NEW YORK, Nov. 4, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York, announced today that it has executed a Master Service Agreement ("MSA") with Boosteroid Inc. ("Boosteroid"), a global cloud gaming provider and new customer of Bit Digital's high-performance computing ("HPC") services. Bit Digital previously announced that it had signed a bindi ...

Part I - Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported net sales of $432.7 million for Q3 2024, a decrease from $446.7 million in Q3 2023, while net income increased to $66.6 million from $65.3 million year-over-year, and total assets increased to $2.24 billion from $2.17 billion at the end of 2023, with total liabilities decreasing [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the third quarter of 2024, net sales decreased by 3.1% year-over-year to $432.7 million, while net income slightly increased to $66.6 million, and for the nine-month period, net sales grew 1.2% to $1.31 billion, with the company swinging to a net income of $197.0 million from a net loss of $17.8 million in the prior year Consolidated Statements of Operations Highlights (In thousands, except per share values) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $432,679 | $446,728 | $1,308,443 | $1,292,290 | | **Gross profit** | $207,456 | $218,761 | $626,016 | $613,955 | | **Operating income** | $91,477 | $94,123 | $271,533 | $129,070 | | **Net income (loss)** | $66,648 | $65,256 | $197,021 | $(17,827) | | **Diluted EPS** | $1.69 | $1.65 | $4.98 | $(0.46) | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets stood at $2.24 billion, an increase from $2.17 billion at year-end 2023, driven by higher inventories, while total liabilities decreased to $1.15 billion from $1.20 billion, primarily due to a reduction in long-term debt, leading to an increase in total shareholders' equity to $1.10 billion from $966.8 million Balance Sheet Summary (In thousands) | Account | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $154,371 | $146,442 | | Inventories | $351,805 | $292,604 | | **Total current assets** | **$842,669** | **$786,270** | | **Total assets** | **$2,241,927** | **$2,170,150** | | Long-term debt, net | $527,807 | $575,170 | | **Total liabilities** | **$1,146,582** | **$1,203,348** | | **Total shareholders' equity** | **$1,095,345** | **$966,802** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash provided by operating activities was $188.5 million, a significant improvement from a cash usage of $66.1 million in the prior-year period, primarily due to a $341.2 million cash contribution for the divestiture of MSA LLC in 2023, with investing activities using $39.7 million and financing activities using $136.2 million Cash Flow Summary for Nine Months Ended Sep 30 (In thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Cash Flow From Operating Activities | $188,520 | $(66,057) | | Cash Flow Used in Investing Activities | $(39,724) | $(28,289) | | Cash Flow (Used in) From Financing Activities | $(136,172) | $110,507 | | **Change in cash, cash equivalents and restricted cash** | **$6,562** | **$2,009** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail restructuring charges of $5.7 million for the first nine months of 2024 for manufacturing optimization, sales growth in both Americas and International segments, a decrease in long-term debt to $554.7 million, and the prior year's divestiture of MSA LLC resulting in a $199.6 million tax-effected loss, while the company defends ongoing PFAS-related lawsuits concerning its subsidiary, Globe - Restructuring charges of **$5.7 million** were recorded in the first nine months of 2024, related to manufacturing footprint optimization and management restructuring[20](index=20&type=chunk) - On January 5, 2023, the company divested its subsidiary MSA LLC, transferring all cumulative trauma product liability claims, which resulted in the derecognition of related reserves and assets and a tax-effected loss of **$199.6 million**[71](index=71&type=chunk)[73](index=73&type=chunk) - The company's subsidiary, Globe, is a defendant in **535 lawsuits (7,850 claims)** related to per- and polyfluoroalkyl substances (PFAS) allegedly contained in its firefighter turnout gear[74](index=74&type=chunk)[75](index=75&type=chunk) Sales by Product Group (Nine Months Ended Sep 30) | Product Group | 2024 Sales (thousands) | 2023 Sales (thousands) | | :--- | :--- | :--- | | Fire Service | $496,478 | $481,610 | | Detection | $473,214 | $460,537 | | Industrial PPE and Other | $338,751 | $350,143 | | **Total** | **$1,308,443** | **$1,292,290** | [Management's Discussion and Analysis (MD&A)](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a 3.1% decrease in Q3 2024 net sales, driven by a 4.7% decline in the Americas segment due to delayed SCBA orders, while for the full nine months, net sales grew 1.2%, and the significant increase in nine-month net income is attributed to the absence of the prior year's one-time loss from the MSA LLC divestiture, with the company maintaining a strong liquidity position of $154.4 million in cash [Business Overview](index=23&type=section&id=Business%20Overview) MSA Safety is a global leader in advanced safety products and solutions, serving markets such as fire service, energy, construction, and industrial manufacturing, with a core product portfolio including self-contained breathing apparatus (SCBA), fixed and portable gas detection systems, and industrial personal protective equipment (PPE), organized into Americas and International segments - The company's main product groups are Fire Service (SCBA, protective apparel), Detection (fixed and portable gas detection), and Industrial PPE (head and fall protection)[83](index=83&type=chunk) - Operations are structured into two primary reportable segments: Americas (including U.S., Mexico, Brazil) and International (Europe, Middle East, Africa, and Asia Pacific)[84](index=84&type=chunk)[85](index=85&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) In Q3 2024, consolidated net sales fell 3.1% to $432.7 million, with an organic decline of 2.6%, primarily due to weakness in the Americas fire service sector, while for the nine-month period, sales rose 1.2% to $1.31 billion, with an organic increase of 1.4%, and the significant year-over-year increase in nine-month operating income to $271.5 million from $129.1 million was mainly due to the non-recurrence of a $129.2 million loss on the divestiture of MSA LLC in 2023 Q3 2024 vs Q3 2023 Net Sales Change | Segment | GAAP Change | Currency Effects | Organic Constant Currency Change | | :--- | :--- | :--- | :--- | | Americas | (4.7)% | 1.3% | (3.4)% | | International | 0.6% | (1.4)% | (0.8)% | | **Consolidated** | **(3.1)%** | **0.5%** | **(2.6)%** | - The decrease in Q3 Americas sales was driven by a decline in fire service, primarily SCBA, due to delayed timing of large order deliveries[90](index=90&type=chunk) - Q3 2024 gross profit margin decreased to **47.9%** from **49.0%** in Q3 2023, primarily due to lower sales volume[92](index=92&type=chunk) - The nine-month 2023 results included a **$129.2 million** pre-tax loss on the divestiture of MSA LLC, which was absent in 2024, leading to a significant increase in reported GAAP operating income[116](index=116&type=chunk)[117](index=117&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a healthy liquidity position with $154.4 million in cash and cash equivalents as of September 30, 2024, with operating activities providing $188.5 million in cash for the first nine months of 2024, a stark contrast to the $66.1 million used in the same period of 2023, which was heavily impacted by a $341.2 million cash contribution related to the MSA LLC divestiture, and financing activities using $136.2 million - Cash and cash equivalents totaled **$154.4 million** at September 30, 2024[132](index=132&type=chunk) - The significant year-over-year improvement in operating cash flow was primarily due to the non-recurring **$341.2 million** cash contribution for the MSA LLC divestiture in 2023[133](index=133&type=chunk) - During the first nine months of 2024, the company used cash for **$51.0 million** in net debt payments, **$58.7 million** in dividends, and **$27.4 million** in share repurchases[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from currency exchange rates and interest rates, where a hypothetical 10% change in the U.S. dollar's strength would impact quarterly net income by approximately $1.9 million, and for interest rate risk, the company has $249.5 million in variable-rate debt, where a 100 basis point change in rates would affect annual earnings by $2.6 million, with foreign currency forward contracts used to mitigate some currency risk - A hypothetical 10% strengthening or weakening of the U.S. dollar would impact Q3 2024 reported sales by approximately **$17.5 million** and net income by **$1.9 million**[143](index=143&type=chunk) - The company had **$184.8 million** in notional value of open foreign currency forward contracts at September 30, 2024, to manage transactional exposure[144](index=144&type=chunk) - With **$249.5 million** in variable rate borrowings, a **100 basis point** change in interest rates would impact future annual earnings by **$2.6 million**[145](index=145&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of September 30, 2024, the company's principal executive officer and principal financial officer concluded that the disclosure controls and procedures are effective, with no material changes in the company's internal control over financial reporting during the third quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[146](index=146&type=chunk) - No changes occurred in the company's internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[147](index=147&type=chunk) Part II - Other Information [Issuer Purchases of Equity Securities](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the third quarter of 2024, the company repurchased a total of 56,356 shares under its publicly announced $200.0 million share repurchase program, which has no expiration date, with additional shares purchased related to stock-based compensation transactions Share Repurchases in Q3 2024 (Publicly Announced Program) | Period | Total Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | July 2024 | 4,545 | $188.84 | | August 2024 | 36,395 | $179.05 | | September 2024 | 15,416 | $173.70 | - The company has a stock repurchase program authorizing up to **$200.0 million** in repurchases with no expiration date[149](index=149&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications (Exhibits 31.1, 31.2, 32) and XBRL data files for interactive data submission - The filing includes required certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) and 18 U.S.C. 1350[152](index=152&type=chunk)

Financial Performance - MSA Safety recorded net sales of $433 million in 3Q 2024, a decrease of 3% on both a reported and organic constant currency basis[7, 10] - Adjusted diluted EPS was $1.83, a 3% increase over the prior year[7, 10] - Adjusted operating margin was 22.6%, with an adjusted EBITDA margin of 25.8%, up 20 bps year-over-year[10] - The company generated $70 million of adjusted free cash flow, representing a 97% conversion rate[7, 11] Balance Sheet and Capital Allocation - Net leverage stood at 0.9x as of September 30, 2024[11] - Net debt was $400 million as of September 30th[11] - Capital expenditures totaled $14 million[11] - Dividends to shareholders totaled $20 million, and share repurchases totaled $10 million[11] Segment Performance and Outlook - Fire Service net sales accounted for 39% of total net sales for the trailing 12-month period ended September 30, 2024[12, 19] - Detection net sales accounted for 36% of total net sales for the trailing 12-month period ended September 30, 2024[12, 19] - Industrial PPE and Other net sales accounted for 25% of total net sales for the trailing 12-month period ended September 30, 2024[12, 19]

MSA Safety (MSA) came out with quarterly earnings of $1.83 per share, beating the Zacks Consensus Estimate of $1.78 per share. This compares to earnings of $1.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.81%. A quarter ago, it was expected that this maker of safety products would post earnings of $1.97 per share when it actually produced earnings of $2.01, delivering a surprise of 2.03%.Over the last four quarters, the ...

EXHIBIT 99.1 FOR IMMEDIATE RELEASE FROM: MSA Safety Incorporated Ticker: MSA (NYSE) Media Relations Contact: Mark Deasy (412) 559-8154 Investor Relations Contact: Larry De Maria (917) 449-2237 MSA Safety Announces Third Quarter 2024 Results Strong execution drives resilient margins and EPS growth; Expecting mid-single-digit fourth quarter sales growth, resulting in low-single-digit full-year growth. PITTSBURGH, October 23, 2024 - Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: ...

Core Insights - MSA Safety Incorporated reported a quarterly net sales of $433 million, reflecting a 3% year-over-year decrease on both a reported and organic constant currency basis [2][3] - The company generated a GAAP operating income of $91 million, representing 21.1% of sales, and an adjusted operating income of $98 million, or 22.6% of sales [2][3] - GAAP net income was recorded at $67 million, equating to $1.69 per diluted share, while adjusted earnings reached $72 million, or $1.83 per diluted share [2][3] - MSA Safety expects mid-single-digit sales growth in the fourth quarter, leading to low-single-digit growth for the full year [1][4] Financial Performance - The company achieved a gross profit of $207.5 million, down from $218.8 million in the same quarter last year [5] - Selling, general and administrative expenses were $95.1 million, compared to $102.2 million in the prior year [5] - Research and development expenses totaled $16.7 million, slightly down from $17.7 million year-over-year [5] - The company repaid $38 million of debt and returned $20 million to shareholders through dividends [2][4] Operational Highlights - MSA Safety's backlog increased sequentially, indicating strong order growth despite a modest sales contraction [3] - The detection business performed well, with double-digit sales growth in portable products [3] - The company maintained a healthy balance sheet with a net leverage of 0.9 times [4][24] Segment Information - For the three months ended September 30, 2024, net sales to external customers were $299.5 million in the Americas and $133.2 million internationally [8] - Adjusted operating income for the Americas segment was $91.8 million, with an adjusted operating margin of 30.7% [8] - The International segment reported an adjusted operating income of $18.2 million, with an adjusted operating margin of 13.6% [8] Cash Flow and Capital Allocation - Cash flow from operating activities was $84.3 million, down from $124.8 million in the same quarter last year [7] - Capital expenditures for the quarter were $14.3 million, compared to $12.7 million in the prior year [7] - The company repurchased $10 million of common stock as part of its disciplined capital allocation strategy [2][4]

MSA Safety has a 54-year streak of consecutive payout increases, but more importantly, has the potential to keep beating the market for years to come. Dividend Kings are an elite group of roughly 50 companies that have raised their payouts to shareholders yearly for half a century or more. They're primarily steady-Eddie businesses with predictable and safe operations and not the sort of stocks you'd expect to deliver market-stomping returns. One Dividend King that counters this thought, however, is MSA Safe ...

PITTSBURGH, Sept. 9, 2024 /PRNewswire/ -- Global safety solutions manufacturer MSA Safety, Inc. (NYSE: MSA), today announced its recognition as one of Western Pennsylvania's Top Workplaces by the Pittsburgh Post-Gazette. The 2024 recognition marks the eleventh time MSA Safety has earned the recognition through the Post-Gazette's annual Top Workplaces survey program. The company was also recognized with a special award for "Values," which reflects the sentiments MSA employees expressed with regard to their w ...

PITTSBURGH, Aug. 28, 2024 /PRNewswire/ -- MSA Safety, Inc. (NYSE: MSA) announced today that it has been named a 2024 Outstanding Corporate Innovator (OCI) by The Product Development and Management Association (PDMA). In receiving this award, MSA Safety was recognized for demonstrating a company-wide commitment to innovation and a customer-centric focus on developing products and solutions to enhance worker safety around the world. This year marks the second time MSA Safety has received the OCI Award honor. ...

PITTSBURGH, Aug. 28, 2024 /PRNewswire/ -- MSA Safety Incorporated (NYSE: MSA), a global leader in the development of advanced safety products and solutions that protect people and facility infrastructures, announced its participation in the following upcoming investor conferences. On Wednesday, September 4, Lee McChesney, Senior Vice President and Chief Financial Officer, will present at the 2024 Jefferies Industrials Conference. The discussion will begin at 10:25 a.m. Eastern Time and last approximately 30 ...