MSA Safety (MSA) FY2023 results: revenue $1.8 billion, up 17.0% on the year

MSA Safety Inc. (MSA) reported revenue of $1.8 billion for fiscal 2023, the year ended 31 December 2023, up 17.0% on the year before. Net income was $59 million, down 67.4%, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$1.8 billion

+17.0% on the year

FY2016FY2023

Operating margin

12.9%

15.7% a year earlier

FY2016FY2023

Net income

$59 million

-67.4% on the year

FY2016FY2023

Diluted EPS

$1.48

-67.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,788	1,528	1,400	+17.0%
Cost of revenue	936	854	785	+9.5%
Gross profit	852	674	615	+26.5%
Gross margin	47.7%	44.1%	43.9%
Research and development	68.0	57.0	57.8	+19.3%
Selling, general and administrative	397	339	333	+17.0%
Operating income	231	239	22.8	-3.3%
Operating margin	12.9%	15.7%	1.6%
Interest expense	46.7	21.7	10.8	+115.8%
Pre-tax income	207	239	23.6	-13.4%
Income tax	148	58.9	1.8	+151.4%
Effective tax rate	71.7%	24.7%	7.7%
Net income	58.6	180	21.3	-67.4%
Net margin	3.3%	11.8%	1.5%
Diluted EPS	$1.48	$4.56	$0.54	-67.5%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	92.9	157	199	-41.0%
Capital expenditure	42.8	42.6	43.8	+0.5%
Free cash flow	50.1	115	155	-56.4%
Free cash flow margin	2.8%	7.5%	11.1%
Cash from investing	-40.0	-4.5	-415
Cash from financing	-52.3	-113	204
Depreciation and amortisation	60.8	47.1	45.4	+29.0%
Share-based compensation	30.0	19.6	18.9	+52.8%
Dividends paid	73.5	71.5	68.6	+2.8%
Dividend per share	$1.87	$1.82	$1.75	+2.7%
Diluted shares, weighted	39m	39m	39m	+0.2%
Shares outstanding at period end	39m	39m	39m	+0.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	967	924	834	+4.7%
Non-controlling interest	n/a	n/a	0.0
Debt	602	573	598	+5.0%
Operating lease liabilities	44.5	35.3	40.7	+25.9%
Other liabilities	557	845	924	-34.1%
Total liabilities and equity	2,170	2,377	2,396	-8.7%
Fixed assets	212	208	208	+2.1%
Goodwill	628	621	637	+1.1%
Intangible assets	266	282	307	-5.6%
Cash and equivalents	146	163	141	-10.1%
Receivables	295	297	254	-0.8%
Inventory	293	338	281	-13.5%
Other assets	331	469	569	-29.4%
Total assets	2,170	2,377	2,396	-8.7%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.