MSA Safety Announces Third Quarter Results

PITTSBURGH, Oct. 27, 2021 /PRNewswire/ — Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the third…

PITTSBURGH, Oct. 27, 2021 /PRNewswire/ — Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the third quarter of 2021.

Quarterly Highlights

  • Total revenue was $340 million, increasing 12 percent from a year ago on a reported basis and 3 percent on an organic constant currency basis. Core product revenue was up 19 percent on a reported basis and 9 percent on an organic constant currency basis.
  • GAAP operating income was $29 million or 8.5 percent of sales, compared to $41 million or 13.5 percent of sales in the same period a year ago. Adjusted operating income was $51 million or 15.0 percent of sales, compared to $54 million or 17.6 percent of sales in the same period a year ago.
  • GAAP earnings were $19 million or $0.48 per diluted share, compared to $28 million or $0.71 per diluted share in the same period a year ago. Adjusted earnings were $37 million or $0.94 per diluted share, consistent with the same period a year ago.
  • Operating cash flow was $46 million, compared to $27 million in the same period a year ago. The increase was driven by strong working capital management. In the third quarter, MSA completed the acquisition of Bacharach, Inc. and funded $17 million of dividends to shareholders.

Comments from Management

«MSA delivered double-digit growth in quarterly revenue and cash flow while broadening our reach in the safety market and launching ground-breaking safety solutions for our customers,» said Nish Vartanian, MSA Chairman, President and CEO. «Order pace strengthened through the third quarter and demand is intact. At the same time, inflationary pressures and supply chain constraints have intensified, which is creating a very dynamic cost environment and driving backlog higher. Our book-to-bill ratio was in excess of 1x and backlog is trending at record levels,» he said.

MSA completed its acquisition of Bacharach on July 1, 2021, a move that expands MSA’s addressable market in the gas detection vertical.  «Bacharach is a leader in monitoring and managing the usage of refrigerants, which present risks to the environment, to workers, and to our customers’ cost of doing business. The acquisition provides MSA with another avenue to help customers achieve their safety and sustainability goals, while also improving productivity,» Mr. Vartanian said. He noted that integration activities are on track and Bacharach’s order pace was up strongly in the quarter.

«In addition to completing strategic acquisitions, we continue to invest in R&D programs to bring advanced safety technologies to market. We recently unveiled the ALTAIR io™ 4 Gas Detection wearable device, which is a fully connected safety solution,» he said. The gas detector works in concert with the company’s new MSA+™ safety subscription offering to simplify safety through actionable data. «Our new connected services platform is a hardware/software combination that simplifies safety and increases productivity for our customers,» Mr. Vartanian said.

«The strategic acquisitions we’ve made in 2021 and our innovative pipeline of new products and services position us well for the future. While we expect ongoing supply challenges to persist for the foreseeable future, I remain very confident in our ability to strengthen our market positions and advance our mission of safety as business conditions continue to improve,» 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,


2021


2020


2021


2020









Net sales

$

340,197



$

304,392



$

989,915



$

959,975


Cost of products sold

194,199



172,160



556,263



528,799


Gross profit

145,998



132,232



433,652



431,176










Selling, general and administrative

87,450



64,793



246,339



214,066


Research and development

14,946



13,851



42,149



41,723


Restructuring charges

3,853



7,603



12,239



18,475


Currency exchange losses (gains), net

100



2,759



(359)



3,821


Product liability expense

10,688



2,077



25,235



4,878


Operating income

28,961



41,149



108,049



148,213










Interest expense

3,764



2,305



7,847



7,907


Other income, net

(2,266)



(1,117)



(8,773)



(4,376)


Total other expense (income), net

1,498



1,188



(926)



3,531










Income before income taxes

27,463



39,961



108,975



144,682


Provision for income taxes

8,640



11,727



28,165



36,251


Net income

18,823



28,234



80,810



108,431


Net income attributable to noncontrolling interests



(200)



(448)



(668)


Net income attributable to MSA Safety Incorporated

$

18,823



$

28,034



$

80,362



$

107,763










Earnings per share attributable to MSA Safety Incorporated common shareholders:








Basic

$

0.48



$

0.72



$

2.05



$

2.77


Diluted

$

0.48



$

0.71



$

2.04



$

2.74










Basic shares outstanding

39,194



38,906



39,152



38,853


Diluted shares outstanding

39,430



39,260



39,424



39,269


 

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



September 30,

2021


December 31,

2020

Assets




Cash and cash equivalents

$

117,302



$

160,672


Trade receivables, net

219,481



252,283


Inventories

249,449



197,819


Notes receivable, insurance companies

3,884



3,796


Other current assets

135,263



139,708


    Total current assets

725,379



754,278






Property, net

204,410



189,620


Prepaid pension cost

108,842



97,545


Operating lease assets, net

50,731



53,451


Goodwill

636,113



443,272


Notes receivable, insurance companies, noncurrent

44,330



48,540


Insurance receivable, noncurrent

94,950



85,077


Other noncurrent assets

394,697



200,701


   Total assets

$

2,259,452



$

1,872,484






Liabilities and shareholders’ equity




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

$

20,000



$

20,000


Accounts payable

92,634



86,854


Other current liabilities

224,187



203,691


   Total current liabilities

336,821



310,545






Long-term debt, net

592,742



287,157


Pensions and other employee benefits

199,486



208,068


Noncurrent operating lease liabilities

40,854



44,639


Deferred tax liabilities

49,898



10,916


Product liability and other noncurrent liabilities

215,474



201,268


Total shareholders’ equity

824,177



809,891


   Total liabilities and shareholders’ equity

$

2,259,452



$

1,872,484


 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended

September 30,


Nine Months Ended

September 30,


2021


2020


2021


2020









Net income

$

18,823



$

28,234



$

80,810



$

108,431


Depreciation and amortization

14,182



9,856



36,270



29,284


Change in working capital and other operating

13,224



(10,953)



13,063



(27,560)


  Cash flow from operating activities

46,229



27,137



130,143



110,155










Capital expenditures

(10,675)



(12,864)



(30,963)



(32,698)


Acquisition, net of cash acquired

(329,445)





(392,437)




Change in short-term investments

1,017



(9,935)



26,062



(19,337)


Property disposals and other investing

(5,309)



251



(5,249)



334


  Cash flow used in investing activities

(344,412)



(22,548)



(402,587)



(51,701)










Change in debt

281,855



4,000



308,859



(5,000)


Cash dividends paid

(17,255)



(16,771)



(51,322)



(49,811)


Other financing

(19,715)



2,792



(24,107)



(21,332)


  Cash flow from (used in) financing activities

244,885



(9,979)



233,430



(76,143)










Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(3,270)



1,986



(4,177)



(1,668)










Decrease in cash, cash equivalents and restricted cash

$

(56,568)



$

(3,404)



$

(43,191)



$

(19,357)


 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas


International


Corporate


Consolidated

Three Months Ended September 30, 2021








Sales to external customers

$

229,076



$

111,121



$



$

340,197


Operating income







28,961


Operating margin %







8.5

%

Restructuring charges







3,853


Currency exchange losses, net







100


Product liability expense







10,688


Acquisition related costs







7,351


Adjusted operating income (loss)

44,364



12,599



(6,010)



50,953


Adjusted operating margin %

19.4

%


11.3

%




15.0

%

Depreciation and amortization (a)







11,823


Adjusted EBITDA

52,514



16,142



(5,880)



62,776


Adjusted EBITDA %

22.9

%


14.5

%




18.5

%









Three Months Ended September 30, 2020








Sales to external customers

$

194,303



$

110,089



$



$

304,392


Operating income







41,149


Operating margin %







13.5

%

Restructuring charges







7,603


Currency exchange losses, net







2,759


Product liability expense







2,077


Acquisition related costs







41


Adjusted operating income (loss)

40,898



15,658



(2,927)



53,629


Adjusted operating margin %

21.0

%


14.2

%




17.6

%

Depreciation and amortization (a)







9,856


Adjusted EBITDA

47,465



18,848



(2,828)



63,485


Adjusted EBITDA %

24.4

%


17.1

%




20.9

%


(a) Excludes acquisition related amortization, which is included in acquisition related costs above.

The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. 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), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA 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), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers.  Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers.  Adjusted operating income (loss), 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 (loss), 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 determined on a GAAP basis in addition to these non-GAAP measures.


Americas


International


Corporate


Consolidated

Nine Months Ended September 30, 2021








Sales to external customers

$

655,123



$

334,792



$



$

989,915


Operating income







108,049


Operating margin %







10.9

%

Restructuring charges







12,239


Currency exchange gains, net







(359)


Product liability expense







25,235


Acquisition related costs







11,891


Adjusted operating income (loss)

138,778



41,794



(23,517)



157,055


Adjusted operating margin %

21.2

%


12.5

%




15.9

%

Depreciation and amortization (a)







33,716


Adjusted EBITDA

161,861



52,095



(23,185)



190,771


Adjusted EBITDA %

24.7

%


15.6

%




19.3

%









Nine Months Ended September 30, 2020








Sales to external customers

$

629,787



$

330,188



$



$

959,975


Operating income







148,213


Operating margin %







15.4

%

Restructuring charges







18,475


Currency exchange losses, net







3,821


Product liability expense







4,878


Acquisition related costs







202


COVID-19 related costs







757


Adjusted operating income (loss)

149,708



45,719



(19,081)



176,346


Adjusted operating margin %

23.8

%


13.8

%




18.4

%

Depreciation and amortization (a)







29,284


Adjusted EBITDA

169,343



55,075



(18,788)



205,630


Adjusted EBITDA %

26.9

%


16.7

%




21.4

%


(a) Excludes acquisition related amortization, which is included in acquisition related costs above.

The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. 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), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA 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), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization, and COVID-19 related costs. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers.  Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers.  Adjusted operating income (loss), 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 (loss), 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 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)


Consolidated



Three Months Ended September 30, 2021


Breathing Apparatus

Firefighter Helmets and Protective Apparel*

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection*

Fall Protection

Core Sales


Non-Core

Sales


Net Sales

GAAP reported sales change

13

%

27

%

25

%

28

%

14

%

15

%

19

%


(28)

%


12

%

Plus: Currency translation effects

%

(2)

%

(1)

%

(1)

%

(1)

%

(3)

%

(1)

%


(1)

%


(1)

%

Constant currency sales change

13

%

25

%

24

%

27

%

13

%

12

%

18

%


(29)

%


11

%

Less:

Acquisitions

%

21

%

%

%

22

%

%

9

%


%


8

%

Organic constant currency sales change

13

%

4

%

24

%

27

%

(9)

%

12

%

9

%


(29)

%


3

%




Nine Months Ended September 30, 2021


Breathing Apparatus

Firefighter Helmets and Protective Apparel*

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection*

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported sales change

1

%

22

%

13

%

16

%

%

15

%

9

%


(27)

%


3

%

Plus: Currency translation effects

(2)

%

(3)

%

(1)

%

(3)

%

(2)

%

(3)

%

(3)

%


(2)

%


(2)

%

Constant currency sales change

(1)

%

19

%

12

%

13

%

(2)

%

12

%

6

%


(29)

%


1

%

Less:

Acquisitions

%

16

%

%

%

8

%

%

4

%


%


4

%

Organic constant currency sales change

(1)

%

3

%

12

%

13

%

(10)

%

12

%

2

%


(29)

%


(3)

%


*Firefighter Helmets and Protective Apparel and Fixed Gas and Flame Detection include the impact of the Bristol and Bacharach acquisitions completed on January 25, 2021 and July 1, 2021, respectively.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company’s underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)


Americas Segment



Three Months Ended September 30, 2021


Breathing Apparatus

Firefighter Helmets and Protective Apparel

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

%

3

%

35

%

39

%

36

%

35

%

26

%


(30)

%


18

%

Plus: Currency translation effects

(1)

%

%

(1)

%

(1)

%

(1)

%

(1)

%

(1)

%


(1)

%


(1)

%

Constant currency sales change

18

%

3

%

34

%

38

%

35

%

34

%

25

%


(31)

%


17

%

Less:

Acquisitions

%

%

%

%

35

%

%

8

%


%


7

%

Organic constant currency sales change

18

%

3

%

34

%

38

%

%

34

%

17

%


(31)

%


10

%




Nine Months Ended September 30, 2021


Breathing Apparatus

Firefighter Helmets and Protective Apparel

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection*

Fall Protection

Core Sales


Non-Core

Sales


Net Sales

GAAP reported sales change

3

%

4

%

19

%

22

%

8

%

21

%

10

%


(32)

%


4

%

Plus: Currency translation effects

%

%

1

%

%

%

(1)

%

%


(1)

%


%

Constant currency sales change

3

%

4

%

20

%

22

%

8

%

20

%

10

%


(33)

%


4

%

Less:

Acquisitions

%

%

%

%

12

%

%

3

%


%


2

%

Organic constant currency sales change

3

%

4

%

20

%

22

%

(4)

%

20

%

7

%


(33)

%


2

%


*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company’s underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)


International Segment



Three Months Ended September 30, 2021


Breathing Apparatus

Firefighter Helmets and Protective Apparel*

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection*

Fall Protection

Core Sales


Non-Core

Sales


Net Sales

GAAP reported sales change

5

%

164

%

(1)

%

8

%

(15)

%

(9)

%

6

%


(25)

%


1

%

Plus: Currency translation effects

(2)

%

(13)

%

(3)

%

(2)

%

(1)

%

(4)

%

(2)

%


(2)

%


(3)

%

Constant currency sales change

3

%

151

%

(4)

%

6

%

(16)

%

(13)

%

4

%


(27)

%


(2)

%

Less:

Acquisitions

%

145

%

%

%

4

%

%

11

%


%


8

%

Organic constant currency sales change

3

%

6

%

(4)

%

6

%

(20)

%

(13)

%

(7)

%


(27)

%


(10)

%




Nine Months Ended September 30, 2021


Breathing Apparatus

Firefighter Helmets and Protective Apparel*

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection*

Fall Protection

Core Sales


Non-Core

Sales


Net Sales

GAAP reported sales change

(2)

%

117

%

(4)

%

4

%

(12)

%

8

%

5

%


(17)

%


1

%

Plus: Currency translation effects

(6)

%

(18)

%

(6)

%

(6)

%

(4)

%

(8)

%

(6)

%


(6)

%


(6)

%

Constant currency sales change

(8)

%

99

%

(10)

%

(2)

%

(16)

%

%

(1)

%


(23)

%


(5)

%

Less:

Acquisitions

%

97

%

%

%

1

%

%

7

%


%


6

%

Organic constant currency sales change

(8)

%

2

%

(10)

%

(2)

%

(17)

%

%

(8)

%


(23)

%


(11)

%


*Firefighter Helmets and Protective Apparel and Fixed Gas and Flame Detection include the impact of the Bristol and Bacharach acquisitions completed on January 25, 2021 and July 1, 2021, respectively. 

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company’s underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group



Three Months Ended September 30, 2021


Consolidated


Americas


International

Portable Gas Detection

27

%


38

%


6

%

Firefighter Helmets and Protective Apparel*

25

%


3

%


151

%

Industrial Head Protection

24

%


34

%


(4)

%

Breathing Apparatus

13

%


18

%


3

%

Fixed Gas and Flame Detection*

13

%


35

%


(16)

%

Fall Protection

12

%


34

%


(13)

%

Core Sales

18

%


25

%


4

%







Non-Core Sales

(29)

%


(31)

%


(27)

%







Net Sales

11

%


17

%


(2)

%

Net Sales excluding Acquisitions

3

%


10

%


(10)

%






Nine Months Ended September 30, 2021


Consolidated


Americas


International

Portable Gas Detection

13

%


22

%


(2)

%

Firefighter Helmets and Protective Apparel*

19

%


4

%


99

%

Industrial Head Protection

12

%


20

%


(10)

%

Breathing Apparatus

(1)

%


3

%


(8)

%

Fixed Gas and Flame Detection*

(2)

%


8

%


(16)

%

Fall Protection

12

%


20

%


%

Core Sales

6

%


10

%


(1)

%







Non-Core Sales

(29)

%


(33)

%


(23)

%







Net Sales

1

%


4

%


(5)

%

Net Sales excluding Acquisitions

(3)

%


2

%


(11)

%


*Firefighter Helmets and Protective Apparel and Fixed Gas and Flame Detection include the impact of the Bristol and Bacharach acquisitions completed on January 25, 2021 and July 1, 2021, respectively. 

 

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,





2021


2020


%

Change


2021


2020


%

Change















Net income attributable to MSA Safety Incorporated

$

18,823



$

28,034



(33)%


$

80,362



$

107,763



(25)%


Tax expense associated with transactions

1,713







1,713







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

(293)



(80)





(2,372)



(1,699)





Subtotal

20,243



27,954



(28)%


79,703



106,064



(25)%















Product liability expense

10,688



2,077





25,235



4,878





Acquisition related costs

7,351



41





11,891



202





Restructuring charges

3,853



7,603





12,239



18,475





Asset related losses, net

375



62





423



189





COVID-19 related costs









757





Currency exchange losses (gains), net

100



2,759





(359)



3,821





Income tax expense on adjustments

(5,525)



(3,700)





(12,845)



(7,614)





Adjusted earnings

$

37,085



$

36,796



1%


$

116,287



$

126,772



(8)%















Adjusted earnings per diluted share

$

0.94



$

0.94



0%


$

2.95



$

3.23



(9)%


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.

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 2020 revenues of $1.35 billion, MSA employs approximately 5,200 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 19, 2021. 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 press release includes certain non-GAAP financial measures. These financial measures include organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, and adjusted earnings per diluted share. 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.

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SOURCE MSA Safety