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MSA Announces Third Quarter Results

Breathing Apparatus sales up more than 80 percent on strong fire service demand for new G1 Model, helping offset weakness in other end markets


News provided by

MSA

Oct 21, 2015, 06:44 ET

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PITTSBURGH, Oct. 21, 2015 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the third quarter of 2015.

Quarterly Highlights

  • Reported revenue was $274 million, up 8 percent on a local currency basis from the third quarter of 2014 but down 1 percent on a reported basis, reflecting a 9 percent currency headwind associated with the stronger U.S. dollar. Income from continuing operations was$16 million, or $0.41 per diluted share. Adjusted earnings were $22 million, or $0.59 per diluted share, increasing 4 percent from the third quarter of 2014.
  • Local currency sales of self-contained breathing apparatus (SCBA) increased 83 percent globally, driven by strong demand for the company's new G1 model within the North American fire service market. Global SCBA backlog at the end of the quarter was $68 million, compared to $77 million at the end of the second quarter of 2015.
  • Local currency sales of MSA core products increased 13 percent in the quarter, with strong performance in SCBA and fire helmets, offset by a lower level of fixed gas and flame detection (FGFD) shipments and continued weakness in the sale of portable gas detection and industrial head protection, both of which are more exposed to employment levels within the energy market.
  • In response to challenging business conditions and weak outlooks in the energy market and key emerging geographies like Brazil and China, the company is executing a restructuring program to reduce operating costs. Restructuring investments are expected to total $4 to $6 million in the fourth quarter of 2015, resulting in approximately $10 million of cost savings in 2016.
  • R&D investments in new products are generating strong returns, as products developed and launched over the last five years represented 44 percent of quarterly core product revenue, compared to 36 percent from a year ago.
  • Earlier today, the company closed on its acquisition of U.K. based Latchways plc, a market leader in permanent engineered fall protection solutions. The transaction doubles MSA's market share in fall protection, which represents one of the largest and fastest growing segments of the global safety market.

Comments from Management

"The third quarter presented us with several challenges, including a stronger U.S. dollar, softer business conditions in emerging markets, and continued weakness in the energy market. Despite these headwinds, the results we continue to see in the fire service market provide a sense of optimism in an otherwise challenging macro environment," said William M. Lambert, MSA Chairman, President and CEO.  He noted that the company's revolutionary new G1 SCBA platform continues to generate significant interest among the fire service community and was a key driver of quarterly core product growth of 13 percent.

"Although we continue to see solid results in the fire service, we are actively taking steps to reduce our cost structure to mitigate the weakness we see in the energy sector and certain emerging markets," Mr. Lambert said.  He explained that the company has started executing a restructuring program that is expected to generate $10 million of cost savings in 2016.

"The impacts of lower commodity prices, economic challenges in emerging markets like Brazil and China, and continued weakness of foreign currencies are all challenges we foresee lasting into 2016," Mr. Lambert said. 

"While we are taking steps to reduce our cost structure, we certainly recognize the importance of investing for growth and advancing the core areas of our business.  That commitment, and the R&D investments we've made over the past several years, are what's driving the strong returns we're seeing in the fire service, and on the inorganic side we recently completed a strategic acquisition in a very attractive market," he said. "Overall, we are taking decisive action to mitigate risk in response to this challenging business cycle, but we continue to make key growth investments that have and will continue to generate long-term value for all of our stakeholders," 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,


2015


2014


2015


2014









Net sales

$

273,746



$

275,159



$

817,465



$

822,697


Other income, net

431



585



1,166



986



274,177



275,744



818,631



823,683










Cost of products sold

153,965



151,436



450,372



447,489


Selling, general and administrative

72,727



77,301



231,683



245,377


Research and development

12,532



13,420



36,430



36,604


Restructuring and other charges

3,740



3,640



4,698



6,397


Interest expense

2,827



2,493



7,802



7,617


Currency exchange losses, net

4,327



315



3,336



358



250,118



248,605



734,321



743,842










Income from continuing operations before income

taxes

24,059



27,139



84,310



79,841


Provision for income taxes

8,935



8,699



36,669



26,056


Income from continuing operations

15,124



18,440



47,641



53,785


Income from discontinued operations

462



765



1,240



1,832


Net income

15,586



19,205



48,881



55,617


Net loss attributable to noncontrolling interests

390



100



1,075



202


Net income attributable to MSA Safety Incorporated

15,976



19,305



49,956



55,819










Amounts attributable to MSA Safety Incorporated common shareholders:








Income from continuing operations

15,712



18,674



48,750



54,328


Income from discontinued operations

264



631



1,206



1,491


  Net income

15,976



19,305



49,956



55,819










Earnings per share attributable to MSA Safety Incorporated common shareholders:








Basic








Income from continuing operations

$0.42


$0.50


$1.30


$1.45

Income from discontinued operations

$0.01


$0.02


$0.03


$0.04

  Net income

$0.43


$0.52


$1.33


$1.49









Diluted








Income from continuing operations

$0.41


$0.49


$1.29


$1.43

Income from discontinued operations

$0.01


$0.02


$0.03


$0.04

  Net income

$0.42


$0.51


$1.32



$1.47









Basic shares outstanding

37,252



37,187



37,301



37,111


Diluted shares outstanding

37,709



37,784



37,776



37,708



















MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



September 30, 2015


December 31, 2014

Assets




  Cash and cash equivalents

$

189,343



$

105,998


  Trade receivables, net

211,709



211,440


  Inventories

150,125



122,954


  Other current assets

69,407



57,477


    Total current assets

620,584



497,869






Property, net

144,805



151,352


Prepaid pension cost

82,011



75,017


Goodwill

248,319



252,520


Other noncurrent assets

281,248



288,034


   Total assets

1,376,967



1,264,792






Liabilities and shareholders' equity




  Notes payable and current portion of long-term debt

$

6,806



$

6,700


  Accounts payable

68,798



70,210


  Other current liabilities

175,664



157,147


   Total current liabilities

251,268



234,057






Long-term debt

388,000



245,000


Pensions and other employee benefits

167,151



174,598


Deferred tax liabilities

29,410



26,306


Other noncurrent liabilities

16,235



46,198


Total shareholders' equity

524,903



538,633


   Total liabilities and shareholders' equity

1,376,967



1,264,792


MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2015


2014


2015


2014









Net income

$

15,586



$

19,205



$

48,881



$

55,617


Depreciation and amortization

6,982



7,196



22,646



22,311


Change in working capital and other operating

(20,451)



9,091



(61,697)



(27,126)


  Cash from operations

2,117



35,492



9,830



50,802










Capital expenditures

(9,133)



(9,705)



(25,148)



(24,233)


Property disposals

—



—



7,969



—


  Cash from investing

(9,133)



(9,705)



(17,179)



(24,233)










Cash dividends paid

(11,926)



(11,542)



(35,448)



(34,043)


Change in debt

125,138



(11,012)



143,142



9,171


Share repurchase program

—



—



(7,104)



—


Other financing

(136)



1,938



(391)



4,013


  Cash from financing

113,076



(20,616)



100,199



(20,859)










Exchange rate changes

(4,851)



(3,999)



(9,505)



(4,620)










Increase in cash

101,209



1,172



83,345



1,090



MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands)


Three Months Ended
September 30,


Nine Months Ended
September 30,






2015


2014


2015


2014









Net sales








  North America

$

156,141



$

131,844



$

445,898



$

400,147


  Europe

62,489



75,785



203,819



229,606


  International

55,116



67,530



167,748



192,944


    Total

273,746



275,159



817,465



822,697










Net income (loss)








  North America

$

25,225



$

18,324



$

61,909



$

51,991


  Europe

(837)



2,575



1,322



12,807


  International

2,275



3,807



8,926



11,570


  Corporate

(10,357)



(6,500)



(22,849)



(21,859)


  Reconciling Items

(594)



468



(558)



(181)


  Income from continuing operations

15,712



18,674



48,750



54,328


  Income from discontinued operations

264



631



1,206



1,491


     Total

15,976



19,305



49,956



55,819


The Corporate segment was established on January 1, 2015 to reflect the activities of centralized functions in our corporate headquarters and to capture results in a manner that the chief operating decision maker reviews.  The corporate segment primarily consists of administrative expenses and centrally-managed costs such as interest expense and foreign exchange gains or losses. Additionally, effective January 1, 2015, we changed the allocation methodology applied to Research and Development expense.  The 2014 segment results have been recast to conform with current period presentation.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Local Currency Revenue Growth



Three Months Ended September 30, 2015


Consolidated


North America


Europe


International









Breathing Apparatus

83

%


163

%


5

%


48

%

Fire and Rescue Helmets

32

%


21

%


21

%


82

%

Fall Protection

(2)

%


(1)

%


75

%


(4)

%

Industrial Head Protection

(8)

%


(10)

%


21

%


(10)

%

Fixed Gas and Flame Detection

(9)

%


(4)

%


(7)

%


(26)

%

Portable Gas Detection

(13)

%


(15)

%


(17)

%


(2)

%

  Core Sales

13

%


25

%


(1)

%


3

%









Non-Core Sales

(11)

%


(5)

%


(11)

%


(18)

%









Net Sales

8

%


20

%


(4)

%


(3)

%


















Nine Months Ended September 30, 2015


Consolidated


North America


Europe


International









Breathing Apparatus

50

%


105

%


3

%


9

%

Fire and Rescue Helmets

18

%


7

%


4

%


89

%

Fall Protection

2

%


3

%


23

%


(3)

%

Industrial Head Protection

(8)

%


(9)

%


20

%


(13)

%

Fixed Gas and Flame Detection

2

%


3

%


—

%


4

%

Portable Gas Detection

(7)

%


(17)

%


6

%


9

%

  Core Sales

10

%


16

%


3

%


4

%









Non-Core Sales

(2)

%


(4)

%


12

%


(14)

%









Net Sales

8

%


13

%


5

%


(1)

%

MSA Safety Incorporated

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

Adjusted Earnings / Earnings per Diluted Share (Unaudited)

(In thousands, except per share amounts)




Three Months Ended
September 30,




Nine Months Ended
September 30,




2015


2014


%

Change


2015


2014


%
Change













Income from continuing
operations attributable to MSA
Safety Incorporated

15,712



18,674



(15.9)%


48,750



54,328



(10.3)%

Nonrecurring tax charges associated with European reorganization

—



—





7,605



—




Non-deductible transaction
costs associated with
Latchways acquisition

707



—





707



—




Income from continuing operations excluding non-deductible charges

16,419



18,674



(12.1)%


57,062



54,328



5.0%













Currency exchange losses, net

4,327



315





3,336



358




Restructuring and other charges

3,740



3,640





4,698



6,397




Self-insured legal settlements and defense costs

708



29





1,050



2,286




Asset related losses, net

206



—





538



—




Income tax expense on adjustments

(3,287)



(1,279)





(3,300)



(2,950)




Adjusted earnings

22,113



21,379



3.4%


63,384



60,419



4.9%













Adjusted earnings per diluted share

$

0.59



$

0.57



3.5%


$

1.68



$

1.60



5.0%





















Management believes that adjusted earnings and adjusted earnings per share are useful measures for investors when analyzing 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 line of products 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. The company's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection, fire and rescue helmets and fall protection devices. With 2014 revenues of $1.1 billion, MSA employs approximately 4,600 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 website 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 25, 2015. 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 earnings release includes certain non-GAAP financial measures. These financial measures include 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.

SOURCE MSA

Related Links

http://www.msasafety.com

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