Q3 2024 MSA Safety Inc Earnings Call Transcript
Key Points
- MSA Safety Inc (MSA) demonstrated operational resilience with adjusted earnings increasing by 3% despite a 3% decrease in net sales.
- The company experienced high single-digit growth in orders year over year, excluding the impact of the U.S. Air Force order.
- MSA Safety Inc's portable detection sales have grown by nearly 40% over the last two years, with strong growth in connected devices.
- The company was recognized by the Product Development and Management Association for outstanding corporate innovation.
- MSA Safety Inc maintains a strong business pipeline and continues to see positive order momentum, with a book-to-bill ratio of about 1.1 times.
- Net sales decreased by 3% year over year, largely due to delivery timing issues in the fire service and specific customer delays.
- Sales in the fire service segment were down by high single digits, primarily due to the U.S. Air Force shipping delay and a decline in breathing apparatus sales.
- Industrial PPE sales were down mid-single digits year over year, with international markets slowing.
- The company's gross profit margins decreased by 110 basis points compared to the prior year.
- MSA Safety Inc faced customer delays in ballistic helmets, impacting sales in the industrial PPE segment.
Thanks, Good day. Welcome to the MSA Safety Third Quarter 2024 earnings conference call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question. You may press star then one on your touch-tone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Larry De Maria, Executive Director of Investor Relations. Please go ahead.
Thank you. Good morning and welcome to M & A. Third Quarter 2024 earnings conference call. Larry De Maria Executive Director, Investor Relations. I'm joined by Steve Blanco pregnancy out out stamping. Sure love president of our market segment. In today's call, we'll discuss MFA's third quarter financial results and provide an update on our full year 2024 outlook. On slide 2, I'd like
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