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MSA Announces Fourth Quarter and Full Year 2018 Results
Record revenue driven by strong growth in fire service and industrial products; MSA delivers double-digit revenue, earnings and operating cash flow growth for the full year of 2018

PITTSBURGH, Feb. 20, 2019 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the fourth quarter and full year of 2018.

MSA Safety Incorporated

Quarterly Highlights

  • Revenue was $362 million, increasing 5 percent from a year ago on a reported basis and 7 percent on an organic constant currency basis.
  • GAAP earnings were $25 million or $0.64 per diluted share, compared to a GAAP loss of $33 million or $0.87 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 $1.31 per diluted share in the same period a year ago.
  • Operating cash flow was $81 million compared to $41 million a year ago. Free cash flow increased 114 percent from a year ago to $62 million. Free cash flow conversion exceeded 100 percent of net income, driven by strong management of working capital.

Annual Highlights

  • Revenue was $1.36 billion, increasing 13 percent from a year ago on a reported basis and 8 percent on an organic constant currency basis.
  • GAAP earnings were $124 million or $3.18 per diluted share, compared to $26 million or $0.67 per diluted share in the same period a year ago.  Adjusted earnings increased 24 percent to $175 million or $4.50 per diluted share, compared to $141 million or $3.65 per diluted share in the same period a year ago. Strong organic revenue growth, the acquisition of Globe, a streamlined cost structure, and a lower effective tax rate were the key drivers of earnings growth in 2018.
  • Operating cash flow was $267 million compared to $230 million a year ago. Free cash flow increased 11 percent from a year ago to $230 million. Free cash flow conversion exceeded 100 percent of net income, driven by a 220 basis point improvement from a year ago in working capital as a percent of sales.
  • In 2018, the company invested more than $50 million in research and development, reduced its debt balance by $108 million, and returned $57 million to shareholders through dividend payments.

Comments from Management

"In the fourth quarter MSA delivered record revenue and drove meaningful improvements in working capital, which resulted in free cash flow that more than doubled from a year ago," said Nish Vartanian, MSA President and CEO. He added that MSA's backlog remained elevated at the end of 2018, despite the notable uptick in quarterly invoicing.

The company realized strong growth across its core product portfolio, supported by investments in new product development. "It was certainly exciting to see continued growth in our fire service business, led by deliveries of our market-leading G1 SCBA to large fire departments in the U.S., Latin America, and Asia-Pacific," Mr. Vartanian continued.  "On the industrial side of our business, we realized double-digit growth in our personal protective equipment product lines, where we've invested heavily to develop what we believe are the most comfortable and customizable hard hat and fall protection solutions available today."

"Our global teams remain committed to executing the profitable growth strategy that has helped us drive outstanding financial performance over the past several years," he said.  Demonstrating these improvements, MSA posted full year revenue growth of 13 percent, adjusted earnings growth of 24 percent, and free cash flow conversion well in excess of 100 percent of net income in 2018. "As we enter 2019 - our 105th year in business - our strong balance sheet and healthy incremental margin profile position us well to build on this success and continue creating value for shareholders," Mr. Vartanian concluded.

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended
December 31,


Twelve Months Ended
December 31,


2018


2017


2018


2017









Net sales

$

361,784



$

346,140



$

1,358,104



$

1,196,809


Cost of products sold

199,397



192,138



746,241



657,918


Gross profit

162,387



154,002



611,863



538,891










Selling, general and administrative

84,558



76,321



324,784



300,062


Research and development

12,944



14,779



52,696



50,061


Restructuring charges

3,024



712



13,247



17,632


Currency exchange (gains) losses, net

(241)



1,133



2,330



5,127


Other operating expense

19,858



93,476



45,327



126,432


Operating income (loss)

42,244



(32,419)



173,479



39,577










Interest expense

4,427



4,794



18,881



15,360


Loss on extinguishment of debt





1,494




Other income, net

 

(939)



(1,152)



(9,231)



(5,558)


Total other expense, net

3,488



3,642



11,144



9,802










Income (loss) before income taxes

38,756



(36,061)



162,335



29,775


Provision (benefit) for income taxes

13,614



(3,487)



37,220



2,819


Net income (loss)

25,142



(32,574)



125,115



26,956


Net income attributable to noncontrolling interests

(259)



(410)



(965)



(929)


Net income (loss) attributable to MSA Safety
Incorporated

24,883



(32,984)



124,150



26,027


























Earnings per share attributable to MSA Safety
Incorporated common shareholders:








Basic

$

0.65



$

(0.87)



$

3.23



$

0.68


Diluted

$

0.64



$

(0.87)



$

3.18



$

0.67










Basic shares outstanding

38,465



38,079



38,362



37,997


Diluted shares outstanding

39,104



38,079



38,961



38,697


 

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



December 31, 2018


December 31, 2017

Assets




Cash and cash equivalents

$

140,095



$

134,244


Trade receivables, net

245,032



244,198


Inventories

156,602



153,739


Investments, short-term

55,106




Notes receivable, insurance companies

3,555



17,333


Other current assets

56,233



72,783


    Total current assets

656,623



622,297






Property, net

157,940



157,014


Prepaid pension cost

57,568



83,060


Goodwill

413,640



422,185


Notes receivable, insurance companies, noncurrent

56,012



59,567


Insurance receivable, noncurrent

56,866



123,089


Other noncurrent assets

209,363



217,614


   Total assets

$

1,608,012



$

1,684,826






Liabilities and shareholders' equity




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

$

20,063



$

26,680


Accounts payable

78,367



87,061


Other current liabilities

183,630



175,538


   Total current liabilities

282,060



289,279






Long-term debt, net

341,311



447,832


Pensions and other employee benefits

166,101



170,773


Deferred tax liabilities

7,164



9,341


Other noncurrent liabilities

171,857



165,023


Total shareholders' equity

639,519



602,578


   Total liabilities and shareholders' equity

$

1,608,012



$

1,684,826


 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended
December 31,


Twelve Months Ended
December 31,


2018


2017


2018


2017









Net income (loss)

$

25,142



$

(32,574)



$

125,115



$

26,956


Depreciation and amortization

9,267



10,212



37,852



37,877


Change in working capital and other operating

46,208



63,452



103,847



165,503


  Cash flow from operating activities

80,617



41,090



266,814



230,336










Capital expenditures

(18,267)



(11,995)



(36,887)



(23,725)


Acquisition, net of cash acquired



(2,318)





(216,308)


Change in short-term investments

2,068





(55,022)




Property disposals and other investing

586



103



4,587



832


  Cash flow used in investing activities

(15,613)



(14,210)



(87,322)



(239,201)










Change in debt

(26,941)



1,346



(107,616)



77,246


Cash dividends paid

(14,643)



(13,337)



(57,248)



(52,537)


Company stock purchases under repurchase program







(11,781)


Other financing

2,170



5,466



1,595



12,675


  Cash flow (used in) from financing activities

(39,414)



(6,525)



(163,269)



25,603










Effect of exchange rate changes on cash, cash
equivalents and restricted cash

(3,556)



4,567



(13,508)



6,189










Increase in cash, cash equivalents and restricted cash

22,034



24,922



2,715



22,927


 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands)



Americas


International


Corporate


Consolidated

Three Months Ended December 31, 2018








Sales to external customers

$

220,475



$

141,309





$

361,784


Operating income







42,244


Operating margin %







11.7%


Restructuring and other charges







3,024


Currency exchange (gains), net







(241)


Other operating expense







19,858


Strategic transaction costs







213


Adjusted operating income (loss)

55,383



17,906



(8,191)



$

65,098


Adjusted operating margin %

25.1%



12.7%





18.0%










Twelve Months Ended December 31, 2018








Sales to external customers

$

854,287



$

503,817





$

1,358,104


Operating income







173,479


Operating margin %







12.8%


Restructuring and other charges







13,247


Currency exchange losses, net







2,330


Other operating expense







45,327


Strategic transaction costs







421


Adjusted operating income (loss)

206,839



59,866



(31,901)



$

234,804


Adjusted operating margin %

24.2%



11.9%





17.3%











Americas


International


Corporate


Consolidated

Three Months Ended December 31, 2017








Sales to external customers

$

208,421



$

137,719





$

346,140


Operating loss







(32,419)


Operating margin %







(9.4)%


Restructuring charges







712


Currency exchange losses, net







1,133


Other operating expense







93,476


Strategic transaction costs







860


Adjusted operating income (loss)

50,502



20,245



(6,985)



$

63,762


Adjusted operating margin %

24.2%



14.7%





18.4%










Twelve Months Ended December 31, 2017








Sales to external customers

$

736,847



$

459,962





$

1,196,809


Operating income







39,577


Operating margin %







3.3%


Restructuring charges







17,632


Currency exchange losses, net







5,127


Other operating expense







126,432


Strategic transaction costs







4,225


Adjusted operating income (loss)

175,589



50,391



(32,987)



$

192,993


Adjusted operating margin %

23.8%



11.0%





16.1%


The Americas segment is comprised of our operations in the U.S., Canada and Latin America.  The International segment is comprised of our operations in all other parts of the world including Europe, Africa, the Middle East, India, China, South East Asia and Australia.  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) and adjusted operating 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) and adjusted operating margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, other operating expense and strategic transaction costs.  Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers.  Adjusted operating income (loss) and adjusted operating 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) and adjusted operating 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)

Organic constant currency revenue growth (Unaudited)


Consolidated



Three Months Ended December 31, 2018


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(b)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales


Non-
Core
Sales


Net Sales

GAAP reported sales change

9

%

(1)%


10

%

2

%

(4)%


11

%

4

%


10

%


5

%

Plus: Currency translation effects

2

%

1

%

3

%

2

%

3

%

4

%

2

%


4

%


2

%

Constant currency sales change

11

%

%

13

%

4

%

(1)%


15

%

6

%


14

%


7

%

Less: Acquisitions

%

%

%

%

%

%

%


%


%

Organic constant currency change

11

%

%

13

%

4

%

(1)%


15

%

6

%


14

%


7

%




Twelve Months Ended December 31, 2018


Breathing Apparatus

Firefighter Helmets and Protective Apparel(b)

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported sales change

11

%

64

%

10

%

10

%

6

%

11

%

15

%


5

%


13

%

Plus: Currency translation effects

%

%

2

%

%

(1)%


(1)%


%


%


%

Constant currency sales change

11

%

64

%

12

%

10

%

5

%

10

%

15

%


5

%


13

%

Less: Acquisitions

%

69

%

%

%

%

%

7

%


%


5

%

Organic constant currency change

11

%

(5)%


12

%

10

%

5

%

10

%

8

%


5

%


8

%


(b)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

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. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic 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 these non-GAAP financial measures.

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)


Americas Segment



Three Months Ended December 31, 2018


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(b)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales


Non-
Core
Sales


Net Sales

GAAP reported sales change

5

%

4

%

6

%

7

%

13

%

2

%

6

%


%


6

%

Plus: Currency translation effects

1

%

%

3

%

1

%

(1)%


3

%

1

%


3

%


1

%

Constant currency sales change

6

%

4

%

9

%

8

%

12

%

5

%

7

%


3

%


7

%

Less: Acquisitions

%

%

%

%

%

%

%


%


%

Organic constant currency change

6

%

4

%

9

%

8

%

12

%

5

%

7

%


3

%


7

%



Twelve Months Ended December 31, 2018


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(b)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales


Non-
Core
Sales


Net Sales

GAAP reported sales change

8

%

96

%

8

%

11

%

10

%

13

%

19

%


(3)%



16

%

Plus: Currency translation effects

%

1

%

3

%

1

%

%

%

1

%


2

%


1

%

Constant currency sales change

8

%

97

%

11

%

12

%

10

%

13

%

20

%


(1)%



17

%

Less: Acquisitions

%

99

%

%

%

%

%

10

%


%


9

%

Organic constant currency change

8

%

(2)%


11

%

12

%

10

%

13

%

10

%


%


8

%


(b)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

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. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic 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 these non-GAAP financial measures.

MSA Safety Incorporated

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

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)


International Segment



Three Months Ended December 31, 2018


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(b)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales


Non-
Core
Sales


Net Sales

GAAP reported sales change

15

%

(15)%


24

%

(6)%


(16)%


23

%

%


21

%


3

%

Plus: Currency translation effects

4

%

3

%

5

%

4

%

4

%

6

%

4

%


5

%


4

%

Constant currency sales change

19

%

(12)%


29

%

(2)%


(12)%


29

%

4

%


26

%


7

%

Less: Acquisitions

%

%

%

%

%

%

%


%


%

Organic constant currency change

19

%

(12)%


29

%

(2)%


(12)%


29

%

4

%


26

%


7

%




Twelve Months Ended December 31, 2018


Breathing
Apparatus

Firefighter
Helmets
and
Protective
Apparel(b)

Industrial
Head
Protection

Portable
Gas
Detection

Fixed Gas
and Flame
Detection

Fall
Protection

Core
Sales


Non-
Core
Sales


Net Sales

GAAP reported sales change

18

%

(2)%


15

%

8

%

2

%

8

%

8

%


16

%


10

%

Plus: Currency translation effects

(2)%


(4)%


%

(2)%


(2)%


(1)%


(2)%



(2)%



(2)%


Constant currency sales change

16

%

(6)%


15

%

6

%

%

7

%

6

%


14

%


8

%

Less: Acquisitions

%

1

%

%

%

%

%

%


%


1

%

Organic constant currency change

16

%

(7)%


15

%

6

%

%

7

%

6

%


14

%


7

%


(b)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

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. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic 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 these non-GAAP financial measures.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group



Three Months Ended December 31, 2018


Consolidated


Americas


International

Fall Protection

15

%


5

%


29

%

Industrial Head Protection

13

%


9

%


29

%

Breathing Apparatus

11

%


6

%


19

%

Portable Gas Detection

4

%


8

%


(2)

%

Firefighter Helmets and Protective Apparel(b)

%


4

%


(12)

%

Fixed Gas and Flame Detection

(1)

%


12

%


(12)

%

Core Sales

6

%


7

%


4

%

Core excluding Acquisitions

6

%


7

%


4

%







Non-Core Sales

14

%


3

%


26

%







Net Sales

7

%


7

%


7

%

Net Sales excluding Acquisitions

7

%


7

%


7

%



Twelve Months Ended December 31, 2018


Consolidated


Americas


International

Fall Protection

10

%


13

%


7

%

Industrial Head Protection

12

%


11

%


15

%

Breathing Apparatus

11

%


8

%


16

%

Portable Gas Detection

10

%


12

%


6

%

Firefighter Helmets and Protective Apparel(b)

64

%


97

%


(6)

%

Fixed Gas and Flame Detection

5

%


10

%


%

Core Sales

15

%


20

%


6

%

Core excluding Acquisitions

8

%


10

%


6

%







Non-Core Sales

5

%


(1)

%


14

%







Net Sales

13

%


17

%


8

%

Net Sales excluding Acquisitions

8

%


8

%


7

%


(b)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

 

MSA Safety Incorporated

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

Free Cash Flow (Unaudited)

(In thousands, except percentages)



Three Months Ended
December 31,




Twelve Months Ended
December 31,




2018


2017


% Change


2018


2017


% Change













Cash flow from operating
activities

$

80,617



$

41,090



96%


$

266,814



$

230,336



16%

Capital expenditures

(18,267)



(11,995)





(36,887)



(23,725)
















Free cash flow

$

62,350



$

29,095



114%


$

229,927



$

206,611



11%













Net income (loss) attributable
to MSA Safety Incorporated

24,883



(32,984)





124,150



26,027
















Free cash flow conversion

251%



(88)%





185%



794%




Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income attributable to MSA. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.

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 December 31,




Twelve Months Ended December 31,




2018


2017


%
Change


2018


2017


%
Change













Net income (loss) attributable
to MSA Safety Incorporated

24,883



(32,984)



(175)%


124,150



26,027



377%

Tax charges associated with
U.S. Tax Reform

4,475



19,817





2,518



19,817




Tax (benefit) associated with
ASU 2016-09: Improvements
to employee share-based
payment accounting

(225)



(1,413)





(2,531)



(8,323)




Tax charges (benefits)
associated with restructuring
activities

1,794



(30)





1,794



(2,504)




Subtotal

30,927



(14,610)



(312)%


125,931



35,017



260%













Other operating expense

19,858



93,476





45,327



126,432




Restructuring charges

3,024



712





13,247



17,632




Strategic Transaction Costs

213



860





421



4,225




Asset related losses and
other, net

68



492





1,978



678




Currency exchange (gains)
losses, net

(241)



1,133





2,330



5,127




Income tax expense on
adjustments

(4,155)



(31,443)





(13,800)



(47,810)




Adjusted earnings

$

49,694



$

50,620



(2)%


$

175,434



$

141,301



24%













Adjusted earnings per diluted
share

$

1.27



$

1.31



(3)%


$

4.50



$

3.65



23%













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 2018 revenues of $1.4 billion, MSA employs approximately 4,800 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 22, 2018. 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, organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted earnings, adjusted earnings per diluted share and free cash flow. 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

For further information: Media Relations Contact: Mark Deasy (724) 741 - 8570, Investor Relations Contact: Elyse Lorenzato (724) 741 - 8525