MSA Safety (MSA) FY2017 results: revenue $1.2 billion, up 4.1% on the year
MSA Safety Inc. (MSA) reported revenue of $1.2 billion for fiscal 2017, the year ended 31 December 2017, up 4.1% on the year before. Net income was $26 million, down 71.7%, and diluted earnings per share $0.67. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$1.2 billion
+4.1% on the year
FY2010FY2017
Operating margin
3.3%
14.0% a year earlier
FY2010FY2017
Net income
$26 million
-71.7% on the year
FY2010FY2017
Diluted EPS
$0.67
-72.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,197
1,150
1,130
+4.1%
Cost of revenue
658
627
630
+4.9%
Gross profit
539
522
501
+3.2%
Gross margin
45.0%
45.4%
44.3%
Research and development
50.1
46.8
48.6
+6.9%
Selling, general and administrative
300
308
315
-2.7%
Operating income
39.6
161
123
-75.4%
Operating margin
3.3%
14.0%
10.9%
Interest expense
15.4
16.4
10.9
-6.4%
Pre-tax income
29.8
152
111
-80.4%
Income tax
2.8
57.8
44.4
-95.1%
Effective tax rate
9.5%
38.1%
40.0%
Net income
26.0
91.9
70.8
-71.7%
Net margin
2.2%
8.0%
6.3%
Diluted EPS
$0.67
$2.42
$1.87
-72.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
230
135
55.3
+70.8%
Capital expenditure
23.7
25.5
36.2
-7.0%
Free cash flow
207
109
19.0
+88.9%
Free cash flow margin
17.3%
9.5%
1.7%
Cash from investing
-239
-25.5
-208
Cash from financing
25.6
-99.3
165
Depreciation and amortisation
37.9
35.3
32.7
+7.4%
Share-based compensation
11.8
9.2
7.6
+27.7%
Dividends paid
52.5
49.1
47.4
+7.1%
Diluted shares, weighted
39m
38m
38m
+1.9%
Shares outstanding at period end
38m
38m
37m
+1.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
598
558
516
+7.1%
Non-controlling interest
5.0
3.0
0.6
+63.3%
Debt
474
391
465
+21.5%
Other liabilities
608
402
443
+51.1%
Total liabilities and equity
1,685
1,354
1,425
+24.4%
Fixed assets
157
149
156
+5.6%
Goodwill
422
333
340
+26.7%
Intangible assets
183
77.0
90.1
+137.7%
Cash and equivalents
134
114
106
+18.0%
Receivables
244
210
233
+16.6%
Inventory
154
103
126
+49.2%
Other assets
390
369
374
+5.9%
Total assets
1,685
1,354
1,425
+24.4%
10-K for the year ended 31 December 2017, filed 22 February 2019: the filing.