MSA Safety (MSA) Q4 FY2023 earnings: revenue $495 million, up 11.8% on the year

MSA Safety Inc. (MSA) reported revenue of $495 million for Q4 FY2023, the quarter ended 31 December 2023, up 11.8% on the same quarter a year earlier. Net income was $76 million, up 48.4% on the year, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$495 millionup 11.8%

Net income$76 millionup 48.4%

Diluted EPS$1.93

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	495	447	n/a	n/a
Cost of revenue	257	228	n/a	n/a
Gross profit	238	219	n/a	n/a
Gross margin	48.1%	49.0%	n/a
Research and development	19.1	17.7	n/a	n/a
Selling, general and administrative	107	102	n/a	n/a
Operating income	102	94.1	n/a	n/a
Operating margin	20.6%	21.1%	n/a
Interest expense	9.6	12.5	n/a	n/a
Pre-tax income	99.3	87.7	n/a	n/a
Income tax	22.9	22.4	n/a	n/a
Effective tax rate	23.0%	25.6%	n/a
Net income	76.4	65.3	n/a	n/a
Net margin	15.4%	14.6%	n/a
Diluted EPS	$1.93	$1.65	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	159	125	n/a	n/a
Capital expenditure	11.8	12.7	n/a	n/a
Free cash flow	147	112	n/a	n/a
Free cash flow margin	29.7%	25.1%	n/a
Cash from investing	-11.7	-12.6	n/a	n/a
Cash from financing	-163	-86.1	n/a	n/a
Depreciation and amortisation	6.6	15.5	n/a	n/a
Share-based compensation	8.5	8.5	n/a	n/a
Dividends paid	18.5	18.5	n/a	n/a
Dividend per share	n/a	$0.47	n/a	n/a
Diluted shares, weighted	n/a	39m	n/a	n/a
Shares outstanding at period end	39m	39m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	967	869	n/a	n/a
Debt	602	742	n/a	n/a
Operating lease liabilities	44.5	40.9	n/a	n/a
Other liabilities	557	543	n/a	n/a
Total liabilities and equity	2,170	2,194	n/a	n/a
Fixed assets	212	206	n/a	n/a
Goodwill	628	620	n/a	n/a
Intangible assets	266	268	n/a	n/a
Cash and equivalents	146	164	n/a	n/a
Receivables	295	295	n/a	n/a
Inventory	293	324	n/a	n/a
Other assets	331	317	n/a	n/a
Total assets	2,170	2,194	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-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000066570-24-000008: the filing on EDGAR. All of MSA Safety Inc.'s filings: EDGAR company page.

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