PR Newswire | Oct 27, 2021 06:00PM EDT

10/27 17:00 CDT

MSA Safety Announces Third Quarter ResultsRevenue growth driven by strength in core products and strategic acquisitions PITTSBURGH, Oct. 27, 2021

PITTSBURGH, Oct. 27, 2021 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the third quarter of 2021.

Quarterly Highlights

* Total revenue was $340 million, increasing 12 percent from a year ago on a reported basis and 3 percent on an organic constant currency basis. Core product revenue was up 19 percent on a reported basis and 9 percent on an organic constant currency basis. * GAAP operating income was $29 million or 8.5 percent of sales, compared to $41 million or 13.5 percent of sales in the same period a year ago. Adjusted operating income was $51 million or 15.0 percent of sales, compared to $54 million or 17.6 percent of sales in the same period a year ago. * GAAP earnings were $19 million or $0.48 per diluted share, compared to $28 million or $0.71 per diluted share in the same period a year ago. Adjusted earnings were $37 million or $0.94 per diluted share, consistent with the same period a year ago. * Operating cash flow was $46 million, compared to $27 million in the same period a year ago. The increase was driven by strong working capital management. In the third quarter, MSA completed the acquisition of Bacharach, Inc. and funded $17 million of dividends to shareholders.

Comments from Management

"MSA delivered double-digit growth in quarterly revenue and cash flow while broadening our reach in the safety market and launching ground-breaking safety solutions for our customers," said Nish Vartanian, MSA Chairman, President and CEO. "Order pace strengthened through the third quarter and demand is intact. At the same time, inflationary pressures and supply chain constraints have intensified, which is creating a very dynamic cost environment and driving backlog higher. Our book-to-bill ratio was in excess of 1x and backlog is trending at record levels," he said.

MSA completed its acquisition of Bacharach on July 1, 2021, a move that expands MSA's addressable market in the gas detection vertical. "Bacharach is a leader in monitoring and managing the usage of refrigerants, which present risks to the environment, to workers, and to our customers' cost of doing business. The acquisition provides MSA with another avenue to help customers achieve their safety and sustainability goals, while also improving productivity," Mr. Vartanian said. He noted that integration activities are on track and Bacharach's order pace was up strongly in the quarter.

"In addition to completing strategic acquisitions, we continue to invest in R&D programs to bring advanced safety technologies to market. We recently unveiled the ALTAIR io(tm) 4 Gas Detection wearable device, which is a fully connected safety solution," he said. The gas detector works in concert with the company's new MSA+(tm) safety subscription offering to simplify safety through actionable data. "Our new connected services platform is a hardware/software combination that simplifies safety and increases productivity for our customers," Mr. Vartanian said.

"The strategic acquisitions we've made in 2021 and our innovative pipeline of new products and services position us well for the future. While we expect ongoing supply challenges to persist for the foreseeable future, I remain very confident in our ability to strengthen our market positions and advance our mission of safety as business conditions continue to improve," he concluded.

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended Nine Months Ended September 30, September 30,

2021 2020 2021 2020



Net sales $340,197$304,392$989,915$959,975

Cost of products sold 194,199 172,160 556,263 528,799

Gross profit 145,998 132,232 433,652 431,176



Selling, general and administrative 87,450 64,793 246,339 214,066

Research and development 14,946 13,851 42,149 41,723

Restructuring charges 3,853 7,603 12,239 18,475

Currency exchange losses (gains), net 100 2,759 (359) 3,821

Product liability expense 10,688 2,077 25,235 4,878

Operating income 28,961 41,149 108,049 148,213



Interest expense 3,764 2,305 7,847 7,907

Other income, net (2,266) (1,117) (8,773) (4,376)

Total other expense (income), net 1,498 1,188 (926) 3,531



Income before income taxes 27,463 39,961 108,975 144,682

Provision for income taxes 8,640 11,727 28,165 36,251

Net income 18,823 28,234 80,810 108,431

Net income attributable to noncontrolling interests - (200) (448) (668)

Net income attributable to MSA Safety Incorporated $18,823 $28,034 $80,362 $107,763



Earnings per share attributable to MSA Safety Incorporated common shareholders:

Basic $0.48 $0.72 $2.05 $2.77

Diluted $0.48 $0.71 $2.04 $2.74



Basic shares outstanding 39,194 38,906 39,152 38,853

Diluted shares outstanding 39,430 39,260 39,424 39,269

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



September 30,December 31, 2021 2020

Assets

Cash and cash equivalents $117,302 $160,672

Trade receivables, net 219,481 252,283

Inventories 249,449 197,819

Notes receivable, insurance companies 3,884 3,796

Other current assets 135,263 139,708

Total current assets 725,379 754,278



Property, net 204,410 189,620

Prepaid pension cost 108,842 97,545

Operating lease assets, net 50,731 53,451

Goodwill 636,113 443,272

Notes receivable, insurance companies, noncurrent 44,330 48,540

Insurance receivable, noncurrent 94,950 85,077

Other noncurrent assets 394,697 200,701

Total assets $2,259,452 $1,872,484



Liabilities and shareholders' equity

Notes payable and current portion of long-term debt, net$20,000 $20,000

Accounts payable 92,634 86,854

Other current liabilities 224,187 203,691

Total current liabilities 336,821 310,545



Long-term debt, net 592,742 287,157

Pensions and other employee benefits 199,486 208,068

Noncurrent operating lease liabilities 40,854 44,639

Deferred tax liabilities 49,898 10,916

Product liability and other noncurrent liabilities 215,474 201,268

Total shareholders' equity 824,177 809,891

Total liabilities and shareholders' equity $2,259,452 $1,872,484

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended Nine Months Ended September 30, September 30,

2021 2020 2021 2020



Net income $18,823 $28,234 $80,810 $108,431

Depreciation and amortization 14,182 9,856 36,270 29,284

Change in working capital and other operating 13,224 (10,953) 13,063 (27,560)

Cash flow from operating activities 46,229 27,137 130,143 110,155



Capital expenditures (10,675) (12,864) (30,963) (32,698)

Acquisition, net of cash acquired (329,445) - (392,437) -

Change in short-term investments 1,017 (9,935) 26,062 (19,337)

Property disposals and other investing (5,309) 251 (5,249) 334

Cash flow used in investing activities (344,412) (22,548) (402,587) (51,701)



Change in debt 281,855 4,000 308,859 (5,000)

Cash dividends paid (17,255) (16,771) (51,322) (49,811)

Other financing (19,715) 2,792 (24,107) (21,332)

Cash flow from (used in) financing activities 244,885 (9,979) 233,430 (76,143)



Effect of exchange rate changes on cash, (3,270) 1,986 (4,177) (1,668) cash equivalents and restricted cash



Decrease in cash, cash equivalents and restricted cash$(56,568)$(3,404)$(43,191)$(19,357)

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas International CorporateConsolidated

Three Months Ended September 30, 2021

Sales to external customers $229,076 $ 111,121 $- $ 340,197

Operating income 28,961

Operating margin % 8.5 %

Restructuring charges 3,853

Currency exchange losses, net 100

Product liability expense 10,688

Acquisition related costs 7,351

Adjusted operating income (loss) 44,364 12,599 (6,010) 50,953

Adjusted operating margin % 19.4 %11.3 % 15.0 %

Depreciation and amortization ^(a) 11,823

Adjusted EBITDA 52,514 16,142 (5,880) 62,776

Adjusted EBITDA % 22.9 %14.5 % 18.5 %



Three Months Ended September 30, 2020

Sales to external customers $194,303 $ 110,089 $- $ 304,392

Operating income 41,149

Operating margin % 13.5 %

Restructuring charges 7,603

Currency exchange losses, net 2,759

Product liability expense 2,077

Acquisition related costs 41

Adjusted operating income (loss) 40,898 15,658 (2,927) 53,629

Adjusted operating margin % 21.0 %14.2 % 17.6 %

Depreciation and amortization ^(a) 9,856

Adjusted EBITDA 47,465 18,848 (2,828) 63,485

Adjusted EBITDA % 24.4 %17.1 % 20.9 %

^(a) Excludes acquisition related amortization, which is included inacquisition related costs above.

The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The Company's definition of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

Americas International Corporate Consolidated

Nine Months Ended September 30, 2021

Sales to external customers $655,123 $ 334,792 $ - $989,915

Operating income 108,049

Operating margin % 10.9 %

Restructuring charges 12,239

Currency exchange gains, net (359)

Product liability expense 25,235

Acquisition related costs 11,891

Adjusted operating income (loss) 138,778 41,794 (23,517) 157,055

Adjusted operating margin % 21.2 %12.5 % 15.9 %

Depreciation and amortization ^(a) 33,716

Adjusted EBITDA 161,861 52,095 (23,185) 190,771

Adjusted EBITDA % 24.7 %15.6 % 19.3 %



Nine Months Ended September 30, 2020

Sales to external customers $629,787 $ 330,188 $ - $959,975

Operating income 148,213

Operating margin % 15.4 %

Restructuring charges 18,475

Currency exchange losses, net 3,821

Product liability expense 4,878

Acquisition related costs 202

COVID-19 related costs 757

Adjusted operating income (loss) 149,708 45,719 (19,081) 176,346

Adjusted operating margin % 23.8 %13.8 % 18.4 %

Depreciation and amortization ^(a) 29,284

Adjusted EBITDA 169,343 55,075 (18,788) 205,630

Adjusted EBITDA % 26.9 %16.7 % 21.4 %

^(a) Excludes acquisition related amortization, which is included inacquisition related costs above.

The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization, and COVID-19 related costs. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The Company's definition of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)



Consolidated



Three Months Ended September 30, 2021

FirefighterIndustrialPortable Fixed Gas BreathingHelmets andHead Gas and Flame Fall Core Non-CoreNet Sales ApparatusProtective ProtectionDetectionDetection*ProtectionSalesSales Apparel*

GAAP reported sales change 13 % 27 %25 % 28 % 14 %15 % 19 %(28) % 12 %

Plus: Currency translation effects - % (2) %(1) % (1) % (1) %(3) % (1)%(1) % (1) %

Constant currency sales change 13 % 25 %24 % 27 % 13 %12 % 18 %(29) % 11 %

Less: - % 21 %- % - % 22 %- % 9 %- % 8 % Acquisitions

Organic constant currency sales change13 % 4 %24 % 27 % (9) %12 % 9 %(29) % 3 %





Nine Months Ended September 30, 2021

FirefighterIndustrialPortable Fixed Gas BreathingHelmets andHead Gas and Flame Fall Core Non-CoreNet Sales ApparatusProtective ProtectionDetectionDetection*ProtectionSalesSales Apparel*

GAAP reported sales change 1 % 22 %13 % 16 % - %15 % 9 %(27) % 3 %

Plus: Currency translation effects (2) % (3) %(1) % (3) % (2) %(3) % (3)%(2) % (2) %

Constant currency sales change (1) % 19 %12 % 13 % (2) %12 % 6 %(29) % 1 %

Less: - % 16 %- % - % 8 %- % 4 %- % 4 % Acquisitions

Organic constant currency sales change(1) % 3 %12 % 13 % (10) %12 % 2 %(29) % (3) %

*Firefighter Helmets and Protective Apparel and Fixed Gas and Flame Detectioninclude the impact of the Bristol and Bacharach acquisitions completed onJanuary 25, 2021 and July 1, 2021, respectively.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)



Americas Segment



Three Months Ended September 30, 2021

FirefighterIndustrialPortable Fixed Gas BreathingHelmets andHead Gas and Flame Fall Core Non-CoreNet Sales ApparatusProtective ProtectionDetectionDetection*ProtectionSalesSales Apparel

GAAP reported sales change 19 % 3 % 35 % 39 % 36 %35 % 26 %(30)% 18 %

Plus: Currency translation effects (1) % - % (1) % (1) % (1) %(1) % (1)%(1) % (1) %

Constant currency sales change 18 % 3 % 34 % 38 % 35 %34 % 25 %(31)% 17 %

Less: - % - % - % - % 35 %- % 8 %- % 7 % Acquisitions

Organic constant currency sales change18 % 3 % 34 % 38 % - %34 % 17 %(31)% 10 %





Nine Months Ended September 30, 2021

FirefighterIndustrialPortable Fixed Gas BreathingHelmets andHead Gas and Flame Fall Core Non-CoreNet Sales ApparatusProtective ProtectionDetectionDetection*ProtectionSalesSales Apparel

GAAP reported sales change 3 % 4 % 19 % 22 % 8 %21 % 10 %(32)% 4 %

Plus: Currency translation effects - % - % 1 % - % - %(1) % - %(1) % - %

Constant currency sales change 3 % 4 % 20 % 22 % 8 %20 % 10 %(33)% 4 %

Less: - % - % - % - % 12 %- % 3 %- % 2 % Acquisitions

Organic constant currency sales change3 % 4 % 20 % 22 % (4) %20 % 7 %(33)% 2 %

*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisitioncompleted on July 1, 2021.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)



International Segment



Three Months Ended September 30, 2021

FirefighterIndustrialPortable Fixed Gas BreathingHelmets andHead Gas and Flame Fall Core Non-CoreNet Sales ApparatusProtective ProtectionDetectionDetection*ProtectionSalesSales Apparel*

GAAP reported sales change 5 % 164 %(1) %8 % (15) %(9) %6 %(25)% 1 %

Plus: Currency translation effects (2) % (13) %(3) %(2) % (1) %(4) %(2)%(2) % (3) %

Constant currency sales change 3 % 151 %(4) %6 % (16) %(13) %4 %(27)% (2) %

Less: - % 145 %- %- % 4 %- %11 %- % 8 % Acquisitions

Organic constant currency sales change3 % 6 %(4) %6 % (20) %(13) %(7)%(27)% (10) %





Nine Months Ended September 30, 2021

FirefighterIndustrialPortable Fixed Gas BreathingHelmets andHead Gas and Flame Fall Core Non-CoreNet Sales ApparatusProtective ProtectionDetectionDetection*ProtectionSalesSales Apparel*

GAAP reported sales change (2) % 117 %(4) %4 % (12) %8 %5 %(17)% 1 %

Plus: Currency translation effects (6) % (18) %(6) %(6) % (4) %(8) %(6)%(6) % (6) %

Constant currency sales change (8) % 99 %(10) %(2) % (16) %- %(1)%(23)% (5) %

Less: - % 97 %- %- % 1 %- %7 %- % 6 % Acquisitions

Organic constant currency sales change(8) % 2 %(10) %(2) % (17) %- %(8)%(23)% (11) %

*Firefighter Helmets and Protective Apparel and Fixed Gas and Flame Detectioninclude the impact of the Bristol and Bacharach acquisitions completed onJanuary 25, 2021 and July 1, 2021, respectively.

Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group



Three Months Ended September 30, 2021

ConsolidatedAmericasInternational

Portable Gas Detection 27 % 38 %6 %

Firefighter Helmets and Protective Apparel*25 % 3 %151 %

Industrial Head Protection 24 % 34 %(4) %

Breathing Apparatus 13 % 18 %3 %

Fixed Gas and Flame Detection* 13 % 35 %(16) %

Fall Protection 12 % 34 %(13) %

Core Sales 18 % 25 %4 %



Non-Core Sales (29) % (31) %(27) %



Net Sales 11 % 17 %(2) %

Net Sales excluding Acquisitions 3 % 10 %(10) %





Nine Months Ended September 30, 2021

ConsolidatedAmericasInternational

Portable Gas Detection 13 % 22 %(2) %

Firefighter Helmets and Protective Apparel*19 % 4 %99 %

Industrial Head Protection 12 % 20 %(10) %

Breathing Apparatus (1) % 3 %(8) %

Fixed Gas and Flame Detection* (2) % 8 %(16) %

Fall Protection 12 % 20 %- %

Core Sales 6 % 10 %(1) %



Non-Core Sales (29) % (33) %(23) %



Net Sales 1 % 4 %(5) %

Net Sales excluding Acquisitions (3) % 2 %(11) %

*Firefighter Helmets and Protective Apparel and Fixed Gas and Flame Detectioninclude the impact of the Bristol and Bacharach acquisitions completed onJanuary 25, 2021 and July 1, 2021, respectively.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Adjusted earnings (Unaudited)

Adjusted earnings per diluted share (Unaudited)

(In thousands, except per share amounts)



Three Months Ended September 30, Nine Months Ended September 30,

% % 2021 2020 2021 2020 Change Change



Net income attributable to MSA Safety Incorporated $ 18,823 $ 28,034 (33)% $ 80,362 $ 107,763 (25)%

Tax expense associated with transactions 1,713 - 1,713 -

Tax benefit associated with ASU 2016-09: Improvements to employee (293) (80) (2,372) (1,699) share-based payment accounting

Subtotal 20,243 27,954 (28)% 79,703 106,064 (25)%



Product liability expense 10,688 2,077 25,235 4,878

Acquisition related costs 7,351 41 11,891 202

Restructuring charges 3,853 7,603 12,239 18,475

Asset related losses, net 375 62 423 189

COVID-19 related costs - - - 757

Currency exchange losses (gains), net 100 2,759 (359) 3,821

Income tax expense on adjustments (5,525) (3,700) (12,845) (7,614)

Adjusted earnings $ 37,085 $ 36,796 1% $ 116,287 $ 126,772 (8)%



Adjusted earnings per diluted share $ 0.94 $ 0.94 0% $ 2.95 $ 3.23 (9)%

Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.

About MSA:Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2020 revenues of $1.35 billion, MSA employs approximately 5,200 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.

Cautionary Statement Regarding Forward-Looking Statements:Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward-looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 19, 2021. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward-looking statements contained herein, except as required by law.

Non-GAAP Financial Measures:This press release includes certain non-GAAP financial measures. These financial measures include organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, and adjusted earnings per diluted share. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

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SOURCE MSA Safety