Financial Performance - Achieved net sales of $500 million in Q4 2024, a 1% GAAP increase and 2% organic increase year-over-year[5] - Generated GAAP operating income of $118 million in Q4 2024, representing 23.5% of sales, and adjusted operating income of $120 million, or 24.0% of sales[5] - Recorded GAAP net income of $88 million in Q4 2024, or $2.22 per diluted share, and adjusted earnings of $89 million, or $2.25 per diluted share[5] - Full year 2024 net sales reached $1.8 billion, a 1% GAAP increase and 2% organic increase year-over-year[5] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $469,431 thousand, compared to $449,243 thousand in 2023, reflecting a growth of 4.5%[29] - Adjusted earnings per diluted share for the three months ended December 31, 2024, was $2.25, a 9% increase from $2.06 in the same period of 2023[32] Shareholder Returns - MSA Safety returned $79 million to shareholders through dividends and executed $30 million in share repurchases in 2024[11] - Cash dividends paid for the twelve months ended December 31, 2024, were $78,759 thousand, compared to $73,488 thousand in 2023[21] Liquidity and Debt - The company maintained a strong liquidity position with net debt of $343 million and a net leverage ratio of 0.7x at the end of Q4 2024[11] - The company’s net debt stood at $343.453 million, resulting in a net debt to adjusted EBITDA ratio of 0.7[35] - Total end-of-period debt was reported at $508.013 million, with cash and cash equivalents amounting to $164.560 million[35] Cash Flow and Capital Expenditures - Free cash flow for the full year 2024 was $242 million, a decrease of 39% compared to the previous year[7] - Cash flow from operating activities for the twelve months ended December 31, 2024, was $296,428 thousand, significantly higher than $92,857 thousand in 2023[21] - Capital expenditures for the twelve months ended December 31, 2024, totaled $54,223 thousand, up from $42,764 thousand in 2023[21] Segment Performance - The Americas segment achieved net sales of $337 million in Q4 2024, a 1% increase year-over-year[7] - The International segment recorded net sales of $163 million in Q4 2024, remaining flat compared to the previous year[7] - The Americas segment reported a GAAP sales change of 1% for the twelve months ended December 31, 2024, with an organic sales change of 2%[25] Restructuring and Costs - MSA Safety incurred restructuring charges of $6.397 million and transaction costs of $0.886 million related to acquisitions and divestitures[35] Company Overview and Future Outlook - MSA Safety reported 2024 revenues of $1.8 billion, maintaining its position as a global leader in advanced safety products and technologies[37] - MSA Safety emphasizes the importance of non-GAAP financial measures for assessing liquidity and balance sheet strength[35] - The company has been at the forefront of safety innovation since 1914, focusing on protecting workers and facility infrastructure[37] - MSA Safety employs over 5,000 associates across more than 40 international locations[37] - Forward-looking statements indicate potential future performance but are subject to various risks and uncertainties[38]

Core Insights - MSA Safety Incorporated reported solid financial performance for 2024, achieving double-digit EPS growth and operating margin expansion despite lower-than-expected sales growth [3][5][7] - The company faced challenges including industrial end market weakness, softer U.S. fire service demand, and foreign exchange impacts [3][5][11] - MSA Safety is committed to its 2028 targets through the execution of its Accelerate corporate strategy [3] Financial Highlights - For Q4 2024, net sales reached $500 million, a 1% increase year-over-year, with GAAP operating income of $118 million, representing 23.5% of sales [4][5] - Full-year 2024 net sales totaled $1.8 billion, also a 1% increase year-over-year, with GAAP operating income of $389 million, or 21.5% of sales [4][5] - The company recorded a net income of $88 million for Q4 2024, translating to $2.22 per diluted share, and a net income of $285 million for the full year, or $7.21 per diluted share [4][5] Capital Allocation and Financial Position - MSA Safety invested $14 million in capital expenditures in Q4 2024 and repaid $43 million of debt, returning $20 million to shareholders through dividends and repurchasing $10 million of common stock [5][8] - For the full year, the company invested $54 million in capital expenditures, repaid $94 million of debt, and returned $79 million to shareholders [5][8] - The company maintains a strong liquidity position with a net leverage ratio of 0.7x and net debt of $343 million at the end of Q4 2024 [8][26] Market Outlook - MSA Safety anticipates low-single digit organic sales growth for 2025, supported by diverse end market demand and stable funding for fire services [9][11] - The company is prepared to navigate macroeconomic and geopolitical uncertainties while leveraging its operational strengths [7][11]

Core Insights - MSA Safety is showcasing its Automatic Leak Detection (ALD) systems and Parasense Refrigerant Tracking & Compliance Software at the AHR Expo, emphasizing their role in compliance, cost savings, and improved leak detection management outcomes [2][3][4]. Group 1: MSA Safety's Solutions - MSA Safety's ALD solutions include the MSA Bacharach® Multi-Zone Gas Monitor and MSA Chillgard® 5000 Refrigerant Leak Monitor, capable of detecting refrigerant leaks as low as 1 ppm and monitoring up to 16 zones for over 60 different refrigerants [3]. - The Parasense Refrigerant Tracking & Compliance Software is a cloud-based tool designed to help users manage refrigerant usage, reduce operating costs, and meet compliance and sustainability goals [4]. - FieldServer Protocol Gateways facilitate building automation and controls, supporting over 140 protocols, and serve as secure entry points for data communication between HVAC-R products and the cloud [5]. Group 2: Industry Context and Company Overview - The AHR Expo is one of the largest HVAC-R events, connecting over 50,000 professionals to discuss industry trends and showcase technologies [1]. - MSA Safety, a leader in advanced safety products, reported revenues of $1.8 billion in 2023 and employs over 5,000 associates globally [7].

Core Viewpoint - MSA Safety Incorporated will host its fourth quarter and full year 2024 earnings conference call on February 13, 2025, at 10:00 a.m. Eastern Time, with a press release detailing financial results to be issued on February 12, 2025, after market close [1][3]. 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].

Core Viewpoint - MSA Safety Inc has been experiencing a downtrend in its stock price, but analysts see potential for growth and have initiated coverage with a positive outlook [1][2]. Group 1: Analyst Insights - DA Davidson analyst Michael Shlisky has initiated coverage on MSA Safety with a Buy rating and a price target of $195, highlighting a significant increase in management's focus on safety, as evidenced by the nearly doubled mentions of "safety" in public company calls and presentations from 2019 to 2023 [2]. - The company is expected to achieve a compounded annual growth rate (CAGR) of 8%-10% in earnings through 2028, indicating strong growth potential [3]. - MSA Safety has been included in DA Davidson's Best-of-Breed Bison list, which recognizes companies with strong competitive advantages and long-term value creation potential [5]. Group 2: Market Conditions - The top 10 U.S. fire departments, which are well-funded, are projected to increase their budgets by an estimated 6% next year, potentially benefiting MSA Safety [4]. - The number of U.S. construction workers, who utilize a variety of MSA Safety's products, is expected to continue rising, further supporting the company's growth prospects [4]. Group 3: Stock Performance - As of the last check, MSA Safety's stock was trading at approximately $166.66 per share, reflecting current market conditions [6].

Company Overview - MSA Safety Incorporated is a global leader in advanced safety products, technologies, and solutions, with a mission focused on safety since 1914 [2] - The company reported revenues of $1.8 billion in 2023 and is headquartered in Cranberry Township, Pennsylvania, employing over 5,000 associates across more than 40 international locations [2] Upcoming Event - Key executives, including Lee McChesney (CFO), Greg Martin (Chief Product and Technology Officer), and Gustavo Lopez (Vice President of Product Strategy and Pricing), will speak at the William Blair Public Safety Technology Virtual Conference on December 17, 2024 [1] - The discussion is scheduled to begin at 1:00 p.m. Eastern Time and will last approximately 45 minutes, with a slide presentation and transcript available on MSA's Investor Relations website [1]

PITTSBURGH, Nov. 26, 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 that Lee McChesney, Senior Vice President and Chief Financial Officer, will speak at the UBS Global Industrials and Transportation Conference on Thursday, December 5, 2024. The discussion will begin at 10:30 a.m. Eastern Time and last for approximately 40 minutes. A listen-only audio webcast and ...

PITTSBURGH, Nov. 14, 2024 /PRNewswire/ -- MSA Safety, Inc. (NYSE: MSA) today announced it has been awarded a multi-year $33 million contract with the U.S. Coast Guard to provide new firefighter respiratory protective equipment. The 10-year contract covers the supply of MSA's G1 Self-Contained Breathing Apparatus (SCBA) to the operational surface fleet and surface support facilities. Initial orders under the contract, valued at approximately $22 million, were received in the third quarter of 2024."We are inc ...

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)