MSA Safety (MSA) FY2018 results: revenue $1.4 billion, up 13.5% on the year
MSA Safety Inc. (MSA) reported revenue of $1.4 billion for fiscal 2018, the year ended 31 December 2018, up 13.5% on the year before. Net income was $124 million, up 377.0%, and diluted earnings per share $3.18. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$1.4 billion
+13.5% on the year
FY2011FY2018
Operating margin
12.8%
3.3% a year earlier
FY2011FY2018
Net income
$124 million
+377.0% on the year
FY2011FY2018
Diluted EPS
$3.18
+374.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,358
1,197
1,150
+13.5%
Cost of revenue
746
658
627
+13.4%
Gross profit
612
539
522
+13.5%
Gross margin
45.1%
45.0%
45.4%
Research and development
52.7
50.1
46.8
+5.3%
Selling, general and administrative
325
300
308
+8.2%
Operating income
173
39.6
161
+338.3%
Operating margin
12.8%
3.3%
14.0%
Interest expense
18.9
15.4
16.4
+22.9%
Pre-tax income
162
29.8
152
+445.2%
Income tax
37.2
2.8
57.8
+1,220.3%
Effective tax rate
22.9%
9.5%
38.1%
Net income
124
26.0
91.9
+377.0%
Net margin
9.1%
2.2%
8.0%
Diluted EPS
$3.18
$0.67
$2.42
+374.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
264
230
135
+14.6%
Capital expenditure
34.0
23.7
25.5
+43.1%
Free cash flow
230
207
109
+11.3%
Free cash flow margin
16.9%
17.3%
9.5%
Cash from investing
-84.4
-239
-25.5
Cash from financing
-163
25.6
-99.3
Depreciation and amortisation
37.9
37.9
35.3
-0.1%
Share-based compensation
12.2
11.8
9.2
+4.1%
Dividends paid
57.2
52.5
49.1
+9.0%
Diluted shares, weighted
39m
39m
38m
+0.7%
Shares outstanding at period end
39m
38m
38m
+0.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
634
598
558
+6.1%
Non-controlling interest
5.6
5.0
3.0
+13.3%
Debt
361
474
391
-23.9%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
607
608
402
-0.1%
Total liabilities and equity
1,608
1,685
1,354
-4.6%
Fixed assets
158
157
149
+0.6%
Goodwill
414
422
333
-2.0%
Intangible assets
170
183
77.0
-7.4%
Cash and equivalents
140
134
114
+4.4%
Receivables
245
244
210
+0.3%
Inventory
157
154
103
+1.9%
Other assets
325
390
369
-16.7%
Total assets
1,608
1,685
1,354
-4.6%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.