MSA Safety (MSA) FY2014 results: revenue $1.1 billion, up 2.0% on the year
MSA Safety Inc. (MSA) reported revenue of $1.1 billion for fiscal 2014, the year ended 31 December 2014, up 2.0% on the year before. Net income was $89 million, up 0.3%, and diluted earnings per share $2.33. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$1.1 billion
+2.0% on the year
FY2008FY2014
Operating margin
11.8%
10.8% a year earlier
FY2008FY2014
Net income
$89 million
+0.3% on the year
FY2008FY2014
Diluted EPS
$2.33
-0.4% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,134
1,112
1,121
+2.0%
Cost of revenue
619
615
621
+0.5%
Gross profit
515
497
490
+3.7%
Gross margin
45.4%
44.7%
43.7%
Research and development
48.2
45.9
40.9
+5.2%
Selling, general and administrative
323
309
313
+4.4%
Operating income
134
120
129
+11.8%
Operating margin
11.8%
10.8%
11.5%
Interest expense
9.9
10.7
11.4
-7.7%
Pre-tax income
127
120
129
+5.9%
Income tax
41.0
35.1
41.4
+16.8%
Effective tax rate
32.3%
29.3%
32.0%
Net income
88.5
88.2
90.6
+0.3%
Net margin
7.8%
7.9%
8.1%
Diluted EPS
$2.33
$2.34
$2.42
-0.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
107
111
150
-3.4%
Capital expenditure
33.6
36.5
32.2
-8.0%
Free cash flow
73.4
74.3
118
-1.1%
Free cash flow margin
6.5%
6.7%
10.5%
Cash from investing
-30.7
-35.2
-17.3
Cash from financing
-58.1
-58.2
-111
Depreciation and amortisation
29.8
30.8
31.7
-3.3%
Share-based compensation
9.1
10.3
10.0
-12.4%
Dividends paid
45.6
44.0
51.0
+3.6%
Diluted shares, weighted
38m
37m
37m
+0.7%
Shares outstanding at period end
37m
37m
37m
+0.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
534
566
463
-5.8%
Non-controlling interest
4.8
5.9
7.7
-18.2%
Short-term borrowings
0.1
0.8
0.2
-87.5%
Debt
252
267
279
-5.9%
Other liabilities
474
394
362
+20.5%
Total liabilities and equity
1,265
1,234
1,112
+2.5%
Fixed assets
151
153
147
-0.9%
Goodwill
253
260
258
-2.9%
Intangible assets
31.3
67.0
38.6
-53.2%
Cash and equivalents
106
96.3
82.7
+10.1%
Receivables
211
200
191
+5.5%
Inventory
123
137
136
-10.1%
Other assets
389
321
257
+21.3%
Total assets
1,265
1,234
1,112
+2.5%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.