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Sep 30
MSA Q3 2025 Earnings Report
MSA Safety reported its financial results for the third quarter of 2025, highlighting solid performance and strategic execution.
Key Takeaways
MSA Safety delivered a strong third quarter in 2025, with net sales increasing by 8% GAAP and 3% organically year-over-year. The company achieved robust GAAP operating income of $94 million and adjusted operating income of $104 million, alongside healthy GAAP net income of $70 million and adjusted earnings of $76 million. Free cash flow generation was significant at $100 million, contributing to a reduction in net leverage.
Net sales reached $468.4 million, an 8% GAAP increase and 3% organic increase compared to the prior year.
GAAP operating income was $94.3 million (20.1% of sales), and adjusted operating income was $103.7 million (22.1% of sales).
GAAP net income was $69.6 million, resulting in $1.77 per diluted share, while adjusted earnings were $76.2 million, or $1.94 per diluted share.
The company generated $100.5 million in free cash flow, repaid $50 million of debt, and reduced net leverage to 1.0x.
MSA
MSA
MSA Revenue by Segment
MSA Revenue by Geographic Location
Revenue by Segment
Detection Revenue
CapyFin.comFire Service Revenue
CapyFin.comIndustrial PPE and Other Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
MSA Safety reaffirms its low-single-digit organic sales growth outlook for 2025, while acknowledging challenges from the U.S. Government shutdown, timing issues in the fire service sector, and ongoing macroeconomic and tariff-related dynamics.
Positive Outlook
- Reaffirms low-single-digit organic sales growth outlook for 2025.
- Continued broad-based momentum in fixed and portable detection.
- Double-digit growth in fall protection.
- Recent acquisition of M&C TechGroup is performing well and integration is on track.
- Strong balance sheet and disciplined capital allocation strategy.
Challenges Ahead
- Near-term timing challenges in the fire service due to later-than-normal Assistance to Firefighter Grants program announcement.
- Impact of the U.S. Government shutdown shifting a portion of fourth-quarter sales to 2026.
- Timing of National Fire Protection Association (NFPA) approval for next-generation self-contained breathing apparatus (SCBA).
- Ongoing macroeconomic factors posing risks.
- Continued tariff-related dynamics.
Revenue & Expenses
Visualization of income flow from segment revenue to net income