MSA Safety (MSA) FY2021 results: revenue $1.4 billion, up 3.9% on the year

MSA Safety Inc. (MSA) reported revenue of $1.4 billion for fiscal 2021, the year ended 31 December 2021, up 3.9% on the year before. Net income was $21 million, down 82.8%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$1.4 billion

+3.9% on the year

FY2014FY2021

Operating margin

1.6%

12.7% a year earlier

FY2014FY2021

Net income

$21 million

-82.8% on the year

FY2014FY2021

Diluted EPS

$0.54

-82.9% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,400	1,348	1,402	+3.9%
Cost of revenue	785	753	763	+4.3%
Gross profit	615	595	639	+3.3%
Gross margin	43.9%	44.2%	45.6%
Research and development	57.8	58.3	57.8	-0.8%
Selling, general and administrative	333	290	331	+14.6%
Operating income	22.8	172	188	-86.7%
Operating margin	1.6%	12.7%	13.4%
Interest expense	10.8	9.4	13.6	+14.1%
Pre-tax income	23.6	168	186	-86.0%
Income tax	1.8	43.0	46.5	-95.8%
Effective tax rate	7.7%	25.6%	25.1%
Net income	21.3	124	138	-82.8%
Net margin	1.5%	9.2%	9.8%
Diluted EPS	$0.54	$3.15	$3.52	-82.9%

$ 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.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	199	207	165	-3.6%
Capital expenditure	43.8	48.9	36.6	-10.4%
Free cash flow	155	158	128	-1.5%
Free cash flow margin	11.1%	11.7%	9.2%
Cash from investing	-415	-72.8	-64.2
Cash from financing	204	-127	-84.6
Depreciation and amortisation	45.4	39.7	38.0	+14.5%
Share-based compensation	18.9	6.9	13.8	+173.2%
Dividends paid	68.6	66.6	63.5	+3.0%
Dividend per share	$1.75	$1.71	$1.64	+2.3%
Diluted shares, weighted	39m	39m	39m	+0.4%
Shares outstanding at period end	39m	39m	39m	+0.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	834	839	726	-0.6%
Non-controlling interest	0.0	8.0	6.8
Debt	598	307	348	+94.6%
Operating lease liabilities	40.7	44.6	42.6	-8.8%
Other liabilities	924	721	658	+28.2%
Total liabilities and equity	2,396	1,920	1,782	+24.8%
Fixed assets	208	190	167	+9.6%
Goodwill	637	443	437	+43.7%
Intangible assets	307	161	171	+90.6%
Cash and equivalents	141	161	152	-12.3%
Receivables	254	252	255	+0.8%
Inventory	281	245	185	+14.6%
Other assets	569	468	414	+21.7%
Total assets	2,396	1,920	1,782	+24.8%

10-K for the year ended 31 December 2021, filed 18 February 2022: the filing.