Original source text
Second Quarter 2026 Highlights
Achieved quarterly net sales of $503 million, a 6% GAAP increase and a 3% organic increase year-over-year Generated GAAP operating income of $112 million, or 22.2% of sales, and adjusted operating income of $121 million, or 24.1% of sales Recorded GAAP net income of $86 million, or $2.23 per diluted share, an increase of 40% year-over-year, and adjusted earnings of $93 million, or $2.40 per diluted share, an increase of 24% year-over-year Generated free cash flow of $83 million and returned $47 million of capital to shareholders via share repurchases and dividend payments Announced the acquisition of Autronica Fire and Security for ~$555 million, which closed in July, and raised annual dividend for 56th consecutive year , /PRNewswire/ -- Global provider of advanced industrial safety products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the second quarter of 2026.
"I want to thank the MSA team for their disciplined execution across our business in the second quarter," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We delivered strong operating performance through the continued advancement of our Accelerate strategy. We also announced the acquisition of Autronica Fire and Security, which closed in early July and adds a highly complementary business that builds on the strength of our existing fixed detection platform while expanding our addressable market opportunity."
Financial Highlights
Three Months Ended June 30,
Six Months Ended June 30,
(In millions, except per share
data and percentages)
2026
2025
% Change (a)
2026
2025
% Change (a)
Net Sales
$ 503.3
$ 474.1
6 %
$ 967.0
$ 895.5
8 %
GAAP
Operating income
112.0
85.9
30 %
205.0
163.6
25 %
% of Net sales
22.2 %
18.1 %
410 bps
21.2 %
18.3 %
290 bps
Net income
86.2
62.8
37 %
157.5
122.4
29 %
Diluted EPS
2.23
1.59
40 %
4.05
3.10
31 %
Non-GAAP
Adjusted EBITDA
$ 136.4
$ 116.5
17 %
$ 252.7
$ 218.0
16 %
% of Net sales
27.1 %
24.6 %
250 bps
26.1 %
24.3 %
180 bps
Adjusted operating income
121.1
101.4
19 %
222.2
188.9
18 %
% of Net sales
24.1 %
21.4 %
270 bps
23.0 %
21.1 %
190 bps
Adjusted earnings
93.1
75.9
23 %
170.5
142.4
20 %
Adjusted diluted EPS
2.40
1.93
24 %
4.39
3.61
22 %
Free cash flow
82.7
37.9
118 %
147.8
88.9
66 %
Free cash flow conversion
96 %
60 %
94 %
73 %
Americas Segment
Net sales
$ 341.5
$ 320.1
7 %
$ 666.7
$ 613.3
9 %
GAAP operating income
106.2
91.3
16 %
202.0
167.8
20 %
% of Net sales
31.1 %
28.5 %
260 bps
30.3 %
27.4 %
290 bps
Adjusted operating income
109.1
93.3
17 %
207.2
172.0
20 %
% of Net sales
32.0 %
29.1 %
290 bps
31.1 %
28.0 %
310 bps
International Segment
Net sales
$ 161.9
$ 154.0
5 %
$ 300.3
$ 282.2
6 %
GAAP operating income
22.9
12.2
87 %
35.4
29.5
20 %
% of Net sales
14.2 %
8.0 %
620 bps
11.8 %
10.5 %
130 bps
Adjusted operating income
25.1
20.2
24 %
39.6
38.9
2 %
% of Net sales
15.5 %
13.1 %
240 bps
13.2 %
13.8 %
(60) bps
(a) Percentage change may not calculate exactly due to rounding.
"Our adjusted earnings per share increased by 24%, driven by 6% reported sales growth and robust margin expansion. We also generated strong free cash flow and returned capital to shareholders," stated Julie Beck, MSA Safety's Chief Financial Officer. "Margin expansion was primarily driven by our ongoing execution of the principles of the MSA Business System and benefited from tariff refunds. Our full-year sales outlook includes low-double-digit total revenue growth, supported by mid-single-digit organic growth, a mid-single-digit contribution from acquisitions and a low-single-digit tailwind from foreign exchange," Ms. Beck added.
The company increased its annual dividend for a 56th consecutive year and returned a total of $47 million to shareholders through $26 million of share repurchases and dividends of $21 million, while investing $13 million in capital expenditures. The company's net leverage ratio was 0.8x at quarter end. Including the debt for the acquisition of Autronica Fire and Security, pro forma net leverage is ~1.8x.
Conference Call
MSA Safety will host a conference call on Friday, July 31, 2026, at 10:00 a.m. Eastern Time to discuss its second quarter 2026 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.
MSA Safety Incorporated
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net sales
$ 503,327
$ 474,116
$ 966,959
$ 895,456
Cost of products sold
254,036
253,406
498,088
481,351
Gross profit
249,291
220,710
468,871
414,105
Selling, general and administrative
114,073
112,078
221,756
206,042
Research and development
19,154
16,996
35,509
32,665
Restructuring charges
2,209
488
4,538
2,412
Currency exchange losses, net
1,896
5,286
2,095
9,363
Operating income
111,959
85,862
204,973
163,623
Interest expense
7,951
8,116
15,654
14,951
Other income, net
(7,379)
(5,000)
(15,060)
(12,022)
Total other expense, net
572
3,116
594
2,929
Income before income taxes
111,387
82,746
204,379
160,694
Provision for income taxes
25,193
19,973
46,916
38,316
Net income
$ 86,194
$ 62,773
$ 157,463
$ 122,378
Earnings per share attributable to common
shareholders:
Basic
$ 2.23
$ 1.60
$ 4.06
$ 3.11
Diluted
$ 2.23
$ 1.59
$ 4.05
$ 3.10
Basic shares outstanding
38,623
39,258
38,740
39,296
Diluted shares outstanding
38,697
39,359
38,841
39,430
MSA Safety Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
June 30, 2026
December 31, 2025
Assets
Cash and cash equivalents
$ 200,057
$ 165,067
Trade receivables, net
347,877
306,452
Inventories
350,119
343,035
Other current assets
36,787
54,738
Total current assets
934,840
869,292
Property, plant and equipment, net
276,691
283,063
Prepaid pension cost
291,214
279,450
Goodwill
726,055
731,592
Intangible assets, net
285,721
299,127
Other noncurrent assets
86,990
91,850
Total assets
$ 2,601,511
$ 2,554,374
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net
$ 8,096
$ 8,225
Accounts payable
123,632
110,775
Other current liabilities
157,171
170,211
Total current liabilities
288,899
289,211
Long-term debt, net
591,648
572,709
Pensions and other employee benefits
140,535
143,834
Deferred tax liabilities
126,747
127,540
Other noncurrent liabilities
52,025
54,068
Total shareholders' equity
1,401,657
1,367,012
Total liabilities and shareholders' equity
$ 2,601,511
$ 2,554,374
MSA Safety Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income
$ 86,194
$ 62,773
$ 157,463
$ 122,378
Depreciation and amortization
19,322
18,099
37,674
34,350
Change in working capital and other
operating
(10,140)
(13,654)
(24,074)
(27,677)
Cash flow from operating activities
95,376
67,218
171,063
129,051
Capital expenditures
(12,673)
(29,334)
(23,260)
(40,118)
Acquisitions, net of cash acquired
—
(187,774)
—
(187,774)
Property disposals and other investing
2
1
36
19
Cash flow used in investing activities
(12,671)
(217,107)
(23,224)
(227,873)
Change in debt
(13,000)
172,686
20,760
165,220
Cash dividends paid
(20,853)
(20,848)
(41,414)
(40,881)
Company stock purchases under repurchase
program
(25,679)
(29,998)
(76,126)
(39,995)
Other financing
807
(2,249)
(9,168)
(10,365)
Cash flow (used in) from financing
activities
(58,725)
119,591
(105,948)
73,979
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(4,009)
6,949
(6,577)
7,692
Increase (decrease) in cash, cash
equivalents and restricted cash
$ 19,971
$ (23,349)
$ 35,314
$ (17,151)
MSA Safety Incorporated
Sales by Product Group (Unaudited)
(In thousands, except percentages)
Three Months Ended June 30, 2026
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection(a)
$ 201,376
40 %
$ 138,628
41 %
$ 62,748
39 %
Fire Service(b)
161,892
32 %
108,243
32 %
53,649
33 %
Industrial PPE and Other(c)
140,059
28 %
94,580
27 %
45,479
28 %
Total
$ 503,327
100 %
$ 341,451
100 %
$ 161,876
100 %
Three Months Ended June 30, 2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection(a)
$ 193,835
41 %
$ 127,174
40 %
$ 66,661
43 %
Fire Service(b)
163,306
34 %
110,815
35 %
52,491
34 %
Industrial PPE and Other(c)
116,975
25 %
82,150
25 %
34,825
23 %
Total
$ 474,116
100 %
$ 320,139
100 %
$ 153,977
100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Six Months Ended June 30, 2026
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection(a)
$ 382,218
40 %
$ 262,602
39 %
$ 119,616
40 %
Fire Service(b)
321,164
33 %
224,335
34 %
96,829
32 %
Industrial PPE and Other(c)
263,577
27 %
179,752
27 %
83,825
28 %
Total
$ 966,959
100 %
$ 666,689
100 %
$ 300,270
100 %
Six Months Ended June 30, 2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection(a)
$ 354,906
40 %
$ 237,065
39 %
$ 117,841
42 %
Fire Service(b)
313,922
35 %
216,722
35 %
97,200
34 %
Industrial PPE and Other(c)
226,628
25 %
159,512
26 %
67,116
24 %
Total
$ 895,456
100 %
$ 613,299
100 %
$ 282,157
100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Organic sales change (Unaudited)Consolidated
Three Months Ended June 30, 2026
Detection(a)
Fire
Service(b)
Industrial PPE
and Other(c)
Net Sales
GAAP reported sales change
4 %
(1) %
20 %
6 %
Currency translation effects
(1) %
(1) %
(4) %
(2) %
Less: Acquisitions
(3) %
— %
— %
(1) %
Organic sales change
— %
(2) %
16 %
3 %
Six Months Ended June 30, 2026
Detection(a)
Fire
Service(b)
Industrial PPE
and Other(c)
Net Sales
GAAP reported sales change
8 %
2 %
16 %
8 %
Currency translation effects
(2) %
(2) %
(5) %
(3) %
Less: Acquisitions
(6) %
— %
— %
(2) %
Organic sales change
— %
— %
11 %
3 %
Americas Segment
Three Months Ended June 30, 2026
Detection(a)
Fire
Service(b)
Industrial PPE
and Other(c)
Net Sales
GAAP reported sales change
9 %
(2) %
15 %
7 %
Currency translation effects
(1) %
(1) %
(4) %
(2) %
Less: Acquisitions
(1) %
— %
— %
— %
Organic sales change
7 %
(3) %
11 %
5 %
Six months ended June 30, 2026
Detection(a)
Fire
Service(b)
Industrial PPE
and Other(c)
Net Sales
GAAP reported sales change
11 %
4 %
13 %
9 %
Currency translation effects
(1) %
(1) %
(5) %
(2) %
Less: Acquisitions
(3) %
— %
— %
(1) %
Organic sales change
7 %
3 %
8 %
6 %
International Segment
Three Months Ended June 30, 2026
Detection(a)
Fire
Service(b)
Industrial PPE
and Other(c)
Net Sales
GAAP reported sales change
(6) %
2 %
30 %
5 %
Currency translation effects
(2) %
(2) %
(3) %
(2) %
Less: Acquisitions
(5) %
— %
— %
(3) %
Organic sales change
(13) %
— %
27 %
— %
Six months ended June 30, 2026
Detection(a)
Fire
Service(b)
Industrial PPE
and Other(c)
Net Sales
GAAP reported sales change
2 %
— %
25 %
6 %
Currency translation effects
(4) %
(5) %
(6) %
(5) %
Less: Acquisitions
(11) %
— %
— %
(4) %
Organic sales change
(13) %
(5) %
19 %
(3) %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted operating income (Unaudited)
Adjusted EBITDA (Unaudited)
(In thousands)
Three Months Ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Adjusted EBITDA from reportable segments
$ 149,441
$ 128,027
$ 277,281
$ 239,166
Less:
Depreciation and amortization
15,285
14,549
30,468
28,286
Adjusted operating income from reportable
segments
134,156
113,478
246,813
210,880
Less:
Corporate expenses
13,038
12,044
24,574
21,944
Adjusted operating income
121,118
101,434
222,239
188,936
Less:
Currency exchange losses, net
1,896
5,286
2,095
9,363
Restructuring charges
2,209
488
4,538
2,412
Acquisition-related amortization
3,377
3,153
6,769
5,439
Transaction costs (a)
1,677
6,645
3,864
8,099
GAAP operating income
111,959
85,862
204,973
163,623
Less:
Interest expense
7,951
8,116
15,654
14,951
Other income, net
(7,379)
(5,000)
(15,060)
(12,022)
Income before income taxes
111,387
82,746
204,379
160,694
Provision for income taxes
25,193
19,973
46,916
38,316
Net income
$ 86,194
$ 62,773
$ 157,463
$ 122,378
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding currency exchange gains / losses, restructuring charges, acquisition-related amortization, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted diluted earnings per share (Unaudited)
(In thousands, except per share amounts and percentages)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
%
Change
2026
2025
%
Change
Net income
$ 86,194
$ 62,773
37 %
$ 157,463
$ 122,378
29 %
Currency exchange losses, net
1,896
5,286
2,095
9,363
Restructuring charges
2,209
488
4,538
2,412
Acquisition-related amortization
3,377
3,153
6,769
5,439
Transaction costs (a)
1,677
6,645
3,864
8,099
Asset related losses
228
884
388
892
Pension settlement
—
721
—
721
Income tax expense on adjustments
(2,524)
(4,021)
(4,607)
(6,937)
Adjusted earnings
$ 93,057
$ 75,929
23 %
$ 170,510
$ 142,367
20 %
Adjusted diluted earnings per share
$ 2.40
$ 1.93
24 %
$ 4.39
$ 3.61
22 %
Diluted shares outstanding
38,697
39,359
38,841
39,430
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Management believes that adjusted earnings and adjusted diluted earnings per share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)
(In thousands)
Twelve Months Ended
June 30,
2026
Operating income
$ 413,168
Depreciation and amortization
59,738
Currency exchange losses, net
8,533
Restructuring charges
6,023
Acquisition-related amortization
13,945
Transaction costs (a)
6,232
Adjusted EBITDA
$ 507,639
Total end-of-period debt
599,744
Debt to adjusted EBITDA
1.2
Total end-of-period debt
$ 599,744
Total end-of-period cash and cash equivalents
200,057
Net debt
$ 399,687
Net debt to adjusted EBITDA
0.8
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength. There can be no assurances that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.
About MSA Safety:
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures:
This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.
The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above.
SOURCE MSA Safety
