Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: MSA) has announced its financial results for the second quarter of 2023. The company achieved net sales of $447 million, reflecting a 20% increase year-over-year. Operating income was $95 million, or 21.2% of sales, and adjusted operating income was $104 million, or 23.2% of sales. GAAP net income was $67 million, or $1.70 per diluted share, and adjusted earnings were $72 million, or $1.83 per diluted share.
MSA Safety attributes its strong quarterly sales and growth to the strength of its diversified portfolio and leading global market positions. The company’s investments in talent, innovation, and strategic acquisitions have enhanced the breadth and depth of its portfolio, contributing to ongoing profitable growth.
The recent promotions of Steve Blanco to President and Chief Operating Officer, Stephanie Sciullo to President of MSA’s Americas segment, and Rick Roda to Chief Legal Officer demonstrate MSA’s recognition of their significant contributions to the company’s success and their potential to deliver positive impacts going forward.
Looking ahead, MSA Safety will continue to focus on operational and commercial excellence, supported by the MSA Business System. The company aims to provide customers with innovative safety products and solutions, capture growth from end markets aligned with secular growth trends, and deliver long-term value creation for stakeholders.
MSA Safety’s balance sheet position improved in the second quarter, with 1.7x net leverage, compared to 2.0x in the prior quarter. The company remains confident in its ability to deliver on its financial commitments and has increased its sales growth outlook to low double-digits for the full year. MSA Safety is also focused on maintaining healthy margins and generating cash flow.
A conference call discussing MSA Safety’s second-quarter results and outlook will be held on August 1, 2023. The call will be webcast and accessible through the company’s investor website. A replay of the conference call will be available for 90 days.
Financial highlights for the second quarter of 2023 include net sales of $447 million, operating income of $95 million, and net income of $67 million. MSA Safety ended the quarter with total assets of $2.2 billion and total liabilities of $299.9 million.