MSA Safety Announces Third Quarter 2025 Results

By PR Newswire | October 28, 2025, 4:30 PM

Third Quarter 2025  Highlights

  • Achieved quarterly net sales of $468 million, an 8% GAAP increase and a 3% organic increase year-over-year
  • Generated GAAP operating income of $94 million, or 20.1% of sales, and adjusted operating income of $104 million, or 22.1% of sales
  • Recorded GAAP net income of $70 million, or $1.77 per diluted share, and adjusted earnings of $76 million, or $1.94 per diluted share
  • Generated free cash flow of $100 million; repaid $50 million of debt, net leverage declined to 1.0x; ample liquidity of $1.1 billion

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.

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