PITTSBURGH (AP) -- Mine Safety Appliances Co. said Wednesday that its net income fell 14 percent, hurt by the cost of restructuring its business. Last year's quarter also got a boost from gains on asset sales.
The Pittsburgh company, which sells safety gear to mine operators, oil and gas companies and the military, said business conditions "remain challenging," and it is focusing on cutting costs and developing new products.
Profit came to $24 million, or 64 cents per share, in the three months through June. In the same period a year ago, profit totaled $28 million, or 75 cents per share. That included $5 million in gains related to asset sales.
Excluding restructuring and other special charges of $2 million, the company posted an adjusted profit of 71 cents per share for the most recent quarter, topping Wall Street's view. Analysts, on average, expected a profit of 68 cents per share, according to FactSet.
Revenue fell 1 percent, to $300.2 million from $303 million, in line with analysts' average estimate. North American sales rose 5 percent to $152.3 million, while European sales fell 1 percent to $66.6 million. Sales also fell 2 percent, to $80.7 million, in Mine Safety's international division.
MSA shares rose $1.06, or 2.1 percent, to $52.67 in afternoon trading.
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