PITTSBURGH, Aug. 1, 2024 /PRNewswire/ -- The Board of Directors of MSA Safety Incorporated (NYSE: MSA) today declared a third quarter dividend of $0.51 per share on common stock, payable September 10, 2024, to shareholders of record on August 15, 2024. The Board also declared a dividend of $0.5625 per share on preferred stock, payable September 1, 2024, to shareholders of record on August 15, 2024. About MSA Safety MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technol ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=Part%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents MSA Safety's unaudited condensed consolidated financial statements and related notes for Q2 2024 and FY2023 [Condensed Consolidated Statements of Operations (unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(unaudited)) | Metric | Three Months Ended June 30, 2024 (In thousands) | Three Months Ended June 30, 2023 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2023 (In thousands) | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales | $462,463 | $447,299 | $875,765 | $845,561 | | Gross profit | $223,029 | $213,796 | $418,560 | $395,194 | | Operating income | $99,944 | $95,008 | $180,056 | $34,947 | | Net income (loss) | $72,234 | $67,090 | $130,373 | $(83,083) | | Basic EPS | $1.83 | $1.71 | $3.31 | $(2.12) | | Diluted EPS | $1.83 | $1.70 | $3.30 | $(2.12) | | Dividends per common share | $0.51 | $0.47 | $0.98 | $0.93 | [Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20(unaudited)) | Metric | Three Months Ended June 30, 2024 (In thousands) | Three Months Ended June 30, 2023 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2023 (In thousands) | | :------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $72,234 | $67,090 | $130,373 | $(83,083) | | Foreign currency translation adjustments | $(8,822) | $5,039 | $(19,495) | $16,233 | | Pension and post-retirement plan adjustments, net of tax | $2,022 | $115 | $2,396 | $554 | | Reclassification of currency translation from accumulated other comprehensive loss into net income | $(1,200) | — | $(1,200) | — | | Total other comprehensive (loss) gain, net of tax | $(8,000) | $5,154 | $(18,299) | $16,789 | | Comprehensive income (loss) | $64,234 | $72,244 | $112,074 | $(66,294) | [Condensed Consolidated Balance Sheets (unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(unaudited)) | Metric | June 30, 2024 (In thousands) | December 31, 2023 (In thousands) | | :------------- | :------------ | :---------------- | | Total current assets | $861,445 | $786,270 | | Total assets | $2,243,571 | $2,170,150 | | Total current liabilities | $351,751 | $332,818 | | Total liabilities | $1,209,924 | $1,203,348 | | Total shareholders' equity | $1,033,647 | $966,802 | [Condensed Consolidated Statements of Cash Flows (unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) | Metric | Six Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2023 (In thousands) | | :------------- | :----------------------------- | :----------------------------- | | Cash Flow From (Used in) Operating Activities | $104,188 | $(190,841) | | Cash Flow Used in Investing Activities | $(25,486) | $(15,648) | | Cash Flow (Used in) From Financing Activities | $(67,718) | $196,589 | | Increase (decrease) in cash, cash equivalents and restricted cash | $427 | $(15,551) | | Ending cash, cash equivalents and restricted cash | $148,835 | $148,877 | [Condensed Consolidated Statements of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Retained%20Earnings%20and%20Accumulated%20Other%20Comprehensive%20Loss%20(unaudited)) | Metric | Retained Earnings (June 30, 2024) (In thousands) | Accumulated Other Comprehensive Loss (June 30, 2024) (In thousands) | | :------------- | :-------------------------------- | :--------------------------------------------------- | | Balances December 31, 2023 | $1,143,442 | $(129,249) | | Net income | $130,373 | — | | Foreign currency translation adjustments | — | $(19,495) | | Pension and post-retirement plan adjustments, net of tax benefit | — | $2,396 | | Reclassification from accumulated other comprehensive loss into net income | — | $(1,200) | | Common dividends ($0.98 per share) | $(38,569) | — | | Preferred dividends ($1.125 per share) | $(20) | — | | Balances June 30, 2024 | $1,235,226 | $(147,548) | [Notes to Condensed Consolidated Financial Statements (unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) [Note 1—Basis of Presentation](index=8&type=section&id=Note%201%E2%80%94Basis%20of%20Presentation) Unaudited financial statements require reading with the 2023 Form 10-K for complete U.S. GAAP disclosures - The condensed consolidated financial statements are unaudited and include normal recurring adjustments. They should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2023, for full U.S. GAAP disclosures[22](index=22&type=chunk) [Note 2—Cash and Cash Equivalents](index=8&type=section&id=Note%202%E2%80%94Cash%20and%20Cash%20Equivalents) Describes the Company's notional cash pooling arrangement for global liquidity management, with net cash balances included in cash and cash equivalents | Metric | June 30, 2024 (In thousands) | | :------------- | :------------ | | Gross cash pool position | $96,109 | | Less: cash pool borrowings | $(91,690) | | Net cash pool position | $4,419 | [Note 3—Restructuring Charges](index=8&type=section&id=Note%203%E2%80%94Restructuring%20Charges) The Company recorded restructuring charges for Q2 and YTD June 2024, primarily for manufacturing optimization and management restructuring | Metric | Three Months Ended June 30, 2024 (In thousands) | Three Months Ended June 30, 2023 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2023 (In thousands) | | :------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Restructuring charges | $1,543 | $3,350 | $4,560 | $5,097 | | Metric | Reserve balances at December 31, 2023 (In millions) | Restructuring charges (YTD June 30, 2024) (In millions) | Cash payments (YTD June 30, 2024) (In millions) | Reserve balances at June 30, 2024 (In millions) | | :------------ | :------------------------------------ | :---------------------------------------- | :-------------------------------- | :-------------------------------- | | Americas | $0.8 | $0.8 | $(1.2) | $0.3 | | International | $9.0 | $2.9 | $(5.5) | $6.2 | | Corporate | $0.0 | $0.9 | $(0.9) | $0.0 | | Total | $9.8 | $4.6 | $(7.6) | $6.5 | [Note 4—Inventories](index=9&type=section&id=Note%204%E2%80%94Inventories) Provides a breakdown of inventory components, showing an increase in total inventories from December 2023 to June 2024 | Metric | June 30, 2024 (In thousands) | December 31, 2023 (In thousands) | | :------------- | :------------ | :---------------- | | Finished products | $104,057 | $88,687 | | Work in process | $18,704 | $15,378 | | Raw materials and supplies | $198,138 | $188,539 | | Total inventories | $320,899 | $292,604 | [Note 5—Property, Plant and Equipment](index=9&type=section&id=Note%205%E2%80%94Property,%20Plant%20and%20Equipment) Details the components of net property, plant, and equipment, showing a slight increase from December 2023 to June 2024 | Metric | June 30, 2024 (In thousands) | December 31, 2023 (In thousands) | | :------------- | :------------ | :---------------- | | Land | $4,292 | $4,332 | | Buildings | $142,335 | $141,027 | | Machinery and equipment | $496,349 | $498,148 | | Construction in progress | $26,334 | $24,404 | | Total | $669,310 | $667,911 | | Less: accumulated depreciation | $(456,151) | $(456,034) | | Property, plant and equipment, net | $213,159 | $211,877 | [Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss](index=10&type=section&id=Note%206%E2%80%94Reclassifications%20Out%20of%20Accumulated%20Other%20Comprehensive%20Loss) Outlines changes in accumulated other comprehensive loss, driven by currency translation and pension adjustments, with reclassification into net income in 2024 | Metric | Three Months Ended June 30, 2024 (In thousands) | Three Months Ended June 30, 2023 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2023 (In thousands) | | :------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Pension and other post-retirement benefits (end of period) | $(40,256) | $(49,781) | $(40,256) | $(49,781) | | Foreign currency translation (end of period) | $(107,292) | $(92,147) | $(107,292) | $(92,147) | | Total amount reclassified from AOCI, net of tax, into net income (loss) (Pension) | $2,022 | $115 | $2,396 | $554 | | Reclassification from AOCI into net income (loss) (Foreign currency) | $(1,200) | — | $(1,200) | — | [Note 7—Capital Stock](index=11&type=section&id=Note%207%E2%80%94Capital%20Stock) Provides details on preferred and common stock, including shares outstanding and activity under the stock repurchase program and stock-based benefit plans - As of June 30, 2024, **39,349,528 common shares were outstanding**, compared to 39,317,212 at December 31, 2023[35](index=35&type=chunk) - The Company has a stock repurchase program authorizing up to **$200.0 million**, with **52,561 shares repurchased** during the six months ended June 30, 2024[36](index=36&type=chunk) | Metric | Common Stock (June 30, 2024) (In thousands) | Treasury Cost (June 30, 2024) (In thousands) | | :------------- | :--------------------------- | :---------------------------- | | Balance at beginning of period (Jan 1, 2024) | $312,324 | $(361,684) | | Stock compensation expense | $9,229 | — | | Restricted and performance stock awards | $(1,783) | $1,783 | | Stock options exercised | $212 | $114 | | Treasury shares purchased for stock compensation programs | — | $(6,829) | | Employee stock purchase program | $574 | $60 | | Share repurchase program | — | $(10,000) | | Balance at end of period (June 30, 2024) | $320,556 | $(376,556) | [Note 8—Segment Information](index=12&type=section&id=Note%208%E2%80%94Segment%20Information) Details the Company's three reportable segments: Americas, International, and Corporate, with financial performance metrics and sales by product group - The Company is organized into three reportable segments: Americas, International, and Corporate, based on geographical operating segments[39](index=39&type=chunk)[95](index=95&type=chunk) | Metric | Americas (Q2 2024) (In thousands) | International (Q2 2024) (In thousands) | Corporate (Q2 2024) (In thousands) | Consolidated (Q2 2024) (In thousands) | | :------------- | :----------------- | :---------------------- | :------------------ | :--------------------- | | Net sales to external customers | $314,711 | $147,752 | $0 | $462,463 | | Adjusted operating income (loss) | $98,468 | $24,285 | $(14,563) | $108,190 | | Adjusted operating margin % | 31.3% | 16.4% | | | | Adjusted EBITDA | $108,230 | $28,052 | $(14,351) | $121,931 | | Adjusted EBITDA margin % | 34.4% | 19.0% | | | | Metric | Americas (YTD June 30, 2024) (In thousands) | International (YTD June 30, 2024) (In thousands) | Corporate (YTD June 30, 2024) (In thousands) | Consolidated (YTD June 30, 2024) (In thousands) | | :------------- | :--------------------------- | :-------------------------------- | :---------------------------- | :------------------------------- | | Net sales to external customers | $610,249 | $265,516 | $0 | $875,765 | | Adjusted operating income (loss) | $184,688 | $37,770 | $(26,258) | $196,200 | | Adjusted operating margin % | 30.3% | 14.2% | | | | Adjusted EBITDA | $203,923 | $45,097 | $(25,835) | $223,185 | | Adjusted EBITDA margin % | 33.4% | 17.0% | | | | Metric | Consolidated (Q2 2024) (In thousands) | Americas (Q2 2024) (In thousands) | International (Q2 2024) (In thousands) | | :------------- | :--------------------- | :----------------- | :---------------------- | | Fire Service | $172,269 (37%) | $118,487 (38%) | $53,782 (37%) | | Detection | $170,848 (37%) | $111,405 (35%) | $59,443 (40%) | | Industrial PPE and Other | $119,346 (26%) | $84,819 (27%) | $34,527 (23%) | | Total | $462,463 (100%) | $314,711 (100%) | $147,752 (100%) | [Note 9—Earnings (Loss) per Share](index=15&type=section&id=Note%209%E2%80%94Earnings%20(Loss)%20per%20Share) Details the calculation of basic and diluted earnings (loss) per share, showing an increase for Q2 and YTD June 2024 | Metric | Three Months Ended June 30, 2024 (In thousands, except per share values) | Three Months Ended June 30, 2023 (In thousands, except per share values) | Six Months Ended June 30, 2024 (In thousands, except per share values) | Six Months Ended June 30, 2023 (In thousands, except per share values) | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) attributable to common shareholders | $72,218 | $67,072 | $130,340 | $(83,111) | | Basic weighted-average shares outstanding | 39,389 | 39,274 | 39,375 | 39,249 | | Diluted weighted-average shares outstanding | 39,541 | 39,409 | 39,549 | 39,249 | | Basic EPS | $1.83 | $1.71 | $3.31 | $(2.12) | | Diluted EPS | $1.83 | $1.70 | $3.30 | $(2.12) | [Note 10—Income Taxes](index=15&type=section&id=Note%2010%E2%80%94Income%20Taxes) Provides effective tax rates for Q2 and YTD June 2024 and 2023, explaining deviations from the U.S. federal statutory rate - The effective tax rate for Q2 2024 was **23.5%** (vs **23.3%** in Q2 2023), primarily due to state income taxes[49](index=49&type=chunk) - The effective tax rate for YTD June 30, 2024, was **23.3%** (vs **520.8%** in YTD June 30, 2023), with the significant variance in 2023 primarily due to the divestiture of MSA LLC and the non-deductible loss on derecognition of product liability reserves[50](index=50&type=chunk) - As of June 30, 2024, the Company had a gross liability for unrecognized tax benefits of **$7.3 million**[51](index=51&type=chunk) [Note 11—Stock Plans](index=16&type=section&id=Note%2011%E2%80%94Stock%20Plans) Describes equity incentive plans, including stock options, restricted stock awards, and performance stock units, summarizing related compensation expense and activity | Metric | Three Months Ended June 30, 2024 (In thousands) | Three Months Ended June 30, 2023 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2023 (In thousands) | | :------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Stock compensation expense | $5,042 | $6,759 | $9,229 | $13,029 | | Stock Option Activity (Six Months Ended June 30, 2024) | Shares | Weighted Average Exercise Price | | :------------------------------------- | :----- | :------------------------------ | | Outstanding at January 1, 2024 | 26,536 | $45.95 | | Exercised | (7,070) | $46.13 | | Forfeited | (852) | $48.65 | | Outstanding and exercisable at June 30, 2024 | 18,614 | $45.76 | | Restricted Stock Activity (Six Months Ended June 30, 2024) | Shares | Weighted Average Grant Date Fair Value | | :----------------------------------------- | :----- | :------------------------------------- | | Unvested at January 1, 2024 | 173,851 | $142.73 | | Granted | 81,658 | $178.52 | | Vested | (43,946) | $165.12 | | Forfeited | (21,904) | $166.54 | | Unvested at June 30, 2024 | 189,659 | $150.08 | [Note 12—Long-Term Debt](index=17&type=section&id=Note%2012%E2%80%94Long-Term%20Debt) Details the Company's long-term debt structure, including senior notes and credit facilities, confirming compliance with financial covenants | Metric | June 30, 2024 (In thousands) | December 31, 2023 (In thousands) | | :------------- | :------------ | :---------------- | | 2016 Senior Notes payable through 2031, 3.40% | $53,966 | $62,081 | | 2021 Senior Notes payable through 2036, 2.69% | $199,486 | $199,466 | | 2023 Term Loan credit agreement maturing in 2026 | $218,238 | $230,604 | | 2023 Senior Notes payable through 2028, 5.25% | $49,946 | $49,939 | | Senior revolving credit facility maturing in 2026 | $66,607 | $59,602 | | Total | $588,243 | $601,692 | | Long-term debt, net of debt issuance costs | $561,771 | $575,170 | - The Company's Revolving Credit Facility has a capacity of **$900.0 million**, with **$831.4 million unused** as of June 30, 2024[59](index=59&type=chunk) - As of June 30, 2024, the Company was in full compliance with all restrictive covenants under its various credit agreements[65](index=65&type=chunk) [Note 13—Goodwill and Intangible Assets, Net](index=18&type=section&id=Note%2013%E2%80%94Goodwill%20and%20Intangible%20Assets,%20Net) Reports changes in goodwill and intangible assets, net, for the six months ended June 30, 2024, primarily due to currency translation and amortization | Metric | Goodwill (Six Months Ended June 30, 2024) (In thousands) | | :------------- | :---------------------------------------- | | Balance at January 1, 2024 | $627,534 | | Currency translation | $(2,897) | | Balance at June 30, 2024 | $624,637 | | Metric | Intangible Assets (Six Months Ended June 30, 2024) (In thousands) | | :------------- | :------------------------------------------------- | | Net balance at January 1, 2024 | $266,134 | | Amortization expense | $(8,967) | | Currency translation | $(839) | | Net balance at June 30, 2024 | $256,328 | [Note 14—Pensions and Other Post-retirement Benefits](index=19&type=section&id=Note%2014%E2%80%94Pensions%20and%20Other%20Post-retirement%20Benefits) Details net periodic benefit (income) cost for pension and other post-retirement benefits, showing net pension income and contributions | Metric | Pension Benefits (Q2 2024) (In thousands) | Other Benefits (Q2 2024) (In thousands) | Pension Benefits (YTD 2024) (In thousands) | Other Benefits (YTD 2024) (In thousands) | | :------------- | :------------------------- | :----------------------- | :-------------------------- | :------------------------ | | Net periodic benefit (income) cost | $(900) | $361 | $(3,108) | $722 | - The Company made contributions of **$2.6 million** to its pension plans during the six months ended June 30, 2024, and expects to make total net contributions of **$5.3 million** in 2024[69](index=69&type=chunk) [Note 15—Derivative Financial Instruments](index=19&type=section&id=Note%2015%E2%80%94Derivative%20Financial%20Instruments) Explains the Company's use of derivative foreign currency forward contracts to manage exchange rate risk, with gains/losses reported in net currency exchange - The notional amount of open foreign currency forward contracts was **$113.6 million** at June 30, 2024, up from **$110.9 million** at December 31, 2023[70](index=70&type=chunk) | Metric | Six Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2023 (In thousands) | | :------------- | :----------------------------- | :----------------------------- | | Foreign exchange contracts: currency exchange (gains) losses, net | $3,659 | $123 | [Note 16—Fair Value Measurements](index=20&type=section&id=Note%2016%E2%80%94Fair%20Value%20Measurements) Defines fair value and its hierarchy, classifying derivative financial instruments within Level 2, and provides carrying and fair values of fixed rate long-term debt - The fair value of derivative financial instruments (foreign currency forward contracts) is classified within **Level 2** of the fair value hierarchy[73](index=73&type=chunk) | Metric | June 30, 2024 (In thousands) | December 31, 2023 (In thousands) | | :------------- | :------------ | :---------------- | | Carrying amount of fixed rate long-term debt | $304,100 | $312,200 | | Fair value of fixed rate long-term debt | $263,900 | $278,700 | [Note 17—Commitments and Contingencies](index=20&type=section&id=Note%2017%E2%80%94Commitments%20and%20Contingencies) Addresses product liability claims, other litigation including PFAS lawsuits, and product warranty obligations, noting the impact of the MSA LLC divestiture - The reserve for single incident product liability claims was **$1.4 million** at June 30, 2024, an increase from **$1.3 million** at December 31, 2023[76](index=76&type=chunk) - During Q2 2024, the Company recorded **$5.0 million** of net cost for product related legal matter[77](index=77&type=chunk) - Following the divestiture of MSA LLC on January 5, 2023, the Company no longer has obligations for legacy cumulative trauma product liability claims, resulting in a tax-effected loss on divestiture of **$199.6 million** in 2023[79](index=79&type=chunk)[81](index=81&type=chunk) - Globe, a subsidiary, is defending **659 lawsuits (12,137 claims)** related to PFAS in firefighter turnout gear, with MSA LLC's PFAS claims assumed by the buyer in the 2023 divestiture[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) | Metric | Six Months Ended June 30, 2024 (In thousands) | Year Ended December 31, 2023 (In thousands) | | :------------- | :----------------------------- | :--------------------------- | | Beginning warranty reserve | $14,288 | $15,230 | | Warranty payments | $(5,387) | $(9,794) | | Warranty claims | $4,826 | $8,899 | | Provision for product warranties and other adjustments | $208 | $(47) | | Ending warranty reserve | $13,935 | $14,288 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes MSA Safety's financial condition and results, covering business overview, performance comparisons, liquidity, and critical accounting policies [BUSINESS OVERVIEW](index=23&type=section&id=BUSINESS%20OVERVIEW) MSA Safety is a global leader in advanced safety products, technology, and solutions, protecting workers across diverse end markets - MSA Safety Incorporated is the global leader in advanced safety products, technology, and solutions, driven by a mission of safety since 1914[93](index=93&type=chunk) - The Company's product portfolio includes fire service (SCBA, protective apparel, helmets), detection (FGFD systems, portable gas detection), and industrial personal protective equipment (industrial head protection, fall protection devices)[93](index=93&type=chunk) - The business is organized into three reportable segments: Americas, International, and Corporate, based on geographical operating segments[95](index=95&type=chunk) [RESULTS OF OPERATIONS](index=24&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes the Company's financial performance, comparing Q2 and YTD June 2024 against prior periods, detailing changes in sales, profit, and expenses [Three Months Ended June 30, 2024, Compared to Three Months Ended June 30, 2023](index=24&type=section&id=Three%20Months%20Ended%20June%2030,%202024,%20Compared%20to%20Three%20Months%20Ended%20June%2030,%202023) Q2 2024 saw increased net sales and gross profit, driven by productivity and price/cost management, leading to higher operating and net income despite increased SG&A | Net Sales | Q2 2024 (In millions) | Q2 2023 (In millions) | Dollar Increase (In millions) | Percent Increase | | :---------------------- | :------ | :------ | :-------------- | :--------------- | | Consolidated | $462.5 | $447.3 | $15.2 | 3.4% | | Americas | $314.7 | $308.4 | $6.3 | 2.0% | | International | $147.8 | $138.9 | $8.9 | 6.4% | - Consolidated organic constant currency sales increased by **3.9%** in Q2 2024, with Americas up **2.4%** (driven by detection and industrial PPE) and International up **7.2%** (driven by fire service and detection)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - Gross profit increased by **$9.2 million (4.3%)** to **$223.0 million** in Q2 2024, with gross profit margin improving to **48.2%** from **47.8%** in Q2 2023, driven by improved productivity, price/cost management, and favorable mix[106](index=106&type=chunk) - SG&A expenses rose by **$8.8 million (9.1%)** to **$105.1 million** in Q2 2024, representing **22.7%** of net sales (vs **21.5%** in Q2 2023), due to higher sales, inflation, product-related legal costs, and professional service expenses, partially offset by lower variable compensation[107](index=107&type=chunk) - GAAP operating income for Q2 2024 was **$99.9 million**, up from **$95.0 million** in Q2 2023, primarily due to higher sales and gross profit, partially offset by increased SG&A[115](index=115&type=chunk) - Net income for Q2 2024 was **$72.2 million**, or **$1.83 per diluted share**, compared to **$67.1 million**, or **$1.70 per diluted share**, in Q2 2023[123](index=123&type=chunk) [Six Months Ended June 30, 2024, Compared to Six Months Ended June 30, 2023](index=27&type=section&id=Six%20Months%20Ended%20June%2030,%202024,%20Compared%20to%20Six%20Months%20Ended%20June%2030,%202023) YTD June 2024 saw higher net sales and gross profit, with a significant increase in GAAP operating income and a return to net income, largely due to the absence of the MSA LLC divestiture loss | Net Sales | YTD June 30, 2024 (In millions) | YTD June 30, 2023 (In millions) | Dollar Increase (In millions) | Percent Increase | | :---------------------- | :---------------- | :---------------- | :-------------- | :--------------- | | Consolidated | $875.8 | $845.6 | $30.2 | 3.6% | | Americas | $610.2 | $588.6 | $21.6 | 3.7% | | International | $265.5 | $256.9 | $8.6 | 3.3% | - Consolidated organic constant currency sales increased by **3.5%** for YTD June 30, 2024, with Americas up **3.6%** (driven by fire service and FGFD) and International up **3.3%** (driven by fire service and FGFD)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - Gross profit increased by **$23.4 million (5.9%)** to **$418.6 million** for YTD June 30, 2024, with gross profit margin improving to **47.8%** from **46.7%** in the prior year, due to volume leverage, price/cost management, and productivity efforts[129](index=129&type=chunk) - GAAP operating income for YTD June 30, 2024, was **$180.1 million**, a significant increase from **$34.9 million** in the prior year, primarily due to higher sales and gross profit and the absence of the MSA LLC divestiture loss[141](index=141&type=chunk) - Net income for YTD June 30, 2024, was **$130.4 million**, or **$3.30 per diluted share**, compared to a net loss of **$83.1 million**, or **$(2.12) per diluted share**, in the prior year[152](index=152&type=chunk) - The effective tax rate for YTD June 30, 2024, was **23.3%**, a significant decrease from **520.8%** in the prior year, primarily due to the divestiture of MSA LLC and the non-deductible loss recorded on the derecognition of product liability reserves in 2023[150](index=150&type=chunk) [Non-GAAP Financial Measures](index=30&type=section&id=Non-GAAP%20Financial%20Measures) Defines and explains non-GAAP financial measures used by the Company to understand underlying business performance and facilitate peer comparisons - The Company uses non-GAAP financial measures including organic constant currency revenue growth, organic constant currency SG&A change, adjusted operating income (loss), adjusted operating margin %, adjusted EBITDA, and adjusted EBITDA margin %[153](index=153&type=chunk) - These non-GAAP measures are used to provide a better understanding of underlying business performance, highlight ongoing business performance excluding foreign currency impacts, and evaluate segment results[154](index=154&type=chunk)[155](index=155&type=chunk) [LIQUIDITY AND CAPITAL RESOURCES](index=31&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The Company's liquidity sources are operating cash flows and borrowings, with a balanced capital allocation strategy and sufficient liquidity - Main sources of liquidity are operating cash flows, supplemented by borrowings, with principal requirements for working capital, capital expenditures, debt payments, dividends, and acquisitions[157](index=157&type=chunk) - As of June 30, 2024, cash and cash equivalents totaled **$146.8 million**, with approximately **52%** of long-term debt at fixed interest rates and **84%** denominated in U.S. dollars[157](index=157&type=chunk)[158](index=158&type=chunk) - Operating activities provided **$104.2 million** in cash for YTD June 30, 2024, a significant improvement from using **$190.8 million** in the prior year, primarily due to the absence of the **$341.2 million** contribution for the MSA LLC divestiture[159](index=159&type=chunk) - Investing activities used **$25.5 million** in cash for YTD June 30, 2024, an increase from **$15.6 million** in the prior year, due to increased capital expenditures for manufacturing footprint optimization[160](index=160&type=chunk) - Financing activities used **$67.7 million** in cash for YTD June 30, 2024, compared to providing **$196.6 million** in the prior year, reflecting net debt payments of **$13.3 million** and **$16.8 million** in share repurchases[161](index=161&type=chunk) [CUMULATIVE TRANSLATION ADJUSTMENTS](index=32&type=section&id=CUMULATIVE%20TRANSLATION%20ADJUSTMENTS) Reports the impact of currency exchange rate fluctuations on the Company's cumulative translation adjustments within shareholders' equity - A translation loss of **$19.5 million** was recorded to cumulative translation adjustments during the six months ended June 30, 2024, compared to a **$16.2 million** gain in the same period of 2023, primarily due to the U.S. dollar's position relative to international currencies, especially the euro[163](index=163&type=chunk) [COMMITMENTS AND CONTINGENCIES](index=32&type=section&id=COMMITMENTS%20AND%20CONTINGENCIES) Outlines the Company's commitments related to pension plans, bank guarantees, and purchase obligations, referring to Note 17 for product liabilities - The Company made **$2.6 million** in pension plan contributions during YTD June 30, 2024, with expected total contributions of **$5.3 million** for 2024[164](index=164&type=chunk) - Outstanding bank guarantees and standby letters of credit totaled **$10.2 million** as of June 30, 2024, with **$2.0 million** in restricted cash supporting these arrangements[165](index=165&type=chunk) [CRITICAL ACCOUNTING POLICIES AND ESTIMATES](index=32&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) Acknowledges that financial statement preparation requires significant estimates and judgments, which are continuously evaluated and may differ from actual amounts - The preparation of financial statements requires management to make estimates and judgments that affect reported amounts, which are evaluated on an ongoing basis[167](index=167&type=chunk) [RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS](index=32&type=section&id=RECENTLY%20ADOPTED%20AND%20RECENTLY%20ISSUED%20ACCOUNTING%20STANDARDS) States that no recently adopted or issued accounting standards materially affected the Company's financial reporting - No new or revised financial accounting standards were recently adopted or issued that materially affected the Company[169](index=169&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses the Company's exposure to market risks, specifically currency exchange rates and interest rates, quantifying potential impacts - A hypothetical **10% strengthening or weakening** of the U.S. dollar would decrease or increase reported sales by approximately **$18.9 million (4.1%)** and net income by **$2.6 million (3.5%)** for Q2 2024[172](index=172&type=chunk) - As of June 30, 2024, the Company had **$113.6 million** in notional value of open foreign currency forward contracts; a hypothetical **10% USD strengthening or weakening** would result in an **$11.4 million** change in their fair value[173](index=173&type=chunk) - The Company had **$304.1 million** of fixed rate debt and **$286.3 million** of variable rate borrowings as of June 30, 2024[175](index=175&type=chunk)[176](index=176&type=chunk) - A hypothetical **100 basis point increase or decrease** in interest rates would have a **$3.4 million** impact on future annual earnings[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures as of June 30, 2024, with no material changes in internal control over financial reporting - The Company's disclosure controls and procedures were effective as of June 30, 2024[178](index=178&type=chunk) - There were no material changes in the Company's internal control over financial reporting during the most recent fiscal quarter[178](index=178&type=chunk) [PART II. OTHER INFORMATION](index=34&type=section&id=Part%20II.%20OTHER%20INFORMATION) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the Company's common stock repurchase activities during Q2 2024, including shares purchased under its publicly announced program and stock-based compensation | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | | :--------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------------------------- | :----------------------------------------------------------------------------- | | April 2024 | 467 | $188.00 | — | 151,217 | | May 2024 | 52,581 | $190.23 | 52,561 | 96,004 | | June 2024 | 5,005 | $179.93 | — | 92,071 | - The Company's share repurchase program authorizes up to **$200.0 million** for common stock repurchases and has no expiration date[179](index=179&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) Confirms no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by the Company, its directors, or officers during Q2 2024 - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by any director, officer, or the Company itself during the three months ended June 30, 2024[181](index=181&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed as part of the Form 10-Q, including certifications from the CEO and CFO, and various XBRL taxonomy documents - Exhibits include certifications from the Chief Executive Officer (31.1) and Chief Financial Officer (31.2), as well as XBRL Instance, Schema, Calculation, Definition, Label, and Presentation Linkbase Documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE), and the Cover Page Interactive Data File (104)[182](index=182&type=chunk)

Company Performance - MSA Safety has surpassed consensus EPS estimates four times over the last four quarters [1] - The company reported quarterly earnings of $2.01 per share, beating the Zacks Consensus Estimate of $1.97 per share, and showing a year-over-year increase from $1.83 per share [9] - MSA Safety's revenues for the quarter ended June 2024 were $462.46 million, exceeding the Zacks Consensus Estimate by 0.25% and up from $447.3 million a year ago [12] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $1.97 on revenues of $472.7 million, and for the current fiscal year, it is $7.83 on revenues of $1.87 billion [6] - The consensus EPS estimate for the upcoming report has been revised 0.1% lower over the last 30 days to $1.08 per share, reflecting a year-over-year change of +4.9% [7] Industry Outlook - MSA Safety belongs to the Zacks Security and Safety Services industry, which is currently ranked in the top 42% of over 250 Zacks industries [4] - The top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [4] - The estimate revisions trend for MSA Safety is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [14]

Executive Summary & Company Overview [Second Quarter 2024 Financial Highlights](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Highlights) MSA Safety reported strong Q2 2024 results with GAAP net income of **$72 million** and adjusted earnings of **$80 million** Q2 2024 Financial Highlights | Metric | Q2 2024 ($ millions) | Q2 2023 ($ millions) | % Change | | :-------------------------- | :------------------- | :------------------- | :------- | | Net Sales | 462 | 447 | 3% | | Operating Income | 100 | 95 | 5% | | Adjusted Operating Income | 108 | 104 | 4% | | Net Income | 72 | 67 | 8% | | Diluted EPS | 1.83 | 1.70 | 7% | | Adjusted Earnings | 80 | 72 | 10% | | Adjusted Diluted EPS | 2.01 | 1.83 | 10% | - Invested **$14 million** for capital expenditures, repaid **$8 million** of debt, returned **$20 million** to shareholders through dividends, and repurchased **$10 million** of common stock[49](index=49&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong execution, solid top-line growth, and margin expansion, with **4% organic constant currency sales growth** - CEO noted strong execution, solid top-line growth, and margin expansion, demonstrating business resiliency and outlining a long-term strategy for profitable growth[54](index=54&type=chunk) - CFO highlighted **4% organic constant currency sales growth**, healthy margin expansion, **double-digit adjusted EPS growth**, strong balance sheet (**0.9x net leverage**), and disciplined capital allocation[55](index=55&type=chunk) - The company is maintaining its **mid-single-digit growth outlook** for the year, while closely assessing global economic trends[55](index=55&type=chunk) [About MSA Safety](index=14&type=section&id=About%20MSA%20Safety) MSA Safety is a global leader in advanced safety products and solutions, protecting workers and infrastructure, with **$1.8 billion in 2023 revenues** - MSA Safety is a global leader in advanced safety products, technologies, and solutions, driven by a mission of safety since 1914[42](index=42&type=chunk) - The company protects workers and facility infrastructure across diverse end markets, creating sustainable value for shareholders[42](index=42&type=chunk) - In 2023, MSA Safety reported revenues of **$1.8 billion**, is headquartered in Cranberry Township, Pennsylvania, and employs over **5,000 associates** across more than **40 international locations**[42](index=42&type=chunk) Consolidated Financial Performance [Condensed Consolidated Statements of Operations](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 net sales increased to **$462.5 million**, with net income of **$72.2 million**, and H1 2024 net income improved to **$130.4 million** Condensed Consolidated Statements of Operations | Metric | Q2 2024 ($ thousands) | Q2 2023 ($ thousands) | % Change (QoQ) | H1 2024 ($ thousands) | H1 2023 ($ thousands) | % Change (YoY) | | :------------------------------------ | :-------------------- | :-------------------- | :------------- | :-------------------- | :-------------------- | :------------- | | Net Sales | 462,463 | 447,299 | 3.4% | 875,765 | 845,561 | 3.6% | | Gross Profit | 223,029 | 213,796 | 4.3% | 418,560 | 395,194 | 5.9% | | Operating Income | 99,944 | 95,008 | 5.2% | 180,056 | 34,947 | 415.3% | | Income Before Income Taxes | 94,428 | 87,483 | 7.9% | 170,035 | 19,746 | 763.1% | | Net Income (Loss) | 72,234 | 67,090 | 7.7% | 130,373 | (83,083) | Not meaningful | - The significant increase in H1 2024 operating income and net income compared to H1 2023 is primarily due to the absence of a large loss on divestiture of MSA LLC in the prior year[29](index=29&type=chunk) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to **$2.24 billion**, and total shareholders' equity grew to **$1.03 billion** Condensed Consolidated Balance Sheets | Metric | June 30, 2024 ($ thousands) | December 31, 2023 ($ thousands) | % Change | | :----------------------------------- | :-------------------------- | :------------------------------ | :------- | | Total Current Assets | 861,445 | 786,270 | 9.6% | | Total Assets | 2,243,571 | 2,170,150 | 3.4% | | Total Current Liabilities | 351,751 | 332,818 | 5.7% | | Long-term debt, net | 561,771 | 575,170 | -2.3% | | Total Liabilities | 1,033,647 | 966,802 | 6.9% | | Total Shareholders' Equity | 1,033,647 | 966,802 | 6.9% | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q2 2024 operating cash flow decreased to **$53.3 million**, while H1 2024 operating cash flow improved to **$104.2 million** from a prior-year net outflow Condensed Consolidated Statements of Cash Flows | Metric | Q2 2024 ($ thousands) | Q2 2023 ($ thousands) | H1 2024 ($ thousands) | H1 2023 ($ thousands) | | :---------------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Cash flow from operating activities | 53,302 | 95,068 | 104,188 | (190,841) | | Cash flow used in investing activities | (14,267) | (7,281) | (25,486) | (15,648) | | Cash flow (used in) from financing activities | (38,633) | (76,182) | (67,718) | 196,589 | | (Decrease) increase in cash, cash equivalents and restricted cash | (1,479) | 8,241 | 427 | (15,551) | - The significant improvement in H1 2024 operating cash flow compared to H1 2023 is largely due to the absence of the contribution on divestiture of MSA LLC in the prior year[31](index=31&type=chunk) Segment and Product Category Performance [Americas Segment Performance](index=7&type=section&id=Americas%20Segment%20Performance) The Americas segment reported net sales of **$314.7 million** in Q2 2024 and **$610.2 million** for H1 2024, with H1 adjusted operating income of **$184.7 million** Americas Segment H1 Financials | Metric | H1 2024 ($ thousands) | H1 2023 ($ thousands) | % Change (YoY) | | :------------------------------------ | :-------------------- | :-------------------- | :------------- | | Net sales to external customers | 610,249 | 588,645 | 3.7% | | Operating income | (Included in Consolidated) | (Included in Consolidated) | N/A | | Adjusted operating income (loss) | 184,688 | 166,510 | 10.9% | | Adjusted operating margin % | 30.3% | 28.3% | 2.0 pp | | Adjusted EBITDA | 203,923 | 184,471 | 10.5% | | Adjusted EBITDA margin % | 33.4% | 31.3% | 2.1 pp | Americas Segment Q2 Organic Constant Currency Sales Change | Americas Segment (Q2 2024) | GAAP Reported Sales Change | Currency Translation Effects | Organic Constant Currency Sales Change | | :------------------------------------- | :------------------------- | :--------------------------- | :------------------------------------- | | Fire Service | (2)% | —% | (2)% | | Detection | 7% | —% | 7% | | Industrial PPE and Other | 2% | 2% | 4% | [International Segment Performance](index=7&type=section&id=International%20Segment%20Performance) The International segment reported net sales of **$147.8 million** in Q2 2024 and **$265.5 million** for H1 2024, with H1 adjusted operating income of **$37.8 million** International Segment H1 Financials | Metric | H1 2024 ($ thousands) | H1 2023 ($ thousands) | % Change (YoY) | | :------------------------------------ | :-------------------- | :-------------------- | :------------- | | Net sales to external customers | 265,516 | 256,916 | 3.3% | | Operating income | (Included in Consolidated) | (Included in Consolidated) | N/A | | Adjusted operating income (loss) | 37,770 | 37,522 | 0.7% | | Adjusted operating margin % | 14.2% | 14.6% | -0.4 pp | | Adjusted EBITDA | 45,097 | 44,007 | 2.5% | | Adjusted EBITDA margin % | 17.0% | 17.1% | -0.1 pp | International Segment Q2 Organic Constant Currency Sales Change | International Segment (Q2 2024) | GAAP Reported Sales Change | Currency Translation Effects | Organic Constant Currency Sales Change | | :------------------------------------- | :------------------------- | :--------------------------- | :------------------------------------- | | Fire Service | 19% | 1% | 20% | | Detection | 10% | 1% | 11% | | Industrial PPE and Other | (13)% | 1% | (12)% | | Net Sales | 6% | 1% | 7% | [Consolidated Organic Constant Currency Revenue Growth by Product Category](index=9&type=section&id=Consolidated%20Organic%20Constant%20Currency%20Revenue%20Growth%20by%20Product%20Category) Consolidated organic constant currency sales growth for Q2 2024 was **4%**, with Fire Service growing **4%** and Detection **8%** Consolidated Q2 Organic Constant Currency Sales Change | Consolidated (Q2 2024) | GAAP Reported Sales Change | Currency Translation Effects | Organic Constant Currency Sales Change | | :------------------------------------- | :------------------------- | :--------------------------- | :------------------------------------- | | Fire Service | 3% | 1% | 4% | | Detection | 8% | —% | 8% | | Industrial PPE and Other | (3)% | 1% | (2)% | | Net Sales | 3% | 1% | 4% | Consolidated H1 Organic Constant Currency Sales Change | Consolidated (H1 2024) | GAAP Reported Sales Change | Currency Translation Effects | Organic Constant Currency Sales Change | | :------------------------------------- | :------------------------- | :--------------------------- | :------------------------------------- | | Fire Service | 15% | —% | 15% | | Detection | 1% | 1% | 2% | | Industrial PPE and Other | (7)% | —% | (7)% | | Net Sales | 3% | —% | 3% | - Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core[21](index=21&type=chunk)[69](index=69&type=chunk) Non-GAAP Financial Measures and Reconciliations [Non-GAAP Financial Measures Overview](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20Overview) MSA Safety utilizes non-GAAP financial measures to provide useful information, facilitate peer comparisons, and assess underlying business performance - Non-GAAP measures are used to evaluate segment results, make strategic decisions, understand operating performance and trends, and facilitate comparisons with peers[27](index=27&type=chunk) - Management uses these measures internally to assess and better understand underlying business performance and trends related to core business activities[27](index=27&type=chunk) - These non-GAAP financial measures are supplemental in nature and should not be viewed as a substitute for, or superior to, reported results prepared in accordance with GAAP[44](index=44&type=chunk) [Adjusted Operating Income and Margin Reconciliation](index=6&type=section&id=Adjusted%20Operating%20Income%20and%20Margin%20Reconciliation) Consolidated adjusted operating income for Q2 2024 was **$108.2 million** (**23.4% margin**), and for H1 2024, it was **$196.2 million** Adjusted Operating Income and Margin Reconciliation | Metric | Q2 2024 ($ thousands) | Q2 2023 ($ thousands) | % Change (QoQ) | H1 2024 ($ thousands) | H1 2023 ($ thousands) | % Change (YoY) | | :------------------------------------ | :-------------------- | :-------------------- | :------------- | :-------------------- | :-------------------- | :------------- | | Operating Income | 99,944 | 95,008 | 5.2% | 180,056 | 34,947 | 415.3% | | Adjusted Operating Income (Consolidated) | 108,190 | 103,783 | 4.2% | 196,200 | 181,163 | 8.3% | | Adjusted Operating Margin % (Consolidated) | 23.4% | 23.2% | 0.2 pp | 22.4% | 21.4% | 1.0 pp | - Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange (gains) losses, loss on divestiture of MSA LLC, product liability expense, amortization of acquisition-related intangible assets, net cost for product related legal matter and transaction costs[46](index=46&type=chunk) - Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net sales to external customers[46](index=46&type=chunk) [Adjusted Earnings and EPS Reconciliation](index=12&type=section&id=Adjusted%20Earnings%20and%20EPS%20Reconciliation) Q2 2024 adjusted earnings were **$79.7 million** (**$2.01 adjusted diluted EPS**), and H1 2024 adjusted earnings were **$143.2 million** (**$3.62 adjusted diluted EPS**) Adjusted Earnings and EPS Reconciliation | Metric | Q2 2024 ($ thousands) | Q2 2023 ($ thousands) | % Change (QoQ) | H1 2024 ($ thousands) | H1 2023 ($ thousands) | % Change (YoY) | | :-------------------------- | :-------------------- | :-------------------- | :------------- | :-------------------- | :-------------------- | :------------- | | Net Income (Loss) | 72,234 | 67,090 | 7.7% | 130,373 | (83,083) | Not meaningful | | Adjusted Earnings | 79,662 | 72,137 | 10% | 143,160 | 125,865 | 14% | | Adjusted Diluted EPS | 2.01 | 1.83 | 10% | 3.62 | 3.19 | 13% | - Management uses adjusted earnings and adjusted earnings per diluted share to internally assess the company's performance and ongoing operating trends[38](index=38&type=chunk) [Debt and Net Debt to Adjusted EBITDA Reconciliation](index=13&type=section&id=Debt%20and%20Net%20Debt%20to%20Adjusted%20EBITDA%20Reconciliation) As of June 30, 2024, total end-of-period debt was **$588.2 million**, with net debt of **$441.4 million** and a net debt to adjusted EBITDA ratio of **0.9** Debt and Net Debt as of June 30, 2024 | Metric | June 30, 2024 ($ thousands) | | :------------------------------------ | :-------------------------- | | Total end-of-period debt | 588,243 | | Total end-of-period cash and cash equivalents | 146,830 | | Net debt | 441,413 | | Net debt to adjusted EBITDA | 0.9 | - Management uses Debt to adjusted EBITDA and Net debt to adjusted EBITDA to internally assess the company's liquidity and balance sheet strength[72](index=72&type=chunk) Adjusted EBITDA for Twelve Months Ended June 30, 2024 | Metric | Twelve Months Ended June 30, 2024 ($ thousands) | | :------------------------------------ | :---------------------------------------------- | | Operating income | 376,429 | | Adjusted EBITDA | 466,424 | [Organic Constant Currency Revenue Growth Reconciliation](index=9&type=section&id=Organic%20Constant%20Currency%20Revenue%20Growth%20Reconciliation) Organic constant currency revenue growth is a non-GAAP metric used to understand ongoing business performance by excluding foreign currency impacts - Organic constant currency revenue growth is a useful metric for investors as foreign currency translation can materially impact revenue growth trends[37](index=37&type=chunk)[68](index=68&type=chunk) - This metric highlights ongoing business performance by excluding the impact of fluctuating foreign currencies, which is outside of management's control[37](index=37&type=chunk)[68](index=68&type=chunk) Other Information [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) MSA Safety will host a conference call on Thursday, July 25, 2024, at **10:00 a.m. Eastern time** to discuss Q2 2024 results - Conference call to discuss Q2 2024 results and outlook will be held on Thursday, July 25, 2024, at **10:00 a.m. Eastern time**[14](index=14&type=chunk)[76](index=76&type=chunk) - The call and accompanying slide presentation will be webcast at http://investors.msasafety.com/ under "News and Events" tab, subheading "Events & Presentations"[14](index=14&type=chunk) - Investors can dial into the call at **1-844-854-4415** (toll-free) or **1-412-902-6599** (international), with a replay available online for **90 days**[14](index=14&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=14&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) The press release contains forward-looking statements subject to various assumptions, risks, and uncertainties that may cause actual results to differ materially - The press release includes "forward-looking statements" relating to future events or financial performance, subject to various assumptions, known and unknown risks, and uncertainties[48](index=48&type=chunk)[73](index=73&type=chunk) - Actual results, performance, or outcomes may differ materially due to factors discussed in the company's Form 10-K and 10-Q reports, available on www.sec.gov and the investor relations website[73](index=73&type=chunk) - The company is under no duty to update publicly any forward-looking statements after the earnings press release date, except as required by law[73](index=73&type=chunk)

Core Insights - MSA Safety, Inc. has released its 2023 Impact Report, emphasizing its commitment to safety solutions and corporate social responsibility [1][4] Products and Solutions - MSA's products help customers detect refrigerant leaks, reducing carbon footprints and operational costs [2][5] - The company designs products with sustainability in mind, such as rechargeable batteries for self-contained breathing apparatus (SCBA) [2][5] - MSA offers personal protective equipment (PPE) solutions that enhance worker safety with inclusive sizing and comfort [2][5] - The V-Gard C1™ Hard Hat is highlighted for its role in protecting workers from heat stress [2][5] People - MSA Safety focuses on creating a physically and psychologically safe work environment for its employees [2][5] - The company aims to maintain world-class safety performance and foster an inclusive culture [2][5] Planet - MSA Safety is on track to meet its 2030 emission reduction goals, as outlined in the previous year's report [2][5] Impact Metrics - The newly established Safety Impact Metric estimates that MSA Safety products helped protect approximately 40 million workers globally in 2023 [4][5] Company Overview - MSA Safety reported revenues of $1.8 billion in 2023 and employs over 5,000 associates across more than 40 international locations [7]

WITH MIPS® BRAIN PROTECTION SYSTEM FOR INDUSTRIA "The V-Gard H2 Safety Helmet extends MSA Safety's position as the leader in industrial head protection with new innovations and added lateral protection for particular applications," said Greg Martin, MSA Safety Senior Vice President, Chief Product and Technology Officer. "We've made it easy for our customers to comply with regulatory guidance and safety requirements by continuing to build out our V-Gard line. We're offering customers highly customizable and ...

Core Viewpoint - MSA Safety Incorporated will host its second quarter 2024 earnings conference call on July 25, 2024, at 10:00 a.m. Eastern Time, following the release of its financial results on July 24, 2024 [1][2]. Company Overview - MSA Safety Incorporated is a global leader in advanced safety products and solutions, with a mission focused on safety innovation since 1914 [4]. - The company reported revenues of $1.8 billion in 2023 and employs over 5,000 associates across more than 40 international locations [4]. Conference Call Details - Investors can join the conference call by dialing 1-844-854-4415 (toll-free) or 1-412-902-6599 (international) [3]. - The call will be webcast and a replay will be available for 90 days after the presentation [5].

Please register here to join us. The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations. SOURCE Mineros S.A. MEDELLIN, Colombia, July 8, 2024 /PRNewswire/ - Mineros S.A. (TSX: MSA) (MINEROS:CB) ("Mineros" or the "Company") ...

The MSA General Monitors® FL5000 Multi-Spectrum Flame Detector is the newest flame detection solution from MSA Safety. It features communications capabilities for automatic integration with plant processes and safety systems, making it easy to help further enhance the overall safety operations of a facility. The MSA General Monitors® FL5000 Multi-Spectrum Flame Detector is the newest flame detection solution from MSA Safety. It features communications capabilities for automatic integration with plant proces ...

About MSA Safety Mr. Howells joined MSA Safety in 1981 and was named Interim President of MSA International in February of this year. Prior to that, he served as Vice President, Sales and Customer Marketing for MSA International, playing a key role in helping to transform the company's commercial business with a more progressive Go-to- Market strategy. Over his tenure with MSA Safety, Mr. Howells has held various leadership roles in global distribution channels and sales. MSA Safety Incorporated (NYSE: MSA) ...