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“We closed 2024 with solid performance against the backdrop of a dynamic operating environment,” said Steve Blanco, MSA Safety President and Chief Executive Officer. “Our team delivered resilient full year results with double-digit EPS growth and solid operating margin expansion, supported by effective SG&A management, despite lower-than-expected sales growth. This year, our sales growth headwinds included pockets of industrial end market weakness, softer U.S. fire service demand and FX. As we enter 2025, we continue to navigate a dynamic operating environment, and we maintain our commitment to achieving our 2028 targets through the execution of our Accelerate corporate strategy, enabled by the MSA Business System."

Financial Highlights


	Three Months Ended December 31,								Twelve Months Ended December 31,
($ millions, except per share data and percentages)	2024			2023			% Change (a)		2024			2023			% Change (a)
Net Sales	$	500		$	495		1	%	$	1,808		$	1,788		1	%
GAAP
Operating income	118			102			15	%	389			231			68	%
% of Net sales	23.5		%	20.6		%	290 bps		21.5		%	12.9		%	860 bps
Net income	88			76			15	%	285			59			386	%
Diluted EPS	$	2.22		$	1.93		15	%	$	7.21		$	1.48		387	%
Non-GAAP
Adjusted operating income	$	120		$	115		4	%	$	414		$	398		4	%
% of Net sales	24.0		%	23.3		%	70 bps		22.9		%	22.2		%	70 bps
Adjusted EBITDA	135			129			5	%	469			449			4	%
% of Net sales	26.9		%	26.0		%	90 bps		26.0		%	25.1		%	90 bps
Adjusted earnings	89			82			9	%	305			278			10	%
Adjusted diluted EPS	$	2.25		$	2.06		9	%	$	7.70		$	7.03		10	%
Free Cash Flow	93			147			(36)	%	242			397			(39)	%
Free Cash Flow Conversion(b)	105		%	180		%			80		%	143		%
Americas Segment
Net sales	$	337		$	333		1	%	$	1,247		$	1,236		1	%
GAAP Operating income	101			97			5	%	371			349			6	%
% of Net sales	30.1		%	29.2		%	90 bps		29.8		%	28.3		%	150 bps
Adjusted Operating income	104			99			4	%	380			360			6	%
% of Net sales	30.7		%	29.8		%	90 bps		30.5		%	29.1		%	140 bps
International Segment
Net sales	$	163		$	163		—	%	$	561		$	552		2	%
GAAP Operating income	28			28			(1)	%	79			83			(5)	%
% of Net sales	17.1		%	17.2		%	(10) bps		14.1		%	15.0		%	(90) bps
Adjusted Operating income	29			30			(3)	%	85			90			(6)	%
% of Net sales	17.6		%	18.2		%	(60) bps		15.1		%	16.2		%	(110) bps

“While the fourth quarter and full year proved to be more volatile than expected, our team’s strong operational execution this year delivered resilient results, including continued margin enhancement, double-digit EPS growth, and moderately lower than expected free cash flow conversion. We also made substantial progress on strengthening our financial position and returned cash to shareholders,” commented Lee McChesney, MSA Safety Senior Vice President and Chief Financial Officer. "While there are macro and geopolitical considerations included in the 2025 outlook, we retain a cautious optimism given our generally healthy operating conditions, solid order pace, and capital deployment flexibility, and we are prepared for a wide array of scenarios," McChesney added.

The company balanced capital allocation priorities in 2024 by returning $79 million of capital to shareholders via dividends, executing $30 million of share repurchases and repaying $94 million in debt. MSA maintains a strong liquidity position with net debt at the end of the fourth quarter of $343 million. The company’s net leverage ratio was 0.7x at December 31, 2024. MSA's healthy balance sheet and strong financial profile continue to provide optionality around execution of strategic growth initiatives, including acquisitions.

MSA Safety will host a conference call on Thursday, February 13, 2025 at 10:00 a.m. Eastern Time to discuss the fourth quarter and full year 2024 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (Toll Free) or 1-412-902-6599 (International). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023

Net sales	$	499,696	$	495,358	$	1,808,140	$	1,787,647
Cost of products sold	265,267		257,175		947,695		935,509
Gross profit	234,429		238,183		860,445		852,138

Selling, general and administrative	100,378		107,043		394,707		396,645
Research and development	16,831		19,082		66,526		67,988
Restructuring charges	653		1,510		6,397		9,892
Currency exchange (gains) losses, net	(1,077)		8,298		3,638		17,079
Loss on divestiture of MSA LLC	—		—		—		129,211
Product liability expense	—		—		—		3
Operating income	117,644		102,250		389,177		231,320

Interest expense	7,333		9,584		36,889		46,733

Other income, net	(6,503)		(6,614)		(22,718)		(22,101)
Total other expense, net	830		2,970		14,171		24,632

Income before income taxes	116,814		99,280		375,006		206,688
Provision for income taxes	28,868		22,870		90,039		148,105
Net income	87,946		76,410		284,967		58,583



Earnings per share attributable to common shareholders:
Basic	$	2.23	$	1.94	$	7.24	$	1.49
Diluted	$	2.22	$	1.93	$	7.21	$	1.48

Basic shares outstanding	39,374		39,339		39,371		39,307
Diluted shares outstanding	39,548		39,541		39,535		39,473


	December 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	164,560	$	146,442
Trade receivables, net	279,213		294,678
Inventories	296,796		292,604


Other current assets	62,461		52,546
Total current assets	803,030		786,270

Property, plant and equipment, net	211,865		211,877
Prepaid pension cost	224,638		172,161
Goodwill	620,895		627,534
Intangible assets, net	246,437		266,134
Other noncurrent assets	98,919		106,174
Total assets	$	2,205,784	$	2,170,150

Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net	$	26,391	$	26,522
Accounts payable	108,163		111,872
Other current liabilities	153,539		194,424
Total current liabilities	288,093		332,818

Long-term debt, net	481,622		575,170
Pensions and other employee benefits	134,251		143,967

Deferred tax liabilities	107,691		102,419
Other noncurrent liabilities	50,808		48,974
Total shareholders' equity	1,143,319		966,802
Total liabilities and shareholders' equity	$	2,205,784	$	2,170,150


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023

Net income	$	87,946	$	76,410	$	284,967	$	58,583
Depreciation and amortization	16,770		15,808		64,333		60,773
Tax-effected loss on divestiture of MSA LLC	—		—		—		199,578
Contribution on divestiture of MSA LLC	—		—		—		(341,186)
Change in working capital and other operating	3,192		66,696		(52,872)		115,109
Cash flow from operating activities	107,908		158,914		296,428		92,857

Capital expenditures	(14,409)		(11,785)		(54,223)		(42,764)


Property disposals and other investing	378		121		468		2,811
Cash flow used in investing activities	(14,031)		(11,664)		(53,755)		(39,953)

Change in debt	(43,251)		(144,750)		(94,254)		23,898
Cash dividends paid	(20,089)		(18,489)		(78,759)		(73,488)
Company stock purchases under repurchase program	(9,906)		—		(29,932)		—
Other financing	729		479		(5,744)		(2,663)
Cash flow used in financing activities	(72,517)		(162,760)		(208,689)		(52,253)

Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11,233)		(2,519)		(17,295)		(16,671)

Increase (decrease) in cash, cash equivalents and restricted cash	$	10,127	$	(18,029)	$	16,689	$	(16,020)


	Twelve Months Ended December 31, 2024
	Fire Service(a)	Detection(b)	Industrial PPE and Other(c)	Net Sales
GAAP reported sales change	4%	1%	(3)%	1%
Plus: Currency translation effects	—%	1%	1%	1%
Organic sales change	4%	2%	(2)%	2%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

Management believes that organic revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Organic revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of organic revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.


	Twelve Months Ended December 31, 2024
	Fire Service(a)	Detection(b)	Industrial PPE and Other(c)	Net Sales
GAAP reported sales change	12%	—%	(9)%	2%
Plus: Currency translation effects	—%	—%	—%	(1)%
Organic sales change	12%	—%	(9)%	1%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023

Adjusted EBITDA	$	134,642	$	128,753	$	469,431	$	449,243
Less:
Depreciation and amortization	14,484		13,498		55,159		51,527
Adjusted operating income	120,158		115,255		414,272		397,716
Less:
Currency exchange (gains) losses, net	(1,077)		8,298		3,638		17,079
Amortization of acquisition-related intangible assets	2,286		2,310		9,174		9,246
Restructuring charges	653		1,510		6,397		9,892
Net cost for product related legal matter	—		—		5,000		—
Transaction costs (a)	652		887		886		965
Loss on divestiture of MSA LLC	—		—		—		129,211
Product liability expense	—		—		—		3
GAAP operating income	117,644		102,250		389,177		231,320
Less:
Interest expense	7,333		9,584		36,889		46,733
Other income, net	(6,503)		(6,614)		(22,718)		(22,101)
Income before income taxes	116,814		99,280		375,006		206,688
Provision for income taxes	28,868		22,870		90,039		148,105
Net income	$	87,946	$	76,410	$	284,967	$	58,583
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Consolidated Statements of Income.

Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by management to evaluate segment performance and allocate resources. As such, management believes these measures are useful metrics for investors. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, loss on divestiture of MSA LLC, product liability expense, net cost for product related legal matter, amortization of acquisition-related intangible assets, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. Adjusted operating income, 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, 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 and net income determined on a GAAP basis in addition to these non-GAAP measures.


	Three Months Ended December 31,					Twelve Months Ended December 31,
	2024		2023		% Change	2024		2023		% Change

Net income	$	87,946	$	76,410	15%	$	284,967	$	58,583	386%

Currency exchange (gains) losses, net	(1,077)		8,298			3,638		17,079
Amortization of acquisition-related intangible assets	2,286		2,310			9,174		9,246
Restructuring charges	653		1,510			6,397		9,892
Asset related losses and other	(141)		844			819		173
Net cost for product related legal matter	—		—			5,000		—
Pension settlement	—		—			1,308		—
Transaction costs (a)	652		887			886		965
Loss on divestiture of MSA LLC	—		—			—		129,211
Deferred tax asset write-off related to divestiture of MSA LLC	—		—					70,366
Product liability expense	—		—			—		3
Tax benefit associated with tax reform	(710)		(5,313)			—		(5,313)
Income tax expense on adjustments	(567)		(3,409)			(7,689)		(12,657)
Adjusted earnings	$	89,042	$	81,537	9%	$	304,500	$	277,548	10%

Adjusted earnings per diluted share	$	2.25	$	2.06	9%	$	7.70	$	7.03	10%
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Consolidated Statements of Income.

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.


	Twelve Months Ended December 31,
	2024
Operating income	$	389,177

Depreciation and amortization	55,159

Restructuring charges	6,397
Currency exchange losses, net	3,638
Amortization of acquisition-related intangible assets	9,174
Net cost for product related legal matter	5,000
Transaction costs (a)	886
Adjusted EBITDA	$	469,431

Total end-of-period debt	508,013

Debt to adjusted EBITDA	1.1

Total end-of-period debt	508,013
Total end-of-period cash and cash equivalents	164,560
Net debt	$	343,453

Net debt to adjusted EBITDA	0.7
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Consolidated Statements of Income.

MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technologies and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2024 revenues of
$1.8 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of over 5,000 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.

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. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors,” and those discussed in our Form 10-Q quarterly reports filed after such annual report. 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.

This press release includes certain non-GAAP financial measures. These financial measures include organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, net debt to adjusted EBITDA, and adjusted payments on debt. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.

The presentation of these non-GAAP financial measures does not comply with U.S. GAAP. These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above.


	Three Months Ended December 31, 2024
	Fire Service(a)	Detection(b)	Industrial PPE and Other(c)	Net Sales
GAAP reported sales change	7%	(3)%	(4)%	1%
Plus: Currency translation effects	—%	1%	3%	1%
Organic sales change	7%	(2)%	(1)%	2%