to the later-than-normal announcement of the annual Assistance to Firefighter Grants program in the U.S. Additionally, I am pleased to report that our recent acquisition of M&C TechGroup is performing well, and the integration remains on track."
"Joining MSA Safety as Chief Financial Officer and working alongside such a passionate and dedicated team is an honor," stated Julie Beck, MSA Safety Chief Financial Officer. "It became very clear to me early on that the commitment to the mission of safety is an intangible asset that sets MSA apart. Our balance sheet remains strong, we retain our disciplined and balanced capital allocation strategy and maintain an active M&A pipeline. Following our strong free cash flow generation year-to-date, we expect to repurchase shares in the fourth quarter. We reaffirm our low-single-digit organic sales growth outlook for 2025 while continuing to manage through the U.S. Government shutdown and near-term timing-related challenges in the fire service, as well as ongoing macro and tariff-related dynamics," Ms. Beck added.
Financial Highlights
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except per share
data and percentages)
2025
2024
% Change (a)
2025
2024
% Change (a)
Net Sales
$ 468.4
$ 432.7
8 %
$ 1,363.9
$ 1,308.4
4 %
GAAP
Operating income
94.3
91.5
3 %
257.9
271.5
(5) %
% of Net sales
20.1 %
21.1 %
(100) bps
18.9 %
20.8 %
(190) bps
Net income
69.6
66.6
4 %
192.0
197.0
(3) %
Diluted EPS
1.77
1.69
5 %
4.87
4.98
(2) %
Non-GAAP
Adjusted EBITDA
$ 118.9
$ 111.6
7 %
$ 336.9
$ 334.8
1 %
% of Net sales
25.4 %
25.8 %
(40) bps
24.7 %
25.6 %
(90) bps
Adjusted operating income
103.7
97.9
6 %
292.7
294.1
— %
% of Net sales
22.1 %
22.6 %
(50) bps
21.5 %
22.5 %
(100) bps
Adjusted earnings
76.2
72.3
5 %
218.6
215.5
1 %
Adjusted diluted EPS
1.94
1.83
6 %
5.55
5.45
2 %
Free cash flow
100.5
70.1
43 %
189.4
148.7
27 %
Free cash flow conversion
144 %
105 %
99 %
75 %
Americas Segment
Net sales
$ 313.3
$ 299.5
5 %
$ 926.6
$ 909.7
2 %
GAAP operating income
86.7
89.4
(3) %
254.5
269.8
(6) %
% of Net sales
27.7 %
29.9 %
(220) bps
27.5 %
29.7 %
(220) bps
Adjusted operating income
88.7
91.8
(3) %
260.7
276.5
(6) %
% of Net sales
28.3 %
30.7 %
(240) bps
28.1 %
30.4 %
(230) bps
International Segment
Net sales
$ 155.1
$ 133.2
16 %
$ 437.3
$ 398.7
10 %
GAAP operating income
22.7
17.4
31 %
52.3
51.3
2 %
% of Net sales
14.7 %
13.0 %
170 bps
12.0 %
12.9 %
(90) bps
Adjusted operating income
24.8
18.2
37 %
63.7
55.9
14 %
% of Net sales
16.0 %
13.6 %
240 bps
14.6 %
14.0 %
60 bps
(a)
Percentage change may not calculate exactly due to rounding.
2025 Net Sales Outlook
The company maintained its low-single-digit organic sales growth outlook for 2025 and noted the health of its overall business, while acknowledging ongoing risks related to macroeconomic factors. It also noted near-term timing challenges due to the later-than-normal Assistance to Firefighter Grant (AFG) release and the subsequent U.S. Government shutdown, which will shift a portion of fourth quarter sales to 2026, predominantly in the fire service, along with the timing of the National Fire Protection Association (NFPA) approval for their next-generation self-contained breathing apparatus (SCBA).
Conference Call
MSA Safety will host a conference call on Wednesday, October 29, 2025, at 10:00 a.m. Eastern Time to discuss its third quarter 2025 results and full-year 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 Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net sales
$ 468,445
$ 432,679
$ 1,363,900
$ 1,308,443
Cost of products sold
250,829
225,223
732,179
682,427
Gross profit
217,616
207,456
631,721
626,016
Selling, general and administrative
102,852
95,103
308,895
294,329
Research and development
16,521
16,707
49,186
49,695
Restructuring charges
58
1,184
2,470
5,744
Currency exchange losses, net
3,875
2,985
13,237
4,715
Operating income
94,310
91,477
257,933
271,533
Interest expense
8,416
9,153
23,368
29,556
Other income, net
(6,562)
(5,833)
(18,585)
(16,215)
Total other expense, net
1,854
3,320
4,783
13,341
Income before income taxes
92,456
88,157
253,150
258,192
Provision for income taxes
22,843
21,509
61,159
61,171
Net income
$ 69,613
$ 66,648
$ 191,991
$ 197,021
Earnings per share attributable to common
shareholders:
Basic
$ 1.78
$ 1.69
$ 4.89
$ 5.00
Diluted
$ 1.77
$ 1.69
$ 4.87
$ 4.98
Basic shares outstanding
39,168
39,362
39,253
39,370
Diluted shares outstanding
39,280
39,495
39,380
39,530
MSA Safety Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
September 30, 2025
December 31, 2024
Assets
Cash and cash equivalents
$ 169,998
$ 164,560
Trade receivables, net
306,949
279,213
Inventories
355,493
296,796
Other current assets
62,328
62,461
Total current assets
894,768
803,030
Property, plant and equipment, net
278,481
211,865
Prepaid pension cost
239,411
224,638
Goodwill
732,224
620,895
Intangible assets, net
304,505
246,437
Other noncurrent assets
104,188
98,919
Total assets
$ 2,553,577
$ 2,205,784
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net
$ 8,209
$ 26,391
Accounts payable
119,872
108,163
Other current liabilities
162,190
153,539
Total current liabilities
290,271
288,093
Long-term debt, net
620,374
481,622
Pensions and other employee benefits
151,596
134,251
Deferred tax liabilities
133,200
107,691
Other noncurrent liabilities
55,746
50,808
Total shareholders' equity
1,302,390
1,143,319
Total liabilities and shareholders' equity
$ 2,553,577
$ 2,205,784
MSA Safety Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net income
$ 69,613
$ 66,648
$ 191,991
$ 197,021
Depreciation and amortization
18,585
15,959
52,935
47,563
Change in working capital and other operating
24,264
1,725
(3,413)
(56,064)
Cash flow from operating activities
112,462
84,332
241,513
188,520
Capital expenditures
(11,986)
(14,254)
(52,104)
(39,814)
Acquisitions, net of cash acquired
—
—
(187,774)
—
Property disposals and other investing
—
16
19
90
Cash flow used in investing activities
(11,986)
(14,238)
(239,859)
(39,724)
Change in debt
(49,892)
(37,743)
115,328
(51,003)
Cash dividends paid
(20,757)
(20,081)
(61,638)
(58,670)
Company stock purchases under repurchase program
—
(10,027)
(39,995)
(20,027)
Other financing
(1,156)
(603)
(11,521)
(6,472)
Cash flow (used in) from financing activities
(71,805)
(68,454)
2,174
(136,172)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(5,690)
4,495
2,002
(6,062)
Increase in cash, cash equivalents and restricted cash
$ 22,981
$ 6,135
$ 5,830
$ 6,562
MSA Safety Incorporated
Sales by Product Group (Unaudited)
(In thousands, except percentages)
Three Months Ended September 30,
2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection (a)
$ 191,188
41 %
$ 124,111
40 %
$ 67,077
43 %
Fire Service (b)
158,654
34 %
109,497
35 %
49,157
32 %
Industrial PPE and Other (c)
118,603
25 %
79,742
25 %
38,861
25 %
Total
$ 468,445
100 %
$ 313,350
100 %
$ 155,095
100 %
Three Months Ended September 30, 2024
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection (a)
$ 163,150
38 %
$ 110,459
37 %
$ 52,691
40 %
Fire Service (b)
160,515
37 %
111,992
37 %
48,523
36 %
Industrial PPE and Other (c)
109,014
25 %
77,046
26 %
31,968
24 %
Total
$ 432,679
100 %
$ 299,497
100 %
$ 133,182
100 %
Nine Months Ended September 30, 2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection (a)
$ 546,094
40 %
$ 361,176
39 %
$ 184,918
42 %
Fire Service (b)
472,576
35 %
326,220
35 %
146,356
33 %
Industrial PPE and Other (c)
345,230
25 %
239,253
26 %
105,977
25 %
Total
$ 1,363,900
100 %
$ 926,649
100 %
$ 437,251
100 %
Nine Months Ended September 30, 2024
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection (a)
473,214
36 %
318,159
35 %
155,055
39 %
Fire Service (b)
496,478
38 %
352,730
39 %
143,748
36 %
Industrial PPE and Other (c)
338,751
26 %
238,856
26 %
99,895
25 %
Total
$ 1,308,443
100 %
$ 909,745
100 %
$ 398,698
100 %
(a)
Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b)
Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c)
Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Organic sales change (Unaudited)
Consolidated
Three months ended September 30, 2025
Detection (a)
Fire
Service (b)
Industrial PPE
and Other (c)
Net Sales
GAAP reported sales change
17 %
(1) %
9 %
8 %
Currency translation effects
(1) %
(2) %
(2) %
(1) %
Less: Acquisitions
(10) %
— %
— %
(4) %
Organic sales change
6 %
(3) %
7 %
3 %
Nine months ended September 30, 2025
Detection (a)
Fire
Service (b)
Industrial PPE
and Other (c)
Net Sales
GAAP reported sales change
15 %
(5) %
2 %
4 %
Currency translation effects
— %
— %
1 %
— %
Less: Acquisitions
(5) %
— %
— %
(2) %
Organic sales change
10 %
(5) %
3 %
2 %
Americas Segment
Three months ended September 30, 2025
Detection (a)
Fire
Service (b)
Industrial PPE
and Other (c)
Net Sales
GAAP reported sales change
12 %
(2) %
3 %
5 %
Currency translation effects
— %
— %
— %
— %
Less: Acquisitions
(5) %
— %
— %
(2) %
Organic sales change
7 %
(2) %
3 %
3 %
Nine months ended September 30, 2025
Detection (a)
Fire
Service (b)
Industrial PPE
and Other (c)
Net Sales
GAAP reported sales change
14 %
(8) %
— %
2 %
Currency translation effects
1 %
1 %
2 %
1 %
Less: Acquisitions
(4) %
— %
— %
(1) %
Organic sales change
11 %
(7) %
2 %
2 %
International Segment
Three months ended September 30, 2025
Detection (a)
Fire
Service (b)
Industrial PPE
and Other (c)
Net Sales
GAAP reported sales change
27 %
1 %
22 %
16 %
Currency translation effects
(4) %
(4) %
(5) %
(4) %
Less: Acquisitions
(18) %
— %
— %
(7) %
Organic sales change
5 %
(3) %
17 %
5 %
Nine months ended September 30, 2025
Detection (a)
Fire Service (b)
Industrial PPE
and Other (c)
Net Sales
GAAP reported sales change
19 %
2 %
6 %
10 %
Currency translation effects
(2) %
(2) %
(2) %
(2) %
Less: Acquisitions
(11) %
— %
— %
(5) %
Organic sales change
6 %
— %
4 %
3 %
(a)
Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b)
Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c)
Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted operating income (Unaudited)
Adjusted EBITDA (Unaudited)
(In thousands)
Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
Adjusted EBITDA
$ 118,934
$ 111,605
$ 336,912
$ 334,789
Less:
Depreciation and amortization
15,193
13,690
44,237
40,675
Adjusted operating income
103,741
97,915
292,675
294,114
Less:
Currency exchange losses, net
3,875
2,985
13,237
4,715
Restructuring charges
58
1,184
2,470
5,744
Acquisition-related amortization
3,595
2,269
9,033
6,888
Net cost for product related legal matter
—
—
—
5,000
Transaction costs (a)
1,903
—
10,002
234
GAAP operating income
94,310
91,477
257,933
271,533
Less:
Interest expense
8,416
9,153
23,368
29,556
Other income, net
(6,562)
(5,833)
(18,585)
(16,215)
Income before income taxes
92,456
88,157
253,150
258,192
Provision for income taxes
22,843
21,509
61,159
61,171
Net income
$ 69,613
$ 66,648
$ 191,991
$ 197,021
(a)
Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, acquisition-related amortization, net cost for product related legal matter and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted diluted earnings per share (Unaudited)
(In thousands, except per share amounts and percentages)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
%
Change
2025
2024
%
Change
Net income
$ 69,613
$ 66,648
4 %
$ 191,991
$ 197,021
(3) %
Currency exchange losses, net
3,875
2,985
13,237
4,715
Restructuring charges
58
1,184
2,470
5,744
Acquisition-related amortization
3,595
2,269
9,033
6,888
Transaction costs (a)
1,903
—
10,002
234
Asset related losses
97
207
989
959
Pension settlement
—
—
721
1,308
Net cost for product related legal matter
—
—
—
5,000
Income tax expense on adjustments
(2,949)
(995)
(9,885)
(6,412)
Adjusted earnings
$ 76,192
$ 72,298
5 %
$ 218,558
$ 215,457
1 %
Adjusted diluted earnings per share
$ 1.94
$ 1.83
6 %
$ 5.55
$ 5.45
2 %
Diluted shares outstanding
39,280
39,495
39,380
39,530
(a)
Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Management believes that adjusted earnings and adjusted diluted earnings per share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)
(In thousands)
Twelve Months Ended
September 30, 2025
Operating income
$ 375,577
Depreciation and amortization
58,721
Currency exchange losses, net
12,160
Restructuring charges
3,123
Acquisition-related amortization
11,319
Transaction costs (a)
10,654
Adjusted EBITDA
$ 471,554
Total end-of-period debt
628,583
Debt to adjusted EBITDA
1.3
Total end-of-period debt
$ 628,583
Total end-of-period cash and cash equivalents
169,998
Net debt
$ 458,585
Net debt to adjusted EBITDA
1.0
(a)
Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.
About MSA Safety:
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technologies and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2024 revenues of $1.8 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of over 5,000 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures:
This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.
The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above.
SOURCE MSA Safety