MSA Announces Second Quarter Results

Strong revenue growth and U.S. Tax Reform drive GAAP earnings growth of 165 percent and adjusted earnings growth of 25 percent

News provided by

MSA

Jul 25, 2018, 18:19 ET

PITTSBURGH, July 25, 2018 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the second quarter of 2018.

Quarterly Highlights

  • Revenue was $339 million, increasing 18 percent from a year ago on a reported basis and 16 percent on a constant currency basis. Excluding the acquisition of Globe, organic revenue was up 5 percent on a constant currency basis.
  • GAAP operating income increased 247 percent to $47 million or 13.8 percent of sales, compared to $13 million or 4.7 percent of sales(1) in the same period a year ago. Adjusted operating income increased 19 percent to $58 million or 17.1 percent of sales, compared to $49 million or 16.8 percent of sales in the same period a year ago.
  • GAAP earnings increased 165 percent to $33 million or $0.85 per diluted share, compared to $13 million or $0.32 per diluted share(1)  in the same period a year ago. Adjusted earnings increased 25 percent to $41 million or $1.07 per diluted share, compared to$33 million or $0.85 per diluted share in the same period a year ago.
  • Free cash flow exceeded 100 percent of net income, driven by a 240 basis point reduction in working capital as a percent of sales compared to the first quarter of 2018.
  • The company reached a settlement on the disputed portion of its insurance receivable. The settlement ensures collection of the portion of the insurance receivable that was previously subject to litigation. Payment is expected to be received in the third quarter of 2018.

Comments from Management

"Our second quarter results reflect strong execution of the Growth-in-Focus initiative we highlighted at our New York City investor day conference back in March," said Nish Vartanian, MSA President and CEO.  "Despite incurring $3 million of quarter-specific unfavorable expenses, healthy conditions across our key end markets - coupled with our previous investments in R&D and strategic acquisitions - drove 18 percent revenue growth and 25 percent adjusted earnings growth in the quarter," he said. Mr. Vartanian noted that the company is entering the third quarter with a backlog pipeline that is trending substantially higher than this time a year ago, reflecting increased levels of demand across its core product areas.

"Beyond the strong operating performance in the quarter, the successful resolution of litigation with a major insurance carrier is a significant milestone for us," Mr. Vartanian said. "Through this settlement, we secured collection of a significant portion of the insurance receivable, resolving coverage litigation that has been ongoing for nearly a decade."  Mr. Vartanian added that the settlement represents a major step in a multi-year effort to collect insurance monies owed to the company. 

"Our Growth-in-Focus initiative is based on achieving market leadership positions in our core product areas and market segments, while driving profitable growth and cash flow for our shareholders. The sustained momentum in our incoming order book, double-digit earnings growth and meaningful improvements in free cash flow were encouraging to see in the quarter. In the second half of 2018, we will continue to make focused investments to capitalize on this strong growth cycle, while diligently managing our administrative costs to drive operating leverage," Mr. Vartanian concluded.

(1) GAAP operating income growth of 247 percent and GAAP earnings growth of 165 percent is impacted by a $29.6 million charge taken in Q2 2017 related to product liability settlements reached in August 2017 and estimated indemnity for all other asserted cumulative trauma product liability claims.

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)


Three Months Ended
June 30,

Six Months Ended
June 30,

2018

2017

2018

2017








Net sales

$

339,331

$

288,775

$

665,225

$

554,540

Cost of products sold

185,495

155,812

364,050

301,855

Gross profit

153,836

132,963

301,175

252,685








Selling, general and administrative

81,962

74,104

162,213

150,890

Research and development

13,909

11,933

26,456

22,931

Restructuring charges

2,335

967

7,609

13,706

Currency exchange losses, net

815

2,851

2,823

3,431

Other operating expense

8,018

29,610

10,842

29,610

Operating income

46,797

13,498

91,232

32,117








Interest expense

5,181

3,014

9,962

6,605

Other income, net

(1,701)

(1,228)

(4,041)

(2,686)

Total other expense, net

3,480

1,786

5,921

3,919








Income before income taxes

43,317

11,712

85,311

28,198

Provision (benefit) for income taxes

9,896

(902)

19,401

894

Net income

33,421

12,614

65,910

27,304

Net income attributable to noncontrolling interests

(242)

(82)

(360)

(359)

Net income attributable to MSA Safety Incorporated

$

33,179

$

12,532

65,550

26,945








Earnings per share attributable to MSA Safety
Incorporated common shareholders:






Basic

$

0.86

$

0.33

$

1.71

$

0.71

Diluted

$

0.85

$

0.32

$

1.69

$

0.70








Basic shares outstanding

38,327

38,065

38,272

37,914

Diluted shares outstanding

38,903

38,780

38,841

38,685

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)


June 30, 2018

December 31, 2017

Assets


Cash and cash equivalents

$

116,650

$

134,244

Trade receivables, net

239,406

244,198

Inventories

177,256

153,739

Notes receivable, insurance companies

3,494

17,333

Other current assets

72,705

72,783

    Total current assets

609,511

622,297




Property, net

148,780

157,014

Prepaid pension cost

88,237

83,060

Goodwill

418,384

422,185

Notes receivable, insurance companies, noncurrent

60,340

59,567

Insurance receivable, noncurrent

115,143

123,089

Other noncurrent assets

210,164

217,614

   Total assets

$

1,650,559

$

1,684,826




Liabilities and shareholders' equity


Notes payable and current portion of long-term debt, net

$

26,895

$

26,680

Accounts payable

76,331

87,061

Other current liabilities

180,046

175,538

   Total current liabilities

283,272

289,279




Long-term debt, net

403,712

447,832

Pensions and other employee benefits

167,906

170,773

Deferred tax liabilities

8,589

9,341

Other noncurrent liabilities

148,010

165,023

Total shareholders' equity

639,070

602,578

   Total liabilities and shareholders' equity

$

1,650,559

$

1,684,826

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)


Three Months Ended
June 30,

Six Months Ended
June 30,

2018

2017

2018

2017








Net income

$

33,421

$

12,614

$

65,910

$

27,304

Depreciation and amortization

9,536

8,984

19,207

17,736

Change in working capital and other operating

5,072

28,294

(19,735)

101,242

  Cash flow from operating activities

48,029

49,892

65,382

146,282








Capital expenditures

(5,571)

(4,685)

(8,812)

(6,127)

Property disposals

3,001

512

3,059

677

  Cash flow used in investing activities

(2,570)

(4,173)

(5,753)

(5,450)








Change in debt

(32,884)

(28,203)

(42,285)

(124,640)

Cash dividends paid

(14,591)

(13,369)

(27,981)

(25,824)

Other financing

2,563

5,099

738

7,555

  Cash flow used in financing activities

(44,912)

(36,473)

(69,528)

(142,909)








Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(9,493)

1,702

(8,130)

3,327








(Decrease) / Increase in cash, cash equivalents and
restricted cash

(8,946)

10,948

(18,029)

1,250

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands)


Americas

International

Corporate

Consolidated

Three Months Ended June 30, 2018






Sales to external customers

$

215,339

$

123,992

$

—

$

339,331

Operating income





46,797

Operating margin %





13.8

%

Restructuring charges





2,335

Currency exchange losses, net





815

Other operating expense





8,018

Strategic transaction costs





58

Adjusted operating income (loss)

49,838

15,853

(7,668)

$

58,023

Adjusted operating margin %

23.1

%

12.8

%


17.1

%








Three Months Ended June 30, 2017






Sales to external customers

$

174,960

$

113,815

$

—

$

288,775

Operating income





13,498

Operating margin %





4.7

%

Restructuring charges





967

Currency exchange losses, net





2,851

Other operating expense





29,610

Strategic transaction costs





1,642

Adjusted operating income (loss)

43,573

12,122

(7,127)

$

48,568

Adjusted operating margin %

24.9

%

10.7

%


16.8

%



Americas

International

Corporate

Consolidated

Six Months Ended June 30, 2018






Sales to external customers

$

424,468

$

240,757

—

$

665,225

Operating income





91,232

Operating margin %





13.7

%

Restructuring charges





7,609

Currency exchange losses, net





2,823

Other operating expense





10,842

Strategic transaction costs





152

Adjusted operating income (loss)

99,924

28,631

(15,897)

$

112,658

Adjusted operating margin %

23.5

%

11.9

%


16.9

%








Six Months Ended June 30, 2017






Sales to external customers

$

341,528

$

213,012

—

$

554,540

Operating income





32,117

Operating margin %





5.8

%

Restructuring charges





13,706

Currency exchange losses, net





3,431

Other operating expense





29,610

Strategic transaction costs





2,979

Adjusted operating income (loss)

79,724

19,918

(17,799)

$

81,843

Adjusted operating margin %

23.3

%

9.4

%


14.8

%

The Americas segment is comprised of our operations in the U.S., Canada and Latin America.  The International segment is comprised of our operations in all other parts of the world including Europe, Africa, the Middle East, India, China, South East Asia and Australia.  Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss) and adjusted operating margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources.  As such, management believes that adjusted operating income (loss) and adjusted operating margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, other operating expense and strategic transaction costs.  Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers.  Adjusted operating income (loss) and adjusted operating 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 (loss) and adjusted operating margin may not be comparable to similarly titled measures of other companies.  As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)

Consolidated


Three Months Ended June 30, 2018

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(a)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

7

%

232

%

10

%

12

%

6

%

2

%

20

%

3

%

18

%

Plus: Currency
translation effects

(2)

%

(4)

%

2

%

(1)

%

(3)

%

(2)

%

(1)

%

(1)

%

(2)

%

Constant
currency sales
change

5

%

228

%

12

%

11

%

3

%

—

%

19

%

2

%

16

%

Less: Acquisitions

—

%

229

%

—

%

—

%

—

%

—

%

13

%

—

%

11

%

Organic constant
currency change

5

%

(1)

%

12

%

11

%

3

%

—

%

6

%

2

%

5

%



Six Months Ended June 30, 2018

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(a)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

8

%

220

%

12

%

14

%

12

%

9

%

24

%

1

%

20

%

Plus: Currency
translation effects

(3)

%

(8)%

—

%

(2)

%

(4)

%

(3)

%

(3)

%

(3)

%

(3)

%

Constant
currency sales
change

5

%

212

%

12

%

12

%

8

%

6

%

21

%

(2)

%

17

%

Less: Acquisitions

—

%

213

%

—

%

—

%

—

%

—

%

13

%

—

%

11

%

Organic constant
currency change

5

%

(1)%

12

%

12

%

8

%

6

%

8

%

(2)

%

6

%

(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)

Americas Segment


Three Months Ended June 30, 2018

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(a)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

3

%

566

%

10

%

10

%

8

%

6

%

28

%

(7)

%

23

%

Plus: Currency
translation effects

—

%

2

%

4

%

2

%

—

%

—

%

2

%

2

%

1

%

Constant currency
sales change

3

%

568

%

14

%

12

%

8

%

6

%

30

%

(5)

%

24

%

Less: Acquisitions

—

%

566

%

—

%

—

%

—

%

—

%

22

%

—

%

18

%

Organic constant
currency change

3

%

2

%

14

%

12

%

8

%

6

%

8

%

(5)

%

6

%



Six Months Ended June 30, 2018

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(a)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

2

%

516

%

11

%

13

%

12

%

15

%

29

%

(6)

%

24

%

Plus: Currency
translation effects

—

%

1

%

2

%

1

%

—

%

(1)

%

1

%

1

%

1

%

Constant currency
sales change

2

%

517

%

13

%

14

%

12

%

14

%

30

%

(5)

%

25

%

Less: Acquisitions

—

%

519

%

—

%

—

%

—

%

—

%

21

%

—

%

18

%

Organic constant
currency change

2

%

(2)

%

13

%

14

%

12

%

14

%

9

%

(5)

%

7

%

(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)

International Segment


Three Months Ended June 30, 2018

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(a)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

14

%

6

%

9

%

15

%

3

%

(3)

%

8

%

15

%

9

%

Plus: Currency
translation effects

(6)

%

(6)

%

(4)

%

(6)

%

(5)

%

(4)

%

(6)

%

(4)

%

(5)

%

Constant currency
sales change

8

%

—

%

5

%

9

%

(2)

%

(7)

%

2

%

11

%

4

%

Less: Acquisitions

—

%

3

%

—

%

—

%

—

%

—

%

—

%

—

%

—

%

Organic constant
currency change

8

%

(3)

%

5

%

9

%

(2)

%

(7)

%

2

%

11

%

4

%



Six Months Ended June 30, 2018

Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(a)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales

Non-Core
Sales

Net Sales

GAAP reported
sales change

21

%

12

%

12

%

16

%

13

%

3

%

14

%

10

%

13

%

Plus: Currency
translation effects

(10)

%

(10)

%

(6)

%

(9)

%

(8)

%

(7)

%

(9)

%

(8)

%

(8)

%

Constant currency
sales change

11

%

2

%

6

%

7

%

5

%

(4)

%

5

%

2

%

5

%

Less: Acquisitions

—

%

2

%

—

%

—

%

—

%

—

%

—

%

—

%

—

%

Organic constant
currency change

11

%

—

%

6

%

7

%

5

%

(4)

%

5

%

2

%

5

%

(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group


Three Months Ended June 30, 2018

Consolidated

Americas

International

Firefighter Helmets and Protective Apparel(a)

228

%

568

%

—

%

Industrial Head Protection

12

%

14

%

5

%

Portable Gas Detection

11

%

12

%

9

%

Breathing Apparatus

5

%

3

%

8

%

Fixed Gas and Flame Detection

3

%

8

%

(2)

%

Fall Protection

—

%

6

%

(7)

%

Core Sales

19

%

30

%

2

%

Core excluding Acquisitions

6

%

8

%

2

%






Non-Core Sales

2

%

(5)

%

11

%






Net Sales

16

%

24

%

4

%

Net Sales excluding Acquisitions

5

%

6

%

4

%



Six Months Ended June 30, 2018

Consolidated

Americas

International

Firefighter Helmets and Protective Apparel(a)

212

%

517

%

2

%

Industrial Head Protection

12

%

13

%

6

%

Portable Gas Detection

12

%

14

%

7

%

Breathing Apparatus

5

%

2

%

11

%

Fixed Gas and Flame Detection

8

%

12

%

5

%

Fall Protection

6

%

14

%

(4)

%

Core Sales

21

%

30

%

5

%

Core excluding Acquisitions

8

%

9

%

5

%






Non-Core Sales

(2)

%

(5)

%

2

%






Net Sales

17

%

25

%

5

%

Net Sales excluding Acquisitions

6

%

7

%

5

%

(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Adjusted earnings (Unaudited)

Adjusted earnings per diluted share (Unaudited)

(In thousands, except per share amounts)


Three Months Ended
June 30,


Six Months Ended
June 30,


2018

2017

%
Change

2018

2017

%
Change












Net income attributable to MSA
Safety Incorporated

$

33,179

$

12,532

165%

$

65,550

$

26,945

143%

Tax benefit associated with ASU
2016-09: Improvements to
employee share-based payment
accounting

(962)

(4,030)



(1,875)

(6,812)


Subtotal

32,217

8,502

279%

63,675

20,133

216%












Restructuring charges

2,335

967



7,609

13,706


Currency exchange losses, net

815

2,851



2,823

3,431


Other operating expense

8,018

29,610



10,842

29,610


Strategic transaction costs

58

1,642



152

2,979


Asset related losses and other, net

1,131

180



1,148

244


Income tax expense on adjustments

(3,102)

(10,681)



(5,621)

(14,769)


Adjusted earnings

$

41,472

$

33,071

25%

$

80,628

$

55,334

46%












Adjusted earnings per diluted share

$

1.07

$

0.85

26%

$

2.08

$

1.43

45%

Management believes that adjusted earnings and adjusted earnings per diluted 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 As Reported Financial Measures to Non-GAAP Financial Measures

Free Cash Flow (Unaudited)

(In thousands, except percentages)


Three Months Ended

June 30,

Six Months Ended

June 30,

2018

2017

2018

2017








Cash flow from operating activities

$

48,029

$

49,892

$

65,382

$

146,282

Capital expenditures

(5,571)

(4,685)

(8,812)

(6,127)








Free cash flow

$

42,458

$

45,207

$

56,570

$

140,155








Net income attributable to MSA Safety
Incorporated

$

33,179

$

12,532

$

65,550

$

26,945








Free cash flow conversion

128%

361%

86%

520%

Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income attributable to MSA. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.

About MSA:  
Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures.  Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations.  The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military.  MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices.  With 2017 revenues of $1.2 billion, MSA employs approximately 4,700 people worldwide.  The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America.  With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America.  For more information visit MSA's web site at 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. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 22, 2018. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties.  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. MSA undertakes no duty to publicly update any forward looking statements contained herein, except as required by law.

Non-GAAP Financial Measures: 
This earnings release includes certain non-GAAP financial measures. These financial measures include constant currency revenue growth, organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted earnings, adjusted earnings per diluted share and free cash flow. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

SOURCE MSA

Related Links

http://www.msasafety.com

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