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MSA Safety (MSA) investor relations material
MSA Safety Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net sales reached $474M, up 3% year-over-year, with flat organic growth and adjusted EPS of $1.93, down 4% year-over-year; GAAP net income was $63M or $1.59 per diluted share.
Detection and fall protection segments led growth, while fire service and industrial PPE declined; backlog normalized but declined more than expected.
Completed $188M acquisition of M&C Tech Group, expanding detection capabilities and contributing $10.8M–$11M in Q2 sales; expected to add $0.10 to adjusted EPS for the year.
Returned capital to shareholders via $30M in Q2 share repurchases and increased annual dividend for the 55th consecutive year.
Published 2024 Impact Report, reaffirming protection of 40+ million workers and progress on sustainability goals.
Financial highlights
Gross margin was 46.6%, down from 48.2% year-over-year, mainly due to FX, inflation, and tariffs; adjusted operating margin was 21.4%, down 200 bps.
Adjusted EBITDA margin was 24.6% for Q2; free cash flow was $38M (60% conversion rate), with operating cash flow up over 25% year-over-year.
Net debt rose to $532M due to the M&C acquisition, with net leverage at 1.1x; cash balance at quarter-end was $147M.
Q2 2025 net income was $62.8M; diluted EPS was $1.59.
Six-month net sales were $895.5M (+2.2% year-over-year); six-month net income was $122.4M.
Outlook and guidance
Maintains low single-digit full-year organic sales growth outlook, with M&C expected to add ~2 points to revenue growth and $0.10 to adjusted EPS.
FX and tariff pressures expected to continue impacting gross margin in the second half; mitigating pricing actions underway.
Interest expense for the year expected to be $29M–$32M; tax rate expected at 24–25%.
Ongoing macroeconomic, tariff, and regulatory approval timing uncertainties present risks to growth.
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