MSA Safety (MSA) FY2020 results: revenue $1.3 billion, down 3.8% on the year
MSA Safety Inc. (MSA) reported revenue of $1.3 billion for fiscal 2020, the year ended 31 December 2020, down 3.8% on the year before. Net income was $124 million, down 10.1%, and diluted earnings per share $3.15. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$1.3 billion
-3.8% on the year
FY2013FY2020
Operating margin
12.7%
13.4% a year earlier
FY2013FY2020
Net income
$124 million
-10.1% on the year
FY2013FY2020
Diluted EPS
$3.15
-10.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,348
1,402
1,358
-3.8%
Cost of revenue
753
763
746
-1.4%
Gross profit
595
639
612
-6.8%
Gross margin
44.2%
45.6%
45.1%
Research and development
58.3
57.8
52.7
+0.7%
Selling, general and administrative
290
331
325
-12.2%
Operating income
172
188
173
-8.7%
Operating margin
12.7%
13.4%
12.8%
Interest expense
9.4
13.6
18.9
-30.6%
Pre-tax income
168
186
162
-9.5%
Income tax
43.0
46.5
37.2
-7.6%
Effective tax rate
25.6%
25.1%
22.9%
Net income
124
138
124
-10.1%
Net margin
9.2%
9.8%
9.1%
Diluted EPS
$3.15
$3.52
$3.18
-10.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
207
165
264
+25.2%
Capital expenditure
48.9
36.6
34.0
+33.6%
Free cash flow
158
128
230
+22.8%
Free cash flow margin
11.7%
9.2%
16.9%
Cash from investing
-72.8
-64.2
-84.4
Cash from financing
-127
-84.6
-163
Depreciation and amortisation
39.7
38.0
37.9
+4.4%
Share-based compensation
6.9
13.8
12.2
-49.7%
Dividends paid
66.6
63.5
57.2
+4.8%
Dividend per share
$1.71
$1.64
n/a
+4.3%
Diluted shares, weighted
39m
39m
39m
+0.2%
Shares outstanding at period end
39m
39m
39m
+0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
839
726
634
+15.6%
Non-controlling interest
8.0
6.8
5.6
+18.0%
Debt
307
348
361
-11.8%
Operating lease liabilities
44.6
42.6
0.0
+4.7%
Other liabilities
721
658
607
+9.5%
Total liabilities and equity
1,920
1,782
1,608
+7.7%
Fixed assets
190
167
158
+13.5%
Goodwill
443
437
414
+1.5%
Intangible assets
161
171
170
-6.0%
Cash and equivalents
161
152
140
+5.6%
Receivables
252
255
245
-1.1%
Inventory
245
185
157
+32.4%
Other assets
468
414
325
+12.9%
Total assets
1,920
1,782
1,608
+7.7%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.