MSA Safety (MSA) Q2 FY2024 earnings: revenue $462 million, up 3.4% on the year

MSA Safety Inc. (MSA) reported revenue of $462 million for Q2 FY2024, the quarter ended 30 June 2024, up 3.4% on the same quarter a year earlier. Net income was $72 million, up 7.7% on the year, and diluted earnings per share $1.83. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2025.

Revenue$462 millionup 3.4%

Net income$72 millionup 7.7%

Diluted EPS$1.83

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	462	413	n/a	n/a
Cost of revenue	239	218	n/a	n/a
Gross profit	223	196	n/a	n/a
Gross margin	48.2%	47.3%	n/a
Research and development	17.1	15.9	n/a	n/a
Selling, general and administrative	105	94.2	n/a	n/a
Operating income	99.9	80.1	n/a	n/a
Operating margin	21.6%	19.4%	n/a
Interest expense	9.7	10.7	n/a	n/a
Pre-tax income	94.4	75.6	n/a	n/a
Income tax	22.2	17.5	n/a	n/a
Effective tax rate	23.5%	23.1%	n/a
Net income	72.2	58.1	n/a	n/a
Net margin	15.6%	14.1%	n/a
Diluted EPS	$1.83	$1.47	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	53.3	50.9	n/a	n/a
Capital expenditure	14.3	11.2	n/a	n/a
Free cash flow	39.0	39.7	n/a	n/a
Free cash flow margin	8.4%	9.6%	n/a
Cash from investing	-14.3	-11.2	n/a	n/a
Cash from financing	-38.6	-29.1	n/a	n/a
Depreciation and amortisation	16.0	15.6	n/a	n/a
Share-based compensation	5.0	4.2	n/a	n/a
Dividends paid	20.1	18.5	n/a	n/a
Dividend per share	$0.51	$0.47	n/a	n/a
Diluted shares, weighted	40m	40m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,034	995	n/a	n/a
Debt	588	596	n/a	n/a
Operating lease liabilities	46.4	45.1	n/a	n/a
Other liabilities	575	538	n/a	n/a
Total liabilities and equity	2,244	2,174	n/a	n/a
Fixed assets	213	211	n/a	n/a
Goodwill	625	625	n/a	n/a
Intangible assets	256	261	n/a	n/a
Cash and equivalents	147	148	n/a	n/a
Receivables	299	279	n/a	n/a
Inventory	321	306	n/a	n/a
Other assets	383	344	n/a	n/a
Total assets	2,244	2,174	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 June 2024, filed 5 August 2025, accession 0000066570-25-000030: the filing on EDGAR. All of MSA Safety Inc.'s filings: EDGAR company page.

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