MSA Safety Announces Second Quarter 2026 Results

MSA Safety Announces Second Quarter 2026 Results

PR Newswire

PITTSBURGH, July 30, 2026

Second Quarter 2026 HighlightsAchieved quarterly net sales of $503 million, a 6% GAAP increase and a 3% organic increase year-over-yearGenerated GAAP operating income of $112 million, or 22.2% of sales, and adjusted operating income of $121 million, or 24.1% of salesRecorded GAAP net income of $86 million, or $2.23 per diluted share, an increase of 40% year-over-year, and adjusted earnings of $93 million, or $2.40 per diluted share, an increase of 24% year-over-yearGenerated free cash flow of $83 million and returned $47 million of capital to shareholders via share repurchases and dividend payments Announced the acquisition of Autronica Fire and Security for ~$555 million, which closed in July, and raised annual dividend for 56th consecutive yearPITTSBURGH, July 30, 2026 /PRNewswire/ -- Global provider of advanced industrial safety products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the second quarter of 2026.

"I want to thank the MSA team for their disciplined execution across our business in the second quarter," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We delivered strong operating performance through the continued advancement of our Accelerate strategy. We also announced the acquisition of Autronica Fire and Security, which closed in early July and adds a highly complementary business that builds on the strength of our existing fixed detection platform while expanding our addressable market opportunity."Financial HighlightsThree Months Ended June 30,Six Months Ended June 30,(In millions, except per sharedata and percentages)20262025% Change (a)20262025% Change (a)Net Sales$ 503.3$ 474.16 %$ 967.0$ 895.58 %GAAPOperating income112.085.930 %205.0163.625 %% of Net sales22.2 %18.1 %410 bps21.2 %18.3 %290 bpsNet income86.262.837 %157.5122.429 %Diluted EPS2.231.5940 %4.053.1031 %Non-GAAPAdjusted EBITDA$ 136.4$ 116.517 %$ 252.7$ 218.016 %% of Net sales27.1 %24.6 %250 bps26.1 %24.3 %180 bpsAdjusted operating income121.1101.419 %222.2188.918 %% of Net sales24.1 %21.4 %270 bps23.0 %21.1 %190 bpsAdjusted earnings93.175.923 %170.5142.420 %Adjusted diluted EPS2.401.9324 %4.393.6122 %Free cash flow82.737.9118 %147.888.966 %Free cash flow conversion96 %60 %94 %73 %Americas SegmentNet sales$ 341.5$ 320.17 %$ 666.7$ 613.39 %GAAP operating income106.291.316 %202.0167.820 %% of Net sales31.1 %28.5 %260 bps30.3 %27.4 %290 bpsAdjusted operating income109.193.317 %207.2172.020 %% of Net sales32.0 %29.1 %290 bps31.1 %28.0 %310 bpsInternational SegmentNet sales$ 161.9$ 154.05 %$ 300.3$ 282.26 %GAAP operating income22.912.287 %35.429.520 %% of Net sales14.2 %8.0 %620 bps11.8 %10.5 %130 bpsAdjusted operating income25.120.224 %39.638.92 %% of Net sales15.5 %13.1 %240 bps13.2 %13.8 %(60) bps(a) Percentage change may not calculate exactly due to rounding."Our adjusted earnings per share increased by 24%, driven by 6% reported sales growth and robust margin expansion. We also generated strong free cash flow and returned capital to shareholders," stated Julie Beck, MSA Safety's Chief Financial Officer. "Margin expansion was primarily driven by our ongoing execution of the principles of the MSA Business System and benefited from tariff refunds. Our full-year sales outlook includes low-double-digit total revenue growth, supported by mid-single-digit organic growth, a mid-single-digit contribution from acquisitions and a low-single-digit tailwind from foreign exchange," Ms. Beck added.The company increased its annual dividend for a 56th consecutive year and returned a total of $47 million to shareholders through $26 million of share repurchases and dividends of $21 million, while investing $13 million in capital expenditures. The company's net leverage ratio was 0.8x at quarter end. Including the debt for the acquisition of Autronica Fire and Security, pro forma net leverage is ~1.8x.Conference Call MSA Safety will host a conference call on Friday, July 31, 2026, at 10:00 a.m. Eastern Time to discuss its second quarter 2026 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.MSA Safety IncorporatedCondensed Consolidated Statements of Income (Unaudited)(In thousands, except per share amounts)Three Months Ended June 30,Six Months Ended June 30,2026202520262025Net sales$ 503,327$ 474,116$ 966,959$ 895,456Cost of products sold254,036253,406498,088481,351Gross profit249,291220,710468,871414,105Selling, general and administrative114,073112,078221,756206,042Research and development19,15416,99635,50932,665Restructuring charges2,2094884,5382,412Currency exchange losses, net1,8965,2862,0959,363Operating income111,95985,862204,973163,623Interest expense7,9518,11615,65414,951Other income, net(7,379)(5,000)(15,060)(12,022)Total other expense, net5723,1165942,929Income before income taxes111,38782,746204,379160,694Provision for income taxes25,19319,97346,91638,316Net income$ 86,194$ 62,773$ 157,463$ 122,378Earnings per share attributable to commonshareholders:Basic$ 2.23$ 1.60$ 4.06$ 3.11Diluted$ 2.23$ 1.59$ 4.05$ 3.10Basic shares outstanding38,62339,25838,74039,296Diluted shares outstanding38,69739,35938,84139,430MSA Safety IncorporatedCondensed Consolidated Balance Sheets (Unaudited)(In thousands)June 30, 2026December 31, 2025AssetsCash and cash equivalents$ 200,057$ 165,067Trade receivables, net347,877306,452Inventories350,119343,035Other current assets36,78754,738 Total current assets934,840869,292Property, plant and equipment, net276,691283,063Prepaid pension cost291,214279,450Goodwill726,055731,592Intangible assets, net285,721299,127Other noncurrent assets86,99091,850 Total assets$ 2,601,511$ 2,554,374Liabilities and shareholders' equityNotes payable and current portion of long-term debt, net$ 8,096$ 8,225Accounts payable123,632110,775Other current liabilities157,171170,211 Total current liabilities288,899289,211Long-term debt, net591,648572,709Pensions and other employee benefits140,535143,834Deferred tax liabilities126,747127,540Other noncurrent liabilities52,02554,068Total shareholders' equity1,401,6571,367,012 Total liabilities and shareholders' equity$ 2,601,511$ 2,554,374MSA Safety IncorporatedCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)Three Months Ended June 30,Six Months Ended June 30,2026202520262025Net income$ 86,194$ 62,773$ 157,463$ 122,378Depreciation and amortization19,32218,09937,67434,350Change in working capital and otheroperating(10,140)(13,654)(24,074)(27,677)Cash flow from operating activities95,37667,218171,063129,051Capital expenditures(12,673)(29,334)(23,260)(40,118)Acquisitions, net of cash acquired—(187,774)—(187,774)Property disposals and other investing213619Cash flow used in investing activities(12,671)(217,107)(23,224)(227,873)Change in debt(13,000)172,68620,760165,220Cash dividends paid(20,853)(20,848)(41,414)(40,881)Company stock purchases under repurchase program(25,679)(29,998)(76,126)(39,995)Other financing807(2,249)(9,168)(10,365)Cash flow (used in) from financing activities(58,725)119,591(105,948)73,979Effect of exchange rate changes on cash, cash equivalents and restricted cash(4,009)6,949(6,577)7,692Increase (decrease) in cash, cashequivalents and restricted cash$ 19,971$ (23,349)$ 35,314$ (17,151)MSA Safety IncorporatedSales by Product Group (Unaudited)(In thousands, except percentages)Three Months Ended June 30, 2026ConsolidatedAmericasInternationalDollarsPercentDollarsPercentDollarsPercentDetection(a)$ 201,37640 %$ 138,62841 %$ 62,74839 %Fire Service(b)161,89232 %108,24332 %53,64933 %Industrial PPE and Other(c)140,05928 %94,58027 %45,47928 %Total$ 503,327100 %$ 341,451100 %$ 161,876100 %Three Months Ended June 30, 2025ConsolidatedAmericasInternationalDollarsPercentDollarsPercentDollarsPercentDetection(a)$ 193,83541 %$ 127,17440 %$ 66,66143 %Fire Service(b)163,30634 %110,81535 %52,49134 %Industrial PPE and Other(c)116,97525 %82,15025 %34,82523 %Total$ 474,116100 %$ 320,139100 %$ 153,977100 %(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.Six Months Ended June 30, 2026ConsolidatedAmericasInternationalDollarsPercentDollarsPercentDollarsPercentDetection(a)$ 382,21840 %$ 262,60239 %$ 119,61640 %Fire Service(b)321,16433 %224,33534 %96,82932 %Industrial PPE and Other(c)263,57727 %179,75227 %83,82528 %Total$ 966,959100 %$ 666,689100 %$ 300,270100 %Six Months Ended June 30, 2025ConsolidatedAmericasInternationalDollarsPercentDollarsPercentDollarsPercentDetection(a)$ 354,90640 %$ 237,06539 %$ 117,84142 %Fire Service(b)313,92235 %216,72235 %97,20034 %Industrial PPE and Other(c)226,62825 %159,51226 %67,11624 %Total$ 895,456100 %$ 613,299100 %$ 282,157100 %(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 IncorporatedReconciliation of Non-GAAP Financial MeasuresOrganic sales change (Unaudited)ConsolidatedThree Months Ended June 30, 2026Detection(a)Fire Service(b)Industrial PPE and Other(c)Net SalesGAAP reported sales change4 %(1) %20 %6 %Currency translation effects(1) %(1) %(4) %(2) %Less: Acquisitions(3) %— %— %(1) %Organic sales change— %(2) %16 %3 %Six Months Ended June 30, 2026Detection(a)Fire Service(b)Industrial PPE and Other(c)Net SalesGAAP reported sales change8 %2 %16 %8 %Currency translation effects(2) %(2) %(5) %(3) %Less: Acquisitions(6) %— %— %(2) %Organic sales change— %— %11 %3 %Americas SegmentThree Months Ended June 30, 2026Detection(a)Fire Service(b)Industrial PPEand Other(c)Net SalesGAAP reported sales change9 %(2) %15 %7 %Currency translation effects(1) %(1) %(4) %(2) %Less: Acquisitions(1) %— %— %— %Organic sales change7 %(3) %11 %5 %Six months ended June 30, 2026Detection(a)Fire Service(b)Industrial PPEand Other(c)Net SalesGAAP reported sales change11 %4 %13 %9 %Currency translation effects(1) %(1) %(5) %(2) %Less: Acquisitions(3) %— %— %(1) %Organic sales change7 %3 %8 %6 %International SegmentThree Months Ended June 30, 2026Detection(a)Fire Service(b)Industrial PPEand Other(c)Net SalesGAAP reported sales change(6) %2 %30 %5 %Currency translation effects(2) %(2) %(3) %(2) %Less: Acquisitions(5) %— %— %(3) %Organic sales change(13) %— %27 %— %Six months ended June 30, 2026Detection(a)Fire Service(b)Industrial PPE and Other(c)Net SalesGAAP reported sales change2 %— %25 %6 %Currency translation effects(4) %(5) %(6) %(5) %Less: Acquisitions(11) %— %— %(4) %Organic sales change(13) %(5) %19 %(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 IncorporatedReconciliation of Non-GAAP Financial MeasuresAdjusted operating income (Unaudited)Adjusted EBITDA (Unaudited)(In thousands)Three Months Ended June 30,Six months ended June 30,2026202520262025Adjusted EBITDA from reportable segments$ 149,441$ 128,027$ 277,281$ 239,166Less: Depreciation and amortization15,28514,54930,46828,286Adjusted operating income from reportablesegments134,156113,478246,813210,880Less: Corporate expenses13,03812,04424,57421,944Adjusted operating income121,118101,434222,239188,936Less: Currency exchange losses, net1,8965,2862,0959,363 Restructuring charges2,2094884,5382,412 Acquisition-related amortization3,3773,1536,7695,439 Transaction costs (a)1,6776,6453,8648,099GAAP operating income111,95985,862204,973163,623Less: Interest expense7,9518,11615,65414,951 Other income, net(7,379)(5,000)(15,060)(12,022)Income before income taxes111,38782,746204,379160,694Provision for income taxes25,19319,97346,91638,316Net income$ 86,194$ 62,773$ 157,463$ 122,378(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or 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 currency exchange gains / losses, restructuring charges, acquisition-related amortization, 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 IncorporatedReconciliation of Non-GAAP Financial MeasuresAdjusted earnings (Unaudited)Adjusted diluted earnings per share (Unaudited)(In thousands, except per share amounts and percentages)Three Months Ended June 30,Six Months Ended June 30,20262025%Change20262025%ChangeNet income$ 86,194$ 62,77337 %$ 157,463$ 122,37829 %Currency exchange losses, net1,8965,2862,0959,363Restructuring charges2,2094884,5382,412Acquisition-related amortization3,3773,1536,7695,439Transaction costs (a)1,6776,6453,8648,099Asset related losses228884388892Pension settlement—721—721Income tax expense on adjustments(2,524)(4,021)(4,607)(6,937)Adjusted earnings$ 93,057$ 75,92923 %$ 170,510$ 142,36720 %Adjusted diluted earnings per share$ 2.40$ 1.9324 %$ 4.39$ 3.6122 %Diluted shares outstanding38,69739,35938,84139,430(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or 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 IncorporatedReconciliation of Non-GAAP Financial MeasuresDebt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)(In thousands)Twelve Months Ended June 30,2026Operating income$ 413,168Depreciation and amortization 59,738Currency exchange losses, net8,533Restructuring charges6,023Acquisition-related amortization13,945Transaction costs (a)6,232Adjusted EBITDA$ 507,639Total end-of-period debt599,744Debt to adjusted EBITDA1.2Total end-of-period debt$ 599,744Total end-of-period cash and cash equivalents200,057Net debt$ 399,687Net debt to adjusted EBITDA0.8(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or 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 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 industrial safety technology products 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 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 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.