MSA Announces Third Quarter Results

Strong revenue growth, improvements in productivity and U.S. Tax Reform drive GAAP earnings growth of 5 percent and adjusted earnings growth of 27 percent

News provided by

MSA

Oct 24, 2018, 16:45 ET

PITTSBURGH, Oct. 24, 2018 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the third quarter of 2018.

Quarterly Highlights

  • Revenue was $331 million, increasing 12 percent from a year ago on a reported basis and 14 percent on a constant currency basis, driven by strong organic growth across the company's core product portfolio.

  • GAAP operating income was $40 million or 12.1 percent of sales, compared to $40 million or 13.5 percent of sales in the same period a year ago. Adjusted operating income increased 20 percent to $57 million or 17.2 percent of sales, compared to $47 million or 16.0 percent of sales in the same period a year ago.

  • GAAP earnings were $34 million or $0.86 per diluted share, compared to $32 million or $0.83 per diluted share in the same period a year ago. Adjusted earnings increased 27 percent to $45 million or $1.16 per diluted share, compared to $35 million or $0.92 per diluted share in the same period a year ago.

Comments from Management
"Our third quarter results reflect strong returns on investments we've made in new product development and restructuring programs," said Nish Vartanian, MSA President and CEO.  "We realized double-digit organic revenue growth and our ongoing focus on productivity helped convert that into 27 percent growth in adjusted earnings," he said.

Mr. Vartanian continued, "It's encouraging to see both the step-change in profitability and improvements in free cash flow."  The company's adjusted operating margin increased 120 basis points while free cash flow generation remained strong, with free cash flow conversion in excess of 100 percent of net income in the third quarter. Mr. Vartanian noted that despite investing heavily in research and development projects that will drive future revenue growth, the company's incremental operating margins are approaching 30 percent for the quarter and year to date.

"Our incoming order book and backlog levels point to sustained strength across our core product portfolio, and we continue to see exciting wins in our industrial and fire service market segments.  With this momentum, our global teams remain highly focused on executing our strategy and strengthening our market positions in our core products, while continuing to improve productivity and drive free cash flow," Mr. Vartanian said.  "I'm confident that formula will continue to position us well as we work to increase value for all MSA stakeholders," he concluded.

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)


Three Months Ended
September 30,

Nine Months Ended
September 30,

2018

2017

2018

2017









Net sales

$

331,096

$

296,129

$

996,320

$

850,669

Cost of products sold

182,794

163,926

546,844

465,780

Gross profit

148,302

132,203

449,476

384,889










Selling, general and administrative

78,013

72,852

240,226

223,741

Research and development

13,296

12,351

39,752

35,282

Restructuring charges

2,615

3,214

10,223

16,920

Currency exchange (gains) losses, net

(252)

562

2,571

3,994

Other operating expense

14,627

3,346

25,469

32,956

Operating income

40,003

39,878

131,235

71,996










Interest expense

4,492

3,961

14,454

10,566

Loss on extinguishment of debt

1,494

—

1,494

—

Other income, net

(4,252)

(1,720)

(8,292)

(4,406)

Total other expense, net

1,734

2,241

7,656

6,160










Income before income taxes

38,269

37,637

123,579

65,836

Provision for income taxes

4,206

5,411

23,606

6,306

Net income

34,063

32,226

99,973

59,530

Net income attributable to noncontrolling
interests

(346)

(160)

(706)

(519)

Net income attributable to MSA Safety
Incorporated

$

33,717

$

32,066

99,267

59,011










Earnings per share attributable to MSA Safety
Incorporated common shareholders:







Basic

$

0.88

$

0.84

$

2.59

$

1.55

Diluted

$

0.86

$

0.83

$

2.55

$

1.52










Basic shares outstanding

38,417

38,074

38,328

37,970

Diluted shares outstanding

39,036

38,702

38,914

38,692

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)


September 30, 2018

December 31, 2017

Assets


Cash and cash equivalents

$

118,161

$

134,244

Trade receivables, net

236,245

244,198

Inventories

183,829

153,739

Notes receivable, insurance companies

3,525

17,333

Other current assets

131,577

72,783

    Total current assets

673,337

622,297




Property, net

150,569

157,014

Prepaid pension cost

91,914

83,060

Goodwill

416,779

422,185

Notes receivable, insurance companies, noncurrent

60,726

59,567

Insurance receivable, noncurrent

49,280

123,089

Other noncurrent assets

208,078

217,614

   Total assets

$

1,650,683

$

1,684,826




Liabilities and shareholders' equity


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

$

20,005

$

26,680

Accounts payable

71,659

87,061

Other current liabilities

216,283

175,538

   Total current liabilities

307,947

289,279




Long-term debt, net

370,195

447,832

Pensions and other employee benefits

167,373

170,773

Deferred tax liabilities

8,973

9,341

Product liability and other noncurrent liabilities

136,489

165,023

Total shareholders' equity

659,706

602,578

   Total liabilities and shareholders' equity

$

1,650,683

$

1,684,826

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)


Three Months Ended
September 30,

Nine Months Ended
September 30,

2018

2017

2018

2017








Net income

$

34,063

$

32,226

$

99,973

$

59,530

Depreciation and amortization

9,378

9,929

28,585

27,665

Change in working capital and other operating

77,374

809

57,639

102,051

  Cash flow from operating activities

120,815

42,964

186,197

189,246








Capital expenditures

(9,808)

(5,603)

(18,620)

(11,730)

Acquisition, net of cash acquired

—

(213,990)

—

(213,990)

Purchase of short-term investments

(57,090)

—

(57,090)

—

Property disposals

942

52

4,001

729

  Cash flow used in investing activities

(65,956)

(219,541)

(71,709)

(224,991)








Change in debt

(38,390)

200,540

(80,675)

75,900

Cash dividends paid

(14,624)

(13,376)

(42,605)

(39,200)

Company stock purchases under repurchase program

—

(11,781)

—

(11,781)

Other financing

(1,313)

(346)

(575)

7,209

  Cash flow (used in) provided by financing activities

(54,327)

175,037

(123,855)

32,128








Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(1,822)

(1,705)

(9,952)

1,622








Decrease in cash, cash equivalents and restricted
cash

(1,290)

(3,245)

(19,319)

(1,995)

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands)


Americas

International

Corporate

Consolidated

Three Months Ended September 30, 2018






Sales to external customers

$

209,343

$

121,753

$

—

$

331,096

Operating income





40,003

Operating margin %





12.1

%

Restructuring charges





2,615

Currency exchange gains, net





(252)

Other operating expense





14,627

Strategic transaction costs





56

Adjusted operating income (loss)

51,532

13,329

(7,812)


57,049

Adjusted operating margin %

24.6

%

10.9

%


17.2

%








Three Months Ended September 30, 2017






Sales to external customers

$

186,898

$

109,231

$

—

$

296,129

Operating income





39,878

Operating margin %





13.5

%

Restructuring charges





3,214

Currency exchange losses, net





562

Other operating expense





3,346

Strategic transaction costs





386

Adjusted operating income (loss)

45,365

10,229

(8,208)


47,386

Adjusted operating margin %

24.3

%

9.4

%


16.0

%


Americas

International

Corporate

Consolidated

Nine Months Ended September 30, 2018






Sales to external customers

$

633,812

$

362,508

—

$

996,320

Operating income





131,235

Operating margin %





13.2

%

Restructuring charges





10,223

Currency exchange losses, net





2,571

Other operating expense





25,469

Strategic transaction costs





208

Adjusted operating income (loss)

151,456

41,960

(23,710)


169,706

Adjusted operating margin %

23.9

%

11.6

%


17.0

%








Nine Months Ended September 30, 2017






Sales to external customers

$

528,426

$

322,243

—

$

850,669

Operating income





71,996

Operating margin %





8.5

%

Restructuring charges





16,920

Currency exchange losses, net





3,994

Other operating expense





32,956

Strategic transaction costs





3,365

Adjusted operating income (loss)

125,087

30,146

(26,002)


129,231

Adjusted operating margin %

23.7

%

9.4

%


15.2

%

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 September 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

22

%

12

%

7

%

11

%

6

%

13

%

12

%

9

%

12

%

Plus: Currency
translation effects

1

%

1

%

4

%

2

%

1

%

2

%

2

%

3

%

2

%

Constant
currency sales
change

23

%

13

%

11

%

13

%

7

%

15

%

14

%

12

%

14

%

Less: Acquisitions

—

%

29

%

—

%

—

%

—

%

—

%

1

%

—

%

1

%

Organic constant
currency change

23

%

(16)

%

11

%

13

%

7

%

15

%

13

%

12

%

13

%


Nine Months Ended September 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

12

%

110

%

10

%

13

%

10

%

10

%

20

%

4

%

17

%

Plus: Currency
translation effects

(1)

%

(2)

%

1

%

(1)

%

(2)

%

(1)

%

(2)

%

(1)

%

(1)

%

Constant
currency sales
change

11

%

108

%

11

%

12

%

8

%

9

%

18

%

3

%

16

%

Less: Acquisitions

—

%

113

%

—

%

—

%

—

%

—

%

9

%

—

%

8

%

Organic constant
currency change

11

%

(5)

%

11

%

12

%

8

%

9

%

9

%

3

%

8

%

(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 September 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

23

%

20

%

5

%

12

%

4

%

20

%

14

%

(2)

%

12

%

Plus: Currency
translation effects

1

%

—

%

4

%

2

%

1

%

2

%

1

%

3

%

2

%

Constant
currency sales
change

24

%

20

%

9

%

14

%

5

%

22

%

15

%

1

%

14

%

Less: Acquisitions

—

%

32

%

—

%

—

%

—

%

—

%

2

%

—

%

2

%

Organic constant
currency change

24

%

(12)

%

9

%

14

%

5

%

22

%

13

%

1

%

12

%



Nine Months Ended September 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

%

177

%

9

%

13

%

9

%

16

%

24

%

(5)

%

20

%

Plus: Currency
translation effects

1

%

1

%

3

%

1

%

—

%

1

%

1

%

2

%

1

%

Constant
currency sales
change

9

%

178

%

12

%

14

%

9

%

17

%

25

%

(3)

%

21

%

Less: Acquisitions

—

%

183

%

—

%

—

%

—

%

—

%

15

%

—

%

12

%

Organic constant
currency change

9

%

(5)

%

12

%

14

%

9

%

17

%

10

%

(3)

%

9

%

(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 September 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

19

%

(18)

%

14

%

8

%

7

%

4

%

9

%

23

%

11

%

Plus: Currency
translation effects

4

%

1

%

4

%

4

%

2

%

2

%

3

%

4

%

3

%

Constant
currency sales
change

23

%

(17)

%

18

%

12

%

9

%

6

%

12

%

27

%

14

%

Less: Acquisitions

—

%

2

%

—

%

—

%

—

%

—

%

1

%

—

%

—

%

Organic constant
currency change

23

%

(19)

%

18

%

12

%

9

%

6

%

11

%

27

%

14

%



Nine Months Ended September 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

20

%

3

%

13

%

13

%

11

%

3

%

12

%

14

%

12

%

Plus: Currency
translation effects

(5)

%

(6)

%

(3)

%

(4)

%

(5)

%

(4)

%

(5)

%

(4)

%

(4)

%

Constant
currency sales
change

15

%

(3)

%

10

%

9

%

6

%

(1)

%

7

%

10

%

8

%

Less: Acquisitions

—

%

2

%

—

%

—

%

—

%

—

%

—

%

—

%

—

%

Organic constant
currency change

15

%

(5)

%

10

%

9

%

6

%

(1)

%

7

%

10

%

8

%

(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 September 30, 2018

Consolidated

Americas

International

Breathing Apparatus

23

%

24

%

23

%

Fall Protection

15

%

22

%

6

%

Portable Gas Detection

13

%

14

%

12

%

Firefighter Helmets and Protective Apparel(a)

13

%

20

%

(17)

%

Industrial Head Protection

11

%

9

%

18

%

Fixed Gas and Flame Detection

7

%

5

%

9

%

Core Sales

14

%

15

%

12

%

Core excluding Acquisitions

13

%

13

%

11

%






Non-Core Sales

12

%

1

%

27

%






Net Sales

14

%

14

%

14

%

Net Sales excluding Acquisitions

13

%

12

%

14

%


Nine Months Ended September 30, 2018

Consolidated

Americas

International

Breathing Apparatus

11

%

9

%

15

%

Fall Protection

9

%

17

%

(1)

%

Portable Gas Detection

12

%

14

%

9

%

Firefighter Helmets and Protective Apparel(a)

108

%

178

%

(3)

%

Industrial Head Protection

11

%

12

%

10

%

Fixed Gas and Flame Detection

8

%

9

%

6

%

Core Sales

18

%

25

%

7

%

Core excluding Acquisitions

9

%

10

%

7

%






Non-Core Sales

3

%

(3)

%

10

%






Net Sales

16

%

21

%

8

%

Net Sales excluding Acquisitions

8

%

9

%

8

%

(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
September 30,


Nine Months Ended
September 30,


2018

2017

%
Change

2018

2017

%
Change












Net income attributable to MSA
Safety Incorporated

$

33,717

$

32,066

5%

$

99,267

$

59,011

68%

Tax benefit associated with U.S.
Tax Reform

(1,956)

—



(1,956)

—



Tax benefit associated with
European reorganization

—

(2,474)



—

(2,474)



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

(430)

(98)



(2,306)

(6,910)



Subtotal

31,331

29,494

6%

95,005

49,627

91%












Restructuring charges

2,615

3,214



10,223

16,920



Currency exchange (gains) losses,
net

(252)

562



2,571

3,994



Loss on extinguishment of debt

1,494

—



1,494

—



Other operating expense

14,627

3,346



25,469

32,956



Strategic transaction costs

56

386



208

3,365



Asset related (gain) losses and
other, net

(733)

30



415

274



Income tax expense on
adjustments

(4,024)

(1,598)



(9,645)

(16,367)



Adjusted earnings

45,114

$

35,434

27%

$

125,740

$

90,769

39%












Adjusted earnings per diluted
share

$

1.16

$

0.92

26%

$

3.23

$

2.35

37%

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
September 30,

Nine Months Ended
September 30,

2018

2017

2018

2017








Cash flow from operating activities

$

120,815

$

42,964

$

186,197

$

189,246

Capital expenditures

(9,808)

(5,603)

(18,620)

(11,730)








Free cash flow

$

111,007

$

37,361

$

167,577

$

177,516








Net income attributable to MSA Safety
Incorporated

$

33,717

$

32,066

$

99,267

$

59,011








Free cash flow conversion

329%

117%

169%

301%

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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