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17.8 C
New York
Monday, November 2, 2026
Press ReleasesIndustrialsMSA Safety Announces Third Quarter 2026 Results

MSA Safety Announces Third Quarter 2026 Results

Third Quarter 2026 Highlights

  • Achieved quarterly net sales of $536 million, a 15% GAAP increase and a 6% organic increase year-over-year
  • Generated GAAP operating income of $88 million, or 16.4% of sales, and adjusted operating income of $115 million, or 21.4% of sales
  • Recorded GAAP net income of $58 million, or $1.51 per diluted share, a decrease from prior year due to Autronica acquisition costs, and adjusted earnings of $81 million, or $2.09 per diluted share, an increase of 8% year-over-year
  • Completed the acquisition of Autronica Fire and Security for $563 million, net of cash acquired

PITTSBURGH, Nov. 2, 2026 /PRNewswire/ — Global provider of advanced industrial safety technology products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the third quarter of 2026.

MSA Safety Incorporated

“The MSA team continued to advance our Accelerate strategy in the third quarter, delivering 15% sales growth,” said Steve Blanco, President and Chief Executive Officer of MSA Safety. “We executed several strategic objectives, including closing the acquisition of Autronica Fire and Security, launching the G1 City Edition SCBA, and continuing momentum in MSA+ connected safety, with an ALTAIR io 6 order that marked our largest MSA+ order to date. Together, these actions strengthen our safety technology portfolio, reinforce our market leadership, and enhance our ability to deliver sustainable long-term growth,” Mr. Blanco added.

Financial Highlights













Three Months Ended September 30,


Nine Months Ended September 30,

(In millions, except per share data and percentages)

2026


2025


% Change (a)


2026


2025


% Change (a)

Net Sales

$ 536.4


$ 468.4


15 %


$1,503.4


$1,363.9


10 %

GAAP












Operating income

88.2


94.3


(6) %


293.2


257.9


14 %

% of Net sales

16.4 %


20.1 %


(370) bps


19.5 %


18.9 %


60 bps

Net income

58.4


69.6


(16) %


215.9


192.0


12 %

Diluted EPS

1.51


1.77


(15) %


5.57


4.87


14 %

Non-GAAP












Adjusted EBITDA

$ 130.7


$ 118.9


10 %


$ 383.4


$ 336.9


14 %

% of Net sales

24.4 %


25.4 %


(100) bps


25.5 %


24.7 %


80 bps

Adjusted operating income

114.9


103.7


11 %


337.2


292.7


15 %

% of Net sales

21.4 %


22.1 %


(70) bps


22.4 %


21.5 %


90 bps

Adjusted earnings

80.6


76.2


6 %


251.2


218.6


15 %

Adjusted diluted EPS

2.09


1.94


8 %


6.48


5.55


17 %

Free cash flow

68.2


100.5


(32) %


216.0


189.4


14 %

Free cash flow conversion

117 %


144 %




100 %


99 %



Americas Segment












Net sales

$ 338.2


$ 313.3


8 %


$1,004.9


$ 926.6


8 %

GAAP operating income

93.9


86.7


8 %


295.8


254.5


16 %

% of Net sales

27.8 %


27.7 %


10 bps


29.4 %


27.5 %


190 bps

Adjusted operating income

96.7


88.7


9 %


303.9


260.7


17 %

% of Net sales

28.6 %


28.3 %


30 bps


30.2 %


28.1 %


210 bps

International Segment












Net sales

$ 198.2


$ 155.1


28 %


$ 498.5


$ 437.3


14 %

GAAP operating income

22.9


22.7


1 %


58.3


52.3


11 %

% of Net sales

11.6 %


14.7 %


(310) bps


11.7 %


12.0 %


(30) bps

Adjusted operating income

31.8


24.8


28 %


71.4


63.7


12 %

% of Net sales

16.1 %


16.0 %


10 bps


14.3 %


14.6 %


(30) bps

(a) Percentage change may not calculate exactly due to rounding.

“Our adjusted earnings per share increased by 8% and we continued to deliver strong free cash flow conversion. Our cash generation and disciplined capital allocation framework enabled the acquisition of Autronica Fire and Security and meaningful shareholder returns via dividends and share repurchases. With net leverage within our target range, we remain well positioned to pursue strategic growth opportunities. We are maintaining our full-year sales outlook of low-double-digit reported growth,” stated Julie Beck, MSA Safety’s Chief Financial Officer.

Conference Call

MSA Safety will host a conference call on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time to discuss its third 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

September 30,


Nine Months Ended

September 30,


2026


2025


2026


2025









Net sales

$      536,430


$      468,445


$  1,503,389


$  1,363,900

Cost of products sold

292,199


250,829


790,287


732,179

Gross profit

244,231


217,616


713,102


631,721









Selling, general and administrative

132,377


102,852


354,133


308,895

Research and development

19,963


16,521


55,472


49,186

Restructuring charges

1,780


58


6,318


2,470

Currency exchange losses, net

1,876


3,875


3,971


13,237

Operating income

88,235


94,310


293,208


257,933









Interest expense

13,759


8,416


29,413


23,368

Other income, net

(7,478)


(6,562)


(22,538)


(18,585)

Total other expense, net

6,281


1,854


6,875


4,783









Income before income taxes

81,954


92,456


286,333


253,150

Provision for income taxes

23,558


22,843


70,474


61,159

Net income

$        58,396


$       69,613


$     215,859


$     191,991









Earnings per share attributable to common shareholders:








Basic

$           1.51


$           1.78


$          5.58


$          4.89

Diluted

$           1.51


$           1.77


$          5.57


$          4.87









Basic shares outstanding

38,564


39,168


38,681


39,253

Diluted shares outstanding

38,647


39,280


38,776


39,380

 

MSA Safety Incorporated

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

 


September 30, 2026


December 31, 2025





Assets




Cash and cash equivalents

$                      187,248


$               165,067

Trade receivables, net

374,211


306,452

Inventories

370,595


343,035

Other current assets

58,690


54,738

    Total current assets

990,744


869,292





Property, plant and equipment, net

282,269


283,063

Prepaid pension cost

297,101


279,450

Goodwill

1,044,108


731,592

Intangible assets, net

558,574


299,127

Other noncurrent assets

105,516


91,850

   Total assets

$                    3,278,312


$            2,554,374





Liabilities and shareholders’ equity




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

$                        33,098


$                  8,225

Accounts payable

145,800


110,775

Other current liabilities

194,800


170,211

   Total current liabilities

373,698


289,211





Long-term debt, net

1,088,108


572,709

Pensions and other employee benefits

139,464


143,834

Deferred tax liabilities

172,328


127,540

Other noncurrent liabilities

70,727


54,068

Total shareholders’ equity

1,433,987


1,367,012

   Total liabilities and shareholders’ equity

$                    3,278,312


$            2,554,374

 

MSA Safety Incorporated

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 


Three Months Ended

September 30,


Nine Months Ended

September 30,


2026


2025


2026


2025









Net income

$        58,396


$       69,613


$     215,859


$     191,991

Depreciation and amortization

23,009


18,585


60,683


52,935

Change in working capital and other operating

907


24,264


(23,167)


(3,413)

Cash flow from operating activities

82,312


112,462


253,375


241,513









Acquisitions, net of cash acquired

(563,087)


—


(563,087)


(187,774)

Capital expenditures

(14,128)


(11,986)


(37,388)


(52,104)

Property disposals and other investing

—


—


36


19

Cash flow used in investing activities

(577,215)


(11,986)


(600,439)


(239,859)









Change in debt

521,698


(49,892)


542,458


115,328

Cash dividends paid

(20,834)


(20,757)


(62,248)


(61,638)

Company stock purchases under repurchase program

(12,683)


—


(88,809)


(39,995)

Other financing

(224)


(1,156)


(9,392)


(11,521)

Cash flow (used in) from financing activities

487,957


(71,805)


382,009


2,174









Effect of exchange rate changes on cash, cash equivalents and restricted cash

(5,900)


(5,690)


(12,477)


2,002









Change in cash, cash equivalents and restricted cash

$       (12,846)


$       22,981


$      22,468


$        5,830

 

MSA Safety Incorporated

Sales by Product Group (Unaudited)

(In thousands, except percentages)

 

 

Three Months Ended September 30, 2026


Consolidated


Americas


International



Dollars


Percent


Dollars


Percent


Dollars


Percent

Detection(a)


$  233,935


44 %


$ 130,107


38 %


$ 103,828


52 %

Fire Service(b)


173,214


32 %


119,179


35 %


54,035


27 %

Industrial PPE and Other(c)


129,281


24 %


88,960


27 %


40,321


21 %

Total


$  536,430


100 %


$ 338,246


100 %


$ 198,184


100 %














Three Months Ended September 30, 2025


Consolidated


Americas


International



Dollars


Percent


Dollars


Percent


Dollars


Percent

Detection(a)


$  191,188


41 %


$ 124,111


40 %


$  67,077


43 %

Fire Service(b)


158,654


34 %


109,497


35 %


49,157


32 %

Industrial PPE and Other(c)


118,603


25 %


79,742


25 %


38,861


25 %

Total


$  468,445


100 %


$ 313,350


100 %


$ 155,095


100 %

(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the Autronica

Fire and Security acquisition from July 9, 2026 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.

 

Nine Months Ended September 30, 2026


Consolidated


Americas


International



Dollars


Percent


Dollars


Percent


Dollars


Percent

Detection(a)


$  616,154


41 %


$  392,710


39 %


$ 223,444


45 %

Fire Service(b)


494,378


33 %


343,514


34 %


150,864


30 %

Industrial PPE and Other(c)


392,857


26 %


268,711


27 %


124,146


25 %

Total


$1,503,389


100 %


$1,004,935


100 %


$ 498,454


100 %














Nine Months Ended September 30, 2025


Consolidated


Americas


International



Dollars


Percent


Dollars


Percent


Dollars


Percent

Detection(a)


$  546,094


40 %


$  361,176


39 %


$ 184,918


42 %

Fire Service(b)


472,576


35 %


326,220


35 %


146,356


33 %

Industrial PPE and Other(c)


345,230


25 %


239,253


26 %


105,977


25 %

Total


$1,363,900


100 %


$  926,649


100 %


$ 437,251


100 %

(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the M&C

TechGroup acquisition from May 6, 2025, onward (Americas and International) and sales from the Autronica Fire and Security

acquisition from July 9, 2026 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 September 30, 2026


Detection(a)

Fire

Service(b)

Industrial PPE

and Other(c)


Net Sales

GAAP reported sales change

22 %

9 %

9 %


15 %

Currency translation effects

— %

— %

(2) %


(1) %

Less: Acquisitions

(20) %

— %

— %


(8) %

Organic sales change

2 %

9 %

7 %


6 %








Nine Months Ended September 30, 2026


Detection(a)

Fire

Service(b)

Industrial PPE

and Other(c)


Net Sales

GAAP reported sales change

13 %

5 %

14 %


10 %

Currency translation effects

(1) %

(2) %

(4) %


(2) %

Less: Acquisitions

(11) %

— %

— %


(4) %

Organic sales change

1 %

3 %

10 %


4 %

 

Americas Segment

 


Three Months Ended September 30, 2026


Detection(a)

Fire

Service(b)

Industrial PPE

and Other(c)


Net Sales

GAAP reported sales change

5 %

9 %

12 %


8 %

Currency translation effects

— %

— %

(3) %


(1) %

Less: Acquisitions

(1) %

— %

— %


— %

Organic sales change

4 %

9 %

9 %


7 %


 

Nine months ended September 30, 2026


Detection(a)

Fire

Service(b)

Industrial PPE

and Other(c)


Net Sales

GAAP reported sales change

9 %

5 %

12 %


8 %

Currency translation effects

(1) %

— %

(3) %


(1) %

Less: Acquisitions

(2) %

— %

— %


(1) %

Organic sales change

6 %

5 %

9 %


6 %

 

International Segment

 


Three Months Ended September 30, 2026


Detection(a)

Fire

Service(b)

Industrial PPE

and Other(c)


Net Sales

GAAP reported sales change

55 %

10 %

4 %


28 %

Currency translation effects

— %

— %

(1) %


— %

Less: Acquisitions

(59) %

— %

— %


(26) %

Organic sales change

(4) %

10 %

3 %


2 %


 

Nine months ended September 30, 2026


Detection(a)

Fire

Service(b)

Industrial PPE

and Other(c)


Net Sales

GAAP reported sales change

21 %

3 %

17 %


14 %

Currency translation effects

(2) %

(4) %

(4) %


(3) %

Less: Acquisitions

(29) %

— %

— %


(12) %

Organic sales change

(10) %

(1) %

13 %


(1) %

(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

September 30,


Nine months ended

September 30,


2026


2025


2026


2025









Adjusted EBITDA from reportable segments

$ 144,278


$ 128,487


$ 421,559


$ 367,651

Less:








     Depreciation and amortization

15,784


14,973


46,252


43,258

Adjusted operating income from reportable segments

128,494


113,514


375,307


324,393

Less:








     Corporate expenses

13,564


9,773


38,138


31,718

Adjusted operating income

114,930


103,741


337,169


292,675

Less:








     Currency exchange losses, net

1,876


3,875


3,971


13,237

     Restructuring charges

1,780


58


6,318


2,470

     Acquisition-related amortization

8,072


3,595


14,841


9,033

     Transaction and digital transformation costs (a)

14,967


1,903


18,831


10,002

GAAP operating income

88,235


94,310


293,208


257,933

Less:








     Interest expense

13,759


8,416


29,413


23,368

     Other income, net

(7,478)


(6,562)


(22,538)


(18,585)

Income before income taxes

81,954


92,456


286,333


253,150

Provision for income taxes

23,558


22,843


70,474


61,159

Net income

$   58,396


$   69,613


$ 215,859


$ 191,991

(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or

consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated

with strategic digital transformation efforts. 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 and digital transformation 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

September 30,




Nine Months Ended

September 30,




2026


2025


%

Change


2026


2025


%

Change













Net income

$ 58,396


$ 69,613


(16) %


$215,859


$191,991


12 %













Currency exchange losses, net

1,876


3,875




3,971


13,237



Restructuring charges

1,780


58




6,318


2,470



Acquisition-related amortization

8,072


3,595




14,841


9,033



Transaction and digital transformation costs (a)

14,967


1,903




18,831


10,002



Asset related losses

249


97




637


989



Pension settlement

—


—




—


721



Income tax expense on adjustments

(4,693)


(2,949)




(9,301)


(9,885)



Adjusted earnings

$ 80,647


$ 76,192


6 %


$251,156


$218,558


15 %













Adjusted diluted earnings per share

$     2.09


$     1.94


8 %


$     6.48


$     5.55


17 %













Diluted shares outstanding

38,647


39,280




38,776


39,380



(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees

incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital

transformation efforts. 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

Free Cash Flow (Unaudited)

(In thousands, except percentages)

 





Three Months Ended

September 30,


Nine Months Ended

September 30,




2026


2025


2026


2025












Cash flow from operating activities


$        82,312


$     112,462


$  253,375


$  241,513


Capital expenditures


(14,128)


(11,986)


(37,388)


(52,104)


Free cash flow


$        68,184


$     100,476


$  215,987


$  189,409












Net Income


$        58,396


$       69,613


$  215,859


$  191,991












Free cash flow conversion


117 %


144 %


100 %


99 %












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. 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.

MSA Safety Incorporated

Reconciliation of Non-GAAP Financial Measures

Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)

(In thousands)

 



Twelve Months Ended

September 30,



2026

Operating income


$                     407,093

Depreciation and amortization


60,328

Currency exchange losses, net


6,535

Restructuring charges


7,745

Acquisition-related amortization


18,423

Transaction and digital transformation costs (a)


19,296

Autronica estimated adjusted EBITDA contribution (b)


24,000

Adjusted EBITDA


$                     543,420




Total end-of-period debt


1,121,206




Debt to adjusted EBITDA


2.1




Total end-of-period debt


$                  1,121,206

Total end-of-period cash and cash equivalents


187,248

Net debt


$                     933,958




Net debt to adjusted EBITDA


1.7

(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting

fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic

digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed

Consolidated Statements of Income.

(b) Adjusted EBITDA includes Autronica estimates for nine months preceding MSA’s ownership.  The estimate was developed using

information disclosed in MSA’s Form 8-K filed on May 5, 2026. Pro forma Adjusted EBITDA is derived from Autronica’s estimated

2025 revenue of approximately $160 million and estimated Adjusted EBITDA margin of approximately 20%. These amounts are

unaudited and based on preliminary estimates.

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.

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SOURCE MSA Safety

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