MSA Safety (MSA) FY2013 results: revenue $1.1 billion, down 0.8% on the year
MSA Safety Inc. (MSA) reported revenue of $1.1 billion for fiscal 2013, the year ended 31 December 2013, down 0.8% on the year before. Net income was $88 million, down 2.6%, and diluted earnings per share $2.34. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$1.1 billion
-0.8% on the year
FY2008FY2013
Operating margin
10.8%
11.5% a year earlier
FY2008FY2013
Net income
$88 million
-2.6% on the year
FY2008FY2013
Diluted EPS
$2.34
-3.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,112
1,121
1,118
-0.8%
Cost of revenue
615
621
654
-0.9%
Gross profit
497
490
464
+1.5%
Gross margin
44.7%
43.7%
41.5%
Research and development
45.9
40.9
39.2
+12.1%
Selling, general and administrative
309
313
298
-1.2%
Operating income
120
129
101
-7.1%
Operating margin
10.8%
11.5%
9.0%
Interest expense
10.7
11.4
14.1
-6.0%
Pre-tax income
120
129
101
-7.1%
Income tax
35.1
41.4
33.8
-15.1%
Effective tax rate
29.3%
32.0%
33.4%
Net income
88.2
90.6
69.9
-2.6%
Net margin
7.9%
8.1%
6.2%
Diluted EPS
$2.34
$2.42
$1.87
-3.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
111
150
85.3
-26.4%
Capital expenditure
36.5
32.2
30.4
+13.4%
Free cash flow
74.3
118
54.9
-37.2%
Free cash flow margin
6.7%
10.5%
4.9%
Cash from investing
-35.2
-17.3
-11.7
Cash from financing
-58.2
-111
-71.3
Depreciation and amortisation
30.8
31.7
32.9
-3.0%
Share-based compensation
10.3
10.0
7.7
+3.3%
Dividends paid
44.0
51.0
37.7
-13.7%
Diluted shares, weighted
37m
37m
37m
+1.1%
Shares outstanding at period end
37m
37m
37m
+0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
566
463
434
+22.4%
Non-controlling interest
5.9
7.7
5.7
-23.9%
Short-term borrowings
0.8
0.2
0.2
+300.0%
Debt
267
279
342
-4.2%
Other liabilities
394
362
333
+8.8%
Total liabilities and equity
1,234
1,112
1,115
+11.0%
Fixed assets
153
147
146
+3.6%
Goodwill
260
258
259
+0.7%
Intangible assets
67.0
38.6
47.1
+73.6%
Cash and equivalents
96.3
82.7
59.9
+16.4%
Receivables
200
191
193
+4.7%
Inventory
137
136
141
+0.4%
Other assets
321
257
269
+24.9%
Total assets
1,234
1,112
1,115
+11.0%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.