MSA Safety (MSA) FY2024 results: revenue $1.8 billion, up 1.1% on the year

MSA Safety Inc. (MSA) reported revenue of $1.8 billion for fiscal 2024, the year ended 31 December 2024, up 1.1% on the year before. Net income was $285 million, up 386.4%, and diluted earnings per share $7.21. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$1.8 billion

+1.1% on the year

FY2017FY2024

Operating margin

21.5%

12.9% a year earlier

FY2017FY2024

Net income

$285 million

+386.4% on the year

FY2017FY2024

Diluted EPS

$7.21

+387.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,808	1,788	1,528	+1.1%
Cost of revenue	948	936	854	+1.3%
Gross profit	860	852	674	+1.0%
Gross margin	47.6%	47.7%	44.1%
Research and development	66.5	68.0	57.0	-2.2%
Selling, general and administrative	395	397	339	-0.5%
Operating income	389	231	239	+68.2%
Operating margin	21.5%	12.9%	15.7%
Interest expense	36.9	46.7	21.7	-21.1%
Pre-tax income	375	207	239	+81.4%
Income tax	90.0	148	58.9	-39.2%
Effective tax rate	24.0%	71.7%	24.7%
Net income	285	58.6	180	+386.4%
Net margin	15.8%	3.3%	11.8%
Diluted EPS	$7.21	$1.48	$4.56	+387.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	296	92.9	157	+219.2%
Capital expenditure	54.2	42.8	42.6	+26.8%
Free cash flow	242	50.1	115	+383.5%
Free cash flow margin	13.4%	2.8%	7.5%
Cash from investing	-53.8	-40.0	-4.5
Cash from financing	-209	-52.3	-113
Depreciation and amortisation	64.3	60.8	47.1	+5.9%
Share-based compensation	18.2	30.0	19.6	-39.4%
Dividends paid	78.8	73.5	71.5	+7.2%
Dividend per share	$2.00	$1.87	$1.82	+7.0%
Diluted shares, weighted	40m	39m	39m	+0.2%
Shares outstanding at period end	39m	39m	39m	-0.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,143	967	924	+18.3%
Debt	508	602	573	-15.6%
Operating lease liabilities	46.0	44.5	35.3	+3.3%
Other liabilities	508	557	845	-8.7%
Total liabilities and equity	2,206	2,170	2,377	+1.6%
Fixed assets	212	212	208	-0.0%
Goodwill	621	628	621	-1.1%
Intangible assets	246	266	282	-7.4%
Cash and equivalents	165	146	163	+12.4%
Receivables	279	295	297	-5.2%
Inventory	297	293	338	+1.4%
Other assets	386	331	469	+16.7%
Total assets	2,206	2,170	2,377	+1.6%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.