PITTSBURGH, Feb. 16, 2015 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the fourth quarter and full year of 2014.
Quarterly Highlights
- Revenue was a record $311 million, up 7 percent from the fourth quarter of 2013. Income from continuing operations was a record $33 million or $0.88 per basic share. Adjusted earnings were a record $35 million, or $0.94 per basic share, increasing 24 percent.
- Quarterly local currency revenue from core product lines increased 13 percent, driven by strong shipping activity across all core product categories.
- Operating margin of 16.4 percent of sales reflects a 220 basis point increase from a year ago.
- Free cash flow was $47 million or 143 percent of net income, increasing 31 percent compared to the same quarter a year ago.
Annual Highlights
- Revenue was $1.1 billion, up 2 percent from 2013. Income from continuing operations was $87 million or $2.34 per basic share. Adjusted earnings were $95 million, or $2.55 per basic share, decreasing 1 percent compared to a year ago.
- Local currency revenue from core product lines increased 8 percent excluding sales of self-contained breathing apparatus (SCBA), which were hampered for most of the year by regulatory delays in the U.S.
- Free cash flow of $73 million, or 83 percent of net income, helped to fund further reductions in long-term debt and dividend payments to shareholders.
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