MSA Safety (MSA) Q3 FY2023 earnings: revenue $447 million, up 17.0% on the year

MSA Safety Inc. (MSA) reported revenue of $447 million for Q3 FY2023, the quarter ended 30 September 2023, up 17.0% on the same quarter a year earlier. Net income was $65 million, up 45.3% on the year, and diluted earnings per share $1.65. The figures are the company's own, from the 10-Q it filed with the SEC on 25 October 2023.

Revenue$447 millionup 17.0%

Net income$65 millionup 45.3%

Diluted EPS$1.65

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	447	n/a	n/a	n/a
Cost of revenue	228	n/a	n/a	n/a
Gross profit	219	n/a	n/a	n/a
Gross margin	49.0%	n/a	n/a
Research and development	17.7	n/a	n/a	n/a
Selling, general and administrative	102	n/a	n/a	n/a
Operating income	94.1	n/a	n/a	n/a
Operating margin	21.1%	n/a	n/a
Interest expense	12.5	n/a	n/a	n/a
Pre-tax income	87.7	n/a	n/a	n/a
Income tax	22.4	n/a	n/a	n/a
Effective tax rate	25.6%	n/a	n/a
Net income	65.3	n/a	n/a	n/a
Net margin	14.6%	n/a	n/a
Diluted EPS	$1.65	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	125	n/a	n/a	n/a
Capital expenditure	12.7	n/a	n/a	n/a
Free cash flow	112	n/a	n/a	n/a
Free cash flow margin	25.1%	n/a	n/a
Cash from investing	-12.6	n/a	n/a	n/a
Cash from financing	-86.1	n/a	n/a	n/a
Depreciation and amortisation	15.5	n/a	n/a	n/a
Share-based compensation	8.5	n/a	n/a	n/a
Dividends paid	18.5	n/a	n/a	n/a
Dividend per share	$0.47	n/a	n/a	n/a
Diluted shares, weighted	39m	n/a	n/a	n/a
Shares outstanding at period end	39m	n/a	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	869	n/a	n/a	n/a
Debt	742	n/a	n/a	n/a
Operating lease liabilities	40.9	n/a	n/a	n/a
Other liabilities	543	n/a	n/a	n/a
Total liabilities and equity	2,194	n/a	n/a	n/a
Fixed assets	206	n/a	n/a	n/a
Goodwill	620	n/a	n/a	n/a
Intangible assets	268	n/a	n/a	n/a
Cash and equivalents	164	n/a	n/a	n/a
Receivables	295	n/a	n/a	n/a
Inventory	324	n/a	n/a	n/a
Other assets	317	n/a	n/a	n/a
Total assets	2,194	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	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	447	495	413	462	433	500	421	474	468	511	464	503
Cost of revenue	228	257	218	239	225	265	228	253	251	272	244	254
Gross profit	219	238	196	223	207	234	193	221	218	239	220	249
Gross margin	49%	48%	47%	48%	48%	47%	46%	47%	46%	47%	47%	50%
R&D	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	102	107	94.2	105	95.1	100	94.0	112	103	105	108	114
Operating income	94.1	102	80.1	99.9	91.5	118	77.8	85.9	94.3	114	93.0	112
Operating margin	21%	21%	19%	22%	21%	24%	18%	18%	20%	22%	20%	22%
Interest expense	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	87.7	99.3	75.6	94.4	88.2	117	77.9	82.7	92.5	113	93.0	111
Tax rate	26%	23%	23%	24%	24%	25%	24%	24%	25%	23%	23%	23%
Net income	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	15%	15%	14%	16%	15%	18%	14%	13%	15%	17%	15%	17%
Diluted EPS	$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	125	159	50.9	53.3	84.3	108	61.8	67.2	112	122	75.7	95.4
Capital expenditure	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	112	147	39.7	39.0	70.1	93.5	51.0	37.9	100	106	65.1	82.7
Dividends paid	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
Filing	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.

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.

Source

10-Q for the period ended 30 September 2023, filed 25 October 2023, accession 0000066570-23-000043: the filing on EDGAR. All of MSA Safety Inc.'s filings: EDGAR company page.

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