MSA Safety (MSA) Q3 FY2021 earnings: revenue $340 million, up 11.8% on the year

MSA Safety Inc. (MSA) reported revenue of $340 million for Q3 FY2021, the quarter ended 30 September 2021, up 11.8% on the same quarter a year earlier. Net income was $21 million, down 27.9% on the year as this quarter's filing gives it, and diluted earnings per share $0.54. The figures are the company's own, from the 10-Q it filed with the SEC on 29 October 2021.

Revenue

$340 million

+11.8% on the year · -0.3% on the quarter

Q4 FY2019Q3 FY2021

Operating margin

9.5%

13.5% a year earlier

Q4 FY2019Q3 FY2021

Net income

$21 million

-27.9% on the year · -15.9% on the quarter

Q4 FY2019Q3 FY2021

Diluted EPS

$0.54

-23.9% on the year · -15.6% on the quarter

Q4 FY2019Q3 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Revenue	340	341	304	-0.3%	+11.8%
Cost of revenue	191	n/a	n/a
Gross profit	149	n/a	n/a
Gross margin	43.9%	n/a	n/a
Research and development	14.9	n/a	n/a
Selling, general and administrative	87.5	n/a	n/a
Operating income	32.4	35.1	41.1	-7.8%	-21.3%
Operating margin	9.5%	10.3%	13.5%
Interest expense	3.8	n/a	n/a
Pre-tax income	27.5	n/a	n/a
Income tax	9.7	n/a	n/a
Effective tax rate	35.4%	n/a	n/a
Net income	21.2	25.2	29.4	-15.9%	-27.9%
Net margin	6.2%	n/a	n/a
Diluted EPS	$0.54	$0.64	$0.71	-15.6%	-23.9%

$ million except per share.

Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Operating cash flow	46.2	n/a	n/a
Capital expenditure	10.7	n/a	n/a
Free cash flow	35.6	n/a	n/a
Free cash flow margin	10.5%	n/a	n/a
Cash from investing	-344	n/a	n/a
Cash from financing	245	n/a	n/a
Depreciation and amortisation	14.2	11.6	9.9	+22.4%	+43.9%
Share-based compensation	2.9	n/a	n/a
Dividends paid	17.3	n/a	n/a
Dividend per share	$0.44	n/a	n/a
Diluted shares, weighted	39m	39m	39m	+0.0%	+0.4%
Shares outstanding at period end	39m	39m	39m	+0.0%	+0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Shareholders' equity	824	840	772	-1.9%	+6.7%
Non-controlling interest	0.0	n/a	n/a
Debt	613	335	342	+83.1%	+79.3%
Operating lease liabilities	40.9	n/a	n/a
Other liabilities	782	n/a	n/a
Total liabilities and equity	2,259	n/a	n/a
Fixed assets	204	n/a	n/a
Goodwill	636	n/a	n/a
Intangible assets	313	n/a	n/a
Cash and equivalents	117	174	133	-32.6%	-11.7%
Receivables	219	n/a	n/a
Inventory	249	n/a	n/a
Other assets	520	n/a	n/a
Total assets	2,259	n/a	n/a

Questions

What was MSA Safety's revenue in Q3 FY2021?

MSA Safety (MSA) reported revenue of $340 million for Q3 FY2021, the quarter ended 30 September 2021, up 11.8% on the same quarter a year earlier.

How much did MSA Safety earn in Q3 FY2021?

Net income for Q3 FY2021 was $21 million, down 27.9% on the year, and diluted earnings per share $0.54.

When did MSA Safety report Q3 FY2021 results?

MSA Safety filed its 10-Q for the quarter ended 30 September 2021 with the SEC on 29 October 2021.

Quarterly results, the last 20 quarters

	Q3 FY2021 †	Q4 FY2021 †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	340	410	331	372	382	443	398	447	447	495	413	462	433	500	421	474	468	511	464	503
Cost of revenue	191	232	188	208	212	246	217	234	228	257	218	239	225	265	228	253	251	272	244	254
Gross profit	149	178	143	164	169	197	181	214	219	238	196	223	207	234	193	221	218	239	220	249
Gross margin	44%	43%	43%	44%	44%	45%	46%	48%	49%	48%	47%	48%	48%	47%	46%	47%	46%	47%	47%	50%
R&D	14.9	15.6	13.3	15.3	14.4	14.0	15.2	16.0	17.7	19.1	15.9	17.1	16.7	16.8	15.7	17.0	16.5	16.2	16.4	19.2
SG&A	87.5	86.5	78.6	86.1	82.8	91.5	91.1	96.3	102	107	94.2	105	95.1	100	94.0	112	103	105	108	114
Operating income	32.4	-88.8	42.7	61.5	64.3	70.6	-60.1	95.0	94.1	102	80.1	99.9	91.5	118	77.8	85.9	94.3	114	93.0	112
Operating margin	10%	-22%	13%	17%	17%	16%	-15%	21%	21%	21%	19%	22%	21%	24%	18%	18%	20%	22%	20%	22%
Interest expense	3.8	2.9	3.6	4.6	6.0	7.5	11.5	13.2	12.5	9.6	10.7	9.7	9.2	7.3	6.8	8.1	8.4	8.4	7.7	8.0
Pre-tax income	27.5	-85.4	45.4	63.4	60.7	69.1	-67.7	87.5	87.7	99.3	75.6	94.4	88.2	117	77.9	82.7	92.5	113	93.0	111
Tax rate	35%	n/a	22%	25%	26%	25%	n/a	23%	26%	23%	23%	24%	24%	25%	24%	24%	25%	23%	23%	23%
Net income	21.2	-61.5	35.5	47.7	44.9	51.5	-150	67.1	65.3	76.4	58.1	72.2	66.6	87.9	59.6	62.8	69.6	86.9	71.3	86.2
Net margin	6%	-15%	11%	13%	12%	12%	-38%	15%	15%	15%	14%	16%	15%	18%	14%	13%	15%	17%	15%	17%
Diluted EPS	$0.54	-$1.57	$0.90	$1.21	$1.14	$1.31	-$3.83	$1.70	$1.65	$1.93	$1.47	$1.83	$1.69	$2.22	$1.51	$1.59	$1.77	$2.21	$1.83	$2.23
Operating cash flow	46.2	69.0	24.5	15.5	63.9	53.6	-286	95.1	125	159	50.9	53.3	84.3	108	61.8	67.2	112	122	75.7	95.4
Capital expenditure	10.7	12.9	8.0	11.8	8.9	13.8	8.4	9.9	12.7	11.8	11.2	14.3	14.3	14.4	10.8	29.3	12.0	16.3	10.6	12.7
Free cash flow	35.6	56.1	16.5	3.6	55.0	39.8	-294	85.1	112	147	39.7	39.0	70.1	93.5	51.0	37.9	100	106	65.1	82.7
Dividends paid	17.3	17.3	17.3	18.1	18.0	18.1	18.0	18.5	18.5	18.5	18.5	20.1	20.1	20.1	20.0	20.8	20.8	20.7	20.6	20.9
Shares outstanding	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m	39m
Filing	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2021, filed 29 October 2021: the filing.