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Mar 31, 2022
MSA Q1 2022 Earnings Report
MSA Safety's first quarter benefited from strong demand and strategic execution amidst supply chain and inflationary challenges.
Key Takeaways
MSA Safety reported a 7% increase in total sales, reaching $331 million, with a 9% increase on a constant currency basis. The growth was supported by acquisitions and organic activity, despite challenges in the supply chain and inflationary environment. Adjusted earnings per diluted share increased to $1.10, compared to $0.95 in the same period last year.
Total sales increased by 7% to $331 million, or 9% on a constant currency basis, driven by acquisitions and organic growth.
GAAP operating income stood at $42.7 million, representing 12.9% of sales, while adjusted operating income reached $53.8 million, or 16.3% of sales.
GAAP earnings were $35.5 million, resulting in $0.90 per diluted share, while adjusted earnings amounted to $43.6 million, or $1.10 per diluted share.
Operating cash flow was $24.5 million, impacted by increased investment in working capital due to growth and supply chain issues.
Revenue by Geographic Location
Forward Guidance
The company remains confident in executing its long-term vision, focusing on safety technologies and infrastructure protection, with a strong balance sheet supporting growth investments and shareholder returns, despite a dynamic operating environment.
Positive Outlook
- Strong demand for products continues.
- Recently-launched innovative technologies, including ALTAIR io™ 4 Gas Detection Wearable device and V-Gard® C1 Hard Hat with ReflectIR™ Thermal Barrier technology.
- Significant progress integrating Bacharach, contributing positively to our results in the quarter
- Demand strengthened through the quarter.
- Balance sheet remains strong
Challenges Ahead
- Challenging supply chain.
- Inflationary environment.
- Seeing the effects of supply chain challenges and inflation throughout our regions.
- Operating environment remains dynamic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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