MSA Safety Inc (MSA) Announces Robust Q3 2023 Earnings, Raises Full Year Sales Growth Outlook
MSA Safety Inc (NYSE:MSA) reports Q3 2023 net sales of $447 million, a 17% increase year-over-year.
GAAP operating income of $94 million, or 21.1% of sales, and adjusted operating income of $101 million, or 22.7% of sales.
GAAP net income of $65 million, or $1.65 per diluted share, and adjusted earnings of $70 million, or $1.78 per diluted share.
MSA Safety Inc (NYSE:MSA) raises full year sales growth outlook to mid-teens.
MSA Safety Inc (NYSE:MSA), a global safety equipment and solutions provider, announced its financial results for the third quarter of 2023 on October 24, 2023. The company reported robust double-digit sales and earnings growth, leading to an increase in the full year sales growth outlook to mid-teens.
Financial Performance
The company achieved quarterly net sales of $447 million, reflecting a 17% increase year-over-year. This growth was attributed to the broad-based strength across MSA's product portfolio and regions. The GAAP operating income was $94 million, or 21.1% of sales, and adjusted operating income was $101 million, or 22.7% of sales. The GAAP net income was $65 million, or $1.65 per diluted share, and adjusted earnings were $70 million, or $1.78 per diluted share.
Investments and Debt Repayment
During the third quarter, MSA Safety Inc (NYSE:MSA) invested $13 million in capital expenditures, repaid $68 million of debt, and deployed $18 million for dividends to shareholders.
Commentary
Nish Vartanian, MSA Safety Chairman and Chief Executive Officer, commented on the results,
During the third quarter, the MSA team continued to deliver strong results. Growth was broad-based across our key product platforms and regions, a testament to the resiliency of our business, our differentiated safety products and solutions, and strategic exposure to attractive end markets and long-term secular trends."
Financial Highlights and Balance Sheet
The company's financial highlights for the three months ended September 30, 2023, showed a significant increase in net sales, operating income, net income, and diluted EPS compared to the same period in 2022. The balance sheet as of September 30, 2023, showed total assets of $2,194,335, and total liabilities and shareholders' equity of $2,194,335.
Outlook
Based on the robust year-to-date performance, MSA Safety Inc (NYSE:MSA) is increasing its sales growth outlook to the mid-teens for the full year 2023.
This article first appeared on GuruFocus.
