MSA Safety Announces Fourth Quarter and Full Year 2020 Results
PITTSBURGH, Feb. 18, 2021 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the fourth quarter and full year of 2020.
Quarterly Highlights
-- Revenue was $388 million, increasing 3 percent from a year ago on a
reported basis and 2 percent on a constant currency basis.
-- GAAP operating income was $19 million or 4.8 percent of sales, compared
to $40 million or 10.7 percent of sales in the same period a year ago.
Adjusted operating income was $67 million or 17.3 percent of sales,
compared to $65 million or 17.3 percent of sales in the same period a
year ago.
-- GAAP earnings were $12 million or $0.31 per diluted share, compared to
$31 million or $0.79 per diluted share in the same period a year ago.
Adjusted earnings were $50 million or $1.27 per diluted share, compared
to $51 million or $1.29 per diluted share in the same period a year ago.
-- GAAP operating income and earnings includes a pre-tax charge of $34
million associated primarily with an increase to the company's
cumulative trauma product liability reserve, compared to a pre-tax
charge of $18 million in the same period a year ago.
-- Operating cash flow was $96 million, increasing 26% from a year ago. The
company realized a 320 basis point improvement in working capital from
the third quarter of 2020.
Annual Highlights
-- Revenue was $1.35 billion, decreasing 4 percent from a year ago on a
reported basis or 3 percent on a constant currency basis.
-- GAAP operating income was $167 million or 12.4 percent of sales,
compared to $186 million or 13.3 percent of sales in the same period a
year ago. Adjusted operating income was $243 million or 18.0 percent of
sales, compared to $251 million or 17.9 percent of sales in the same
period a year ago.
-- GAAP earnings were $120 million or $3.05 per diluted share, compared to
$136 million or $3.48 per diluted share in the same period a year ago.
Adjusted earnings were $177 million or $4.50 per diluted share, compared
to $188 million or $4.80 per diluted share in the same period a year
ago.
-- GAAP operating income and earnings includes a pre-tax charge of $39
million associated primarily with an increase to the company's
cumulative trauma product liability reserve, compared to a pre-tax
charge of $27 million in the same period a year ago.
-- Operating cash flow was $207 million, increasing 25% from a year ago.
The company continues to execute a balanced capital allocation strategy
focused on growing its business and returning value to shareholders. For
the year, MSA invested $49 million in capital expenditures, paid down
$44 million of debt, funded $67 million of dividends to shareholders,
and deployed $20 million for share repurchases.
Comments from Management
"Our organization finished out a challenging year with strong fourth quarter performance that resulted in record revenue for the quarter, double-digit growth in cash flow, and a healthy backlog to enter 2021," commented Nish Vartanian, MSA Chairman, President and CEO. "Along with protecting the health and safety of our 5,000 associates, we remained focused on three key deliverables throughout the year: developing the most advanced safety technologies for our global customer base; driving operational excellence programs to improve our business model; and using our strong balance sheet to make investments that enhance our leadership positions in key markets," he said. Mr. Vartanian added that MSA's full year adjusted operating margin improved 10 basis points to 18 percent of sales, despite the 3 percent revenue decline associated with the pandemic and recession. "Overall, our diverse product portfolio and focus on continuous improvement drove strong performance in a challenging environment."
MSA's quarterly results include 10 percent revenue growth in firefighter safety products, a defensive market segment that has performed well through a broad range of economic conditions. "From our break-through G1 and M1 breathing apparatus platforms, to the recent acquisition of UK turnout gear leader Bristol Uniforms, to the upcoming launch of MSA's cloud-based Connected Firefighter platform and LUNAR system - which will create a new standard for firefighter accountability - we've made significant investments to help protect firefighters from head to toe with the most progressive technologies being developed today," Mr. Vartanian explained. MSA completed the Bristol Uniforms acquisition in January 2021. The transaction, valued at approximately $60 million, expands MSA's addressable market in the International fire service business.
In addition to the recent acquisition, Mr. Vartanian noted that profitability improvements in MSA's International segment were an ongoing highlight for the company in 2020. Adjusted operating margin in the segment expanded by 320 basis points in the fourth quarter and 270 basis points for the year. "Our restructuring investments and continuous improvement culture continue to yield strong returns across our International business," he said.
"Protecting the health and safety of workers around the world has never been more important or more relevant than it is today, and our team remains committed to advancing our mission," Mr. Vartanian said. "Our new product development pipeline, our focus on continuous improvement, and our strong balance sheet position us to continue to deliver value for our customers, employees, and shareholders in 2021 and beyond," Mr. Vartanian concluded.
MSA Safety Incorporated
Condensed Consolidated Statement of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020 2019 2020 2019
---
Net sales $
388,248 $
375,255 $
1,348,223 $
1,401,981
Cost of products
sold 228,976 208,410 757,775 765,369
Gross profit 159,272 166,845 590,448 636,612
Selling, general and
administrative 76,268 85,165 290,334 330,502
Research and
development 16,545 16,366 58,268 57,848
Restructuring
charges 8,906 2,643 27,381 13,846
Currency exchange
losses, net (a) 4,757 2,476 8,578 19,814
Product liability
and other operating
expense 34,158 20,217 39,036 28,372
Operating income 18,638 39,978 166,851 186,230
Interest expense 1,525 2,500 9,432 13,589
Other income, net (1,308) (2,244) (5,684) (11,094)
Total other expense,
net 217 256 3,748 2,495
Income before income
taxes 18,421 39,722 163,103 183,735
Provision for income
taxes 5,690 8,173 41,941 46,086
Net income 12,731 31,549 121,162 137,649
Net income
attributable to
noncontrolling
interests (393) (387) (1,061) (1,209)
Net income
attributable to MSA
Safety Incorporated $
12,338 $
31,162 $
120,101 $
136,440
Earnings per share attributable to
MSA Safety Incorporated common
shareholders:
Basic $
0.32 $
0.80 $
3.09 $
3.52
Diluted $
0.31 $
0.79 $
3.05 $
3.48
Basic shares
outstanding 38,981 38,762 38,885 38,653
Diluted shares
outstanding 39,335 39,366 39,286 39,189
(a)
Currency exchange losses for
the twelve months ended
December 31, 2019 includes a
$15.4 million non-cash charge
related to the recognition of
currency translation
adjustments associated with the
closure of MSA's South Africa
affiliates.
MSA Safety Incorporated
Condensed Consolidated Balance Sheet (Unaudited)
(In thousands)
December 31, December 31,
2020 2019
---
Assets
Cash and cash equivalents $
160,672 $
152,195
Trade receivables, net 252,283 255,082
Inventories 197,819 185,027
Notes receivable, insurance companies 3,796 3,676
Other current assets 141,859 97,383
Total current assets 756,429 693,363
Property, net 189,620 167,038
Prepaid pension cost 97,545 75,066
Operating lease assets, net 53,451 51,675
Goodwill 443,272 436,679
Notes receivable, insurance companies, noncurrent 48,540 52,336
Insurance receivable, noncurrent 82,926 56,169
Other noncurrent assets 200,701 207,367
Total assets $
1,872,484 $
1,739,693
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net $
20,000 $
20,000
Accounts payable 86,854 89,120
Other current liabilities 203,691 168,389
Total current liabilities 310,545 277,509
Long-term debt, net 287,157 328,394
Pensions and other employee benefits 208,068 186,697
Noncurrent operating lease liabilities 44,639 42,632
Deferred tax liabilities 10,916 9,787
Product liability and other noncurrent liabilities 201,268 162,101
Total shareholders' equity 809,891 732,573
Total liabilities and shareholders' equity $
1,872,484 $
1,739,693
MSA Safety Incorporated
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
---
2020 2019 2020 2019
---
Net income $
12,731 $
31,549 $
121,162 $
137,649
Depreciation and
amortization 10,390 9,681 39,674 38,020
Product liability
expense 34,158 18,464 39,036 26,619
Change in working
capital and
other operating 39,121 17,018 6,683 (37,326)
Cash flow from
operating
activities 96,400 76,712 206,555 164,962
Capital
expenditures (16,207) (13,081) (48,905) (36,604)
Acquisition, net
of cash acquired - (33,196)
Change in short-
term investments (4,981) 22,614 (24,318) 5,425
Property
disposals 120 95 454 218
Cash flow (used
in) from
investing
activities (21,068) 9,628 (72,769) (64,157)
Change in debt (39,000) (29,502) (44,000) (16,565)
Cash dividends
paid (16,767) (16,308) (66,578) (63,523)
Other financing 5,381 2,019 (15,951) (4,536)
Cash flow used in
financing
activities (50,386) (43,791) (126,529) (84,624)
Effect of
exchange rate
changes on cash, 2,902 1,136 1,234 (4,242)
cash equivalents and
restricted cash
Increase in cash,
cash equivalents
and restricted
cash $
27,848 $
43,685 $
8,491 $
11,939
MSA Safety Incorporated
Segment Information (Unaudited)
(In thousands, except percentage amounts)
Americas International Corporate Consolidated
---
Three Months Ended December 31, 2020
Sales to external
customers $
244,518 $
143,730
$ $
388,248
Operating income 18,638
Operating margin % 4.8
%
Restructuring charges 8,906
Currency exchange losses, net 4,757
Product liability expense 34,158
Strategic transaction costs 515
Adjusted operating
income (loss) 50,828 25,145 (8,999) 66,974
Adjusted operating
margin % 20.8
% 17.5
% 17.3
%
Depreciation and amortization 10,390
Adjusted EBITDA 57,955 28,310 (8,901) 77,364
Adjusted EBITDA % 23.7
% 19.7
% 19.9
%
Three Months Ended December 31, 2019
Sales to external
customers $
235,419 $
139,836
$ $
375,255
Operating income 39,978
Operating margin % 10.7
%
Restructuring charges 2,643
Currency exchange losses, net 2,476
Product liability expense 18,464
Strategic transaction costs 1,463
Adjusted operating
income (loss) 55,133 20,022 (10,131) 65,024
Adjusted operating
margin % 23.4
% 14.3
% 17.3
%
Depreciation and amortization 9,681
Adjusted EBITDA 61,203 23,535 (10,033) 74,705
Adjusted EBITDA % 26.0
% 16.8
% 19.9
%
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 and strategic transaction costs, and 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
Segment Information (Unaudited)
(In thousands, except percentage amounts)
Americas International Corporate Consolidated
---
Twelve Months Ended December 31, 2020
Sales to external
customers $
874,305 $
473,918
$ $
1,348,223
Operating income 166,851
Operating margin % 12.4
%
Restructuring charges 27,381
Currency exchange losses, net 8,578
Product liability expense 39,036
Strategic transaction costs 717
COVID-19 related costs 757
Adjusted operating
income (loss) 200,536 70,864 (28,080) 243,320
Adjusted operating
margin % 22.9
% 15.0
% 18.0
%
Depreciation and amortization 39,674
Adjusted EBITDA 227,298 83,385 (27,689) 282,994
Adjusted EBITDA % 26.0
% 17.6
% 21.0
%
Twelve Months Ended December 31, 2019
Sales to external
customers $
915,118 $
486,863
$ $
1,401,981
Operating income 186,230
Operating margin % 13.3
%
Restructuring charges 13,846
Currency exchange losses, net 19,814
Product liability expense 26,619
Strategic transaction costs 4,400
Adjusted operating
income (loss) 226,596 59,910 (35,597) 250,909
Adjusted operating
margin % 24.8
% 12.3
% 17.9
%
Depreciation and amortization 38,020
Adjusted EBITDA 251,287 72,848 (35,206) 288,929
Adjusted EBITDA % 27.5
% 15.0
% 20.6
%
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, strategic transaction costs and COVID-19 related costs, and 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 December 31, 2020
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel
GAAP
reported %
sales % % % % % % %
change 20 (5) (7) (4) (5) % 3 10 3
Plus:
Currency %
translation % % % % % % %
effects (2) (2) 2 % (2) (1) (1) (1) (1)
---
Constant
currency %
sales % % % % % % % %
change 18 (7) (5) (4) (7) (1) 2 9 2
---
Twelve Months Ended December 31, 2020
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel
GAAP
reported %
sales % % % % % % % %
change 4 (9) (13) (16) (2) (18) (6) 15 (4)
Plus:
Currency % % %
translation % %
effects -
%
% 3 1
% 1 % 1 1
---
Constant
currency %
sales % % % % % % % %
change 4 (9) (10) (15) (2) (17) (6) 16 (3)
---
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
Americas Segment
Three Months Ended December 31, 2020
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel
GAAP
reported
sales % % % % % % % % %
change 22 (3) (11) (12) (7) (14) 1 38 4
Plus:
Currency % % % %
translation % % %
effects -
%
% 5 1 1 2 1 3 1
---
Constant
currency
sales % % % % % % % % %
change 22 (3) (6) (11) (6) (12) 2 41 5
---
Twelve Months Ended December 31,2020
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel
GAAP
reported
sales % % % % % % % % %
change 4 (6) (18) (21) (1) (26) (8) 25 (4)
Plus:
Currency % % % %
translation % % % %
effects 1
% 4 2 1 3 2 4 1
---
Constant
currency
sales % % % % % % % %
change 5 (6) (14) (19)
% (23) (6) 29 (3)
---
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
International Segment
Three Months Ended December 31, 2020
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel
GAAP
reported %
sales % % % % % % % %
change 16 (12) 4 12 (2) 22 6 (13) 3
Plus:
Currency
translation % % % % % % % % %
effects (7) (5) (5) (4) (5) (4) (5) (6) (5)
---
Constant
currency %
sales % % % % % % % %
change 9 (17) (1) 8 (7) 18 1 (19) (2)
---
Twelve Months Ended December 31, 2020
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel
GAAP
reported % %
sales % % % % % % %
change 3 (21) 3 (6) (3) (6) (3) 1 (3)
Plus:
Currency
translation % % % % % % %
effects (1) (1)
% (1) (2)
% (1) (1) (1)
---
Constant
currency %
sales % % % % % % %
change 2 (22) 3 (7) (5) (6) (4) % (4)
---
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.
MSA Safety Incorporated
Supplemental Segment Information (Unaudited)
Summary of constant currency revenue growth by segment and product group
Three Months Ended December 31, 2020
Consolidated Americas International
---
Breathing Apparatus 18 22 9
% % %
Fall Protection (1) (12)
% %
% 18
Portable Gas Detection (4) (11)
% %
% 8
Industrial Head Protection (5) (6)
% %
% (1)
Fixed Gas and Flame Detection (7) (6)
% %
% (7)
Firefighter Helmets and Protective Apparel (7) (3)
% %
% (17)
---
Core Sales 2 2 1
% % %
Non-Core Sales 9 41 (19)
% % %
Net Sales 2 5 (2)
% % %
===
Twelve Months Ended December 31, 2020
Consolidated Americas International
---
Breathing Apparatus 4 5 2
% % %
Fall Protection (17) (23)
% %
% (6)
Portable Gas Detection (15) (19)
% %
% (7)
Industrial Head Protection (10) (14)
% %
% 3
Fixed Gas and Flame Detection (2) % (5)
% %
Firefighter Helmets and Protective Apparel (9) (6)
% %
% (22)
---
Core Sales (6) (6)
% %
% (4)
---
Non-Core Sales 16 29
% %
%
Net Sales (3) (3)
% %
% (4)
===
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
Twelve Months Ended
December 31,
December 31,
2020 2019
% 2020 2019
%
Change
Change
---
Net income
attributable to MSA
Safety Incorporated $
12,338 $
31,162 (60)% $
120,101 $
136,440 (12)%
Non-deductible non-
cash charge related
to the recognition
of currency
translation
adjustments (a) - 15,359
Tax charges
associated with
restructuring
activities 1,119 584 1,119 584
Tax benefit
associated with ASU
2016-09:
Improvements to
employee share-
based payment
accounting (266) (98) (1,965) (2,278)
Subtotal 13,191 31,648 (58)% 119,255 150,105 (21)%
Product liability
expense 34,158 18,464 39,036 26,619
Restructuring
charges 8,906 2,643 27,381 13,846
Currency exchange
losses, net 4,757 2,476 8,578 4,455
Strategic
transaction costs 515 1,463 717 4,400
Asset related losses
and other 47 100 993 371
Income tax expense
on adjustments (11,716) (5,914) (19,330) (11,826)
Adjusted earnings $
49,858 $
50,880 (2)% $
176,630 $
187,970 (6)%
Adjusted earnings
per diluted share $
1.27 $
1.29 (2)% $
4.50 $
4.80 (6)%
(a)
Included in Currency exchange
losses, net on the Condensed
Consolidated Statement of
Income.
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 fire service, the oil, gas and petrochemical industry, 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 5,000 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 20, 2020. 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 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/msa-safety-announces-fourth-quarter-and-full-year-2020-results-301231360.html
SOURCE MSA Safety
