MSA Safety (MSA) FY2019 results: revenue $1.4 billion, up 3.2% on the year
MSA Safety Inc. (MSA) reported revenue of $1.4 billion for fiscal 2019, the year ended 31 December 2019, up 3.2% on the year before. Net income was $138 million, up 11.2%, and diluted earnings per share $3.52. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$1.4 billion
+3.2% on the year
FY2012FY2019
Operating margin
13.4%
12.8% a year earlier
FY2012FY2019
Net income
$138 million
+11.2% on the year
FY2012FY2019
Diluted EPS
$3.52
+10.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,402
1,358
1,197
+3.2%
Cost of revenue
763
746
658
+2.3%
Gross profit
639
612
539
+4.4%
Gross margin
45.6%
45.1%
45.0%
Research and development
57.8
52.7
50.1
+9.8%
Selling, general and administrative
331
325
300
+1.8%
Operating income
188
173
39.6
+8.5%
Operating margin
13.4%
12.8%
3.3%
Interest expense
13.6
18.9
15.4
-28.0%
Pre-tax income
186
162
29.8
+14.4%
Income tax
46.5
37.2
2.8
+25.1%
Effective tax rate
25.1%
22.9%
9.5%
Net income
138
124
26.0
+11.2%
Net margin
9.8%
9.1%
2.2%
Diluted EPS
$3.52
$3.18
$0.67
+10.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
165
264
230
-37.5%
Capital expenditure
36.6
34.0
23.7
+7.8%
Free cash flow
128
230
207
-44.2%
Free cash flow margin
9.2%
16.9%
17.3%
Cash from investing
-64.2
-84.4
-239
Cash from financing
-84.6
-163
25.6
Depreciation and amortisation
38.0
37.9
37.9
+0.4%
Share-based compensation
13.8
12.2
11.8
+12.4%
Dividends paid
63.5
57.2
52.5
+11.0%
Dividend per share
$1.64
n/a
n/a
Diluted shares, weighted
39m
39m
39m
+0.6%
Shares outstanding at period end
39m
39m
38m
+0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
726
634
598
+14.5%
Non-controlling interest
6.8
5.6
5.0
+20.2%
Debt
348
361
474
-3.6%
Operating lease liabilities
42.6
0.0
n/a
Other liabilities
658
607
608
+8.4%
Total liabilities and equity
1,782
1,608
1,685
+10.8%
Fixed assets
167
158
157
+5.8%
Goodwill
437
414
422
+5.6%
Intangible assets
171
170
183
+1.1%
Cash and equivalents
152
140
134
+8.6%
Receivables
255
245
244
+4.1%
Inventory
185
157
154
+18.2%
Other assets
414
325
390
+27.4%
Total assets
1,782
1,608
1,685
+10.8%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.