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MSA Safety Inc 4.50% PRF PERPETUAL USD 50 (MNESP0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $1.81 billion, an increase of 1.1% from $1.79 billion in the previous year. The increase in net sales was driven by growth in the Americas and International segments.
Gross profit for the year was $860.4 million, representing a gross margin of 47.6%, which is consistent with the prior year. The company managed to offset inflationary pressures with price realization and productivity efforts.
Selling, general, and administrative expenses decreased slightly to $394.7 million, or 21.8% of net sales, compared to 22.2% in the previous year. This was achieved through lower variable compensation and discretionary cost management.
Research and development expenses were $66.5 million, a decrease of 2.2% from the previous year, reflecting the company's continued investment in new product development and technology-based safety solutions.
The company reported restructuring charges of $6.4 million related to ongoing initiatives to optimize its manufacturing footprint and improve productivity.
Currency exchange losses were $3.6 million, a significant decrease from $17.1 million in the previous year, primarily due to foreign currency exposure on unsettled inter-company balances.
MSA Safety Inc's net income for the year was $285.0 million, or $7.21 per diluted share, compared to $58.6 million, or $1.48 per diluted share, in the previous year. The increase was largely due to the absence of a loss on divestiture recognized in 2023.
The company's effective tax rate was 24.0%, down from 71.6% in the prior year, which was impacted by a non-deductible loss on the divestiture of a subsidiary.
MSA Safety Inc ended the year with cash and cash equivalents of $164.6 million and no borrowings under its $900 million senior revolving credit facility, providing significant liquidity and flexibility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MSA Safety Inc 4.50% PRF PERPETUAL USD 50 annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.