Achieved quarterly net sales of $468 million, an 8% GAAP increase and a 3% organic increase year-over-year
Generated GAAP operating income of $94 million, or 20.1% of sales, and adjusted operating income of $104 million, or 22.1% of sales
Recorded GAAP net income of $70 million, or $1.77 per diluted share, and adjusted earnings of $76 million, or $1.94 per diluted share
Generated free cash flow of $100 million; repaid $50 million of debt, net leverage declined to 1.0x; ample liquidity of $1.1 billion
PITTSBURGH, Oct. 28, 2025 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE:MSA) today reported financial results for the third quarter of 2025.
"Our financial performance in the third quarter reflected solid results, demonstrating our continued execution of our Accelerate strategy," said Steve Blanco, President and CEO of MSA Safety. "We continued our broad-based momentum in fixed and portable detection and delivered double-digit growth in fall protection. The success of these growth areas offset timing headwinds in the fire service due to the later-than-normal announcement of the annual Assistance to Firefighter Grants program in the U.S. Additionally, I am pleased to report that our recent acquisition of M&C TechGroup is performing well, and the integration remains on track."
"Joining MSA Safety as Chief Financial Officer and working alongside such a passionate and dedicated team is an honor," stated Julie Beck, MSA Safety Chief Financial Officer. "It became very clear to me early on that the commitment to the mission of safety is an intangible asset that sets MSA apart. Our balance sheet remains strong, we retain our disciplined and balanced capital allocation strategy and maintain an active M&A pipeline. Following our strong free cash flow generation year-to-date, we expect to repurchase shares in the fourth quarter. We reaffirm our low-single-digit organic sales growth outlook for 2025 while continuing to manage through the U.S. Government shutdown and near-term timing-related challenges in the fire service, as well as ongoing macro and tariff-related dynamics," Ms. Beck added.
Financial Highlights
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except per sharedata and percentages)
2025
2024
% Change (a)
2025
2024
% Change (a)
Net Sales
$ 468.4
$ 432.7
8 %
$ 1,363.9
$ 1,308.4
4 %
GAAP
Operating income
94.3
91.5
3 %
257.9
271.5
(5) %
% of Net sales
20.1 %
21.1 %
(100) bps
18.9 %
20.8 %
(190) bps
Net income
69.6
66.6
4 %
192.0
197.0
(3) %
Diluted EPS
1.77
1.69
5 %
4.87
4.98
(2) %
Non-GAAP
Adjusted EBITDA
$ 118.9
$ 111.6
7 %
$ 336.9
$ 334.8
1 %
% of Net sales
25.4 %
25.8 %
(40) bps
24.7 %
25.6 %
(90) bps
Adjusted operating income
103.7
97.9
6 %
292.7
294.1
— %
% of Net sales
22.1 %
22.6 %
(50) bps
21.5 %
22.5 %
(100) bps
Adjusted earnings
76.2
72.3
5 %
218.6
215.5
1 %
Adjusted diluted EPS
1.94
1.83
6 %
5.55
5.45
2 %
Free cash flow
100.5
70.1
43 %
189.4
148.7
27 %
Free cash flow conversion
144 %
105 %
99 %
75 %
Americas Segment
Net sales
$ 313.3
$ 299.5
5 %
$ 926.6
$ 909.7
2 %
GAAP operating income
86.7
89.4
(3) %
254.5
269.8
(6) %
% of Net sales
27.7 %
29.9 %
(220) bps
27.5 %
29.7 %
(220) bps
Adjusted operating income
88.7
91.8
(3) %
260.7
276.5
(6) %
% of Net sales
28.3 %
30.7 %
(240) bps
28.1 %
30.4 %
(230) bps
International Segment
Net sales
$ 155.1
$ 133.2
16 %
$ 437.3
$ 398.7
10 %
GAAP operating income
22.7
17.4
31 %
52.3
51.3
2 %
% of Net sales
14.7 %
13.0 %
170 bps
12.0 %
12.9 %
(90) bps
Adjusted operating income
24.8
18.2
37 %
63.7
55.9
14 %
% of Net sales
16.0 %
13.6 %
240 bps
14.6 %
14.0 %
60 bps
(a)
Percentage change may not calculate exactly due to rounding.
2025 Net Sales Outlook
The company maintained its low-single-digit organic sales growth outlook for 2025 and noted the health of its overall business, while acknowledging ongoing risks related to macroeconomic factors. It also noted near-term timing challenges due to the later-than-normal Assistance to Firefighter Grant (AFG) release and the subsequent U.S. Government shutdown, which will shift a portion of fourth quarter sales to 2026, predominantly in the fire service, along with the timing of the National Fire Protection Association (NFPA) approval for their next-generation self-contained breathing apparatus (SCBA).
Conference Call
MSA Safety will host a conference call on Wednesday, October 29, 2025, at 10:00 a.m. Eastern Time to discuss its third quarter 2025 results and full-year outlook. 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.
MSA Safety Incorporated
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Net sales
$ 468,445
$ 432,679
$ 1,363,900
$ 1,308,443
Cost of products sold
250,829
225,223
732,179
682,427
Gross profit
217,616
207,456
631,721
626,016
Selling, general and administrative
102,852
95,103
308,895
294,329
Research and development
16,521
16,707
49,186
49,695
Restructuring charges
58
1,184
2,470
5,744
Currency exchange losses, net
3,875
2,985
13,237
4,715
Operating income
94,310
91,477
257,933
271,533
Interest expense
8,416
9,153
23,368
29,556
Other income, net
(6,562)
(5,833)
(18,585)
(16,215)
Total other expense, net
1,854
3,320
4,783
13,341
Income before income taxes
92,456
88,157
253,150
258,192
Provision for income taxes
22,843
21,509
61,159
61,171
Net income
$ 69,613
$ 66,648
$ 191,991
$ 197,021
Earnings per share attributable to common shareholders:
Basic
$ 1.78
$ 1.69
$ 4.89
$ 5.00
Diluted
$ 1.77
$ 1.69
$ 4.87
$ 4.98
Basic shares outstanding
39,168
39,362
39,253
39,370
Diluted shares outstanding
