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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.
MSA
MSA
MSA Revenue by Geographic Location
Revenue by Geographic Location
Americas Revenue
CapyFin.comInternational Revenue
CapyFin.com 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.
- Increased investment in working capital
Revenue & Expenses
Visualization of income flow from segment revenue to net income