Achieved quarterly net sales of $464 million, a 10% GAAP increase and a 3% organic increase year-over-year
Generated GAAP operating income of $93 million, or 20.1% of sales, and adjusted operating income of $101 million, or 21.8% of sales
Recorded GAAP net income of $71 million, or $1.83 per diluted share, and adjusted earnings of $77 million, or $1.99 per diluted share
Returned a total of $71 million to shareholders via $50 million of share repurchases and $21 million of dividends; authorized a new $500 million share repurchase program
Maintain a strong balance sheet and ample liquidity to support Accelerate strategy
PITTSBURGH, May 4, 2026 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE:MSA) today reported financial results for the first quarter of 2026.
"Our first quarter performance reflects the resilience of our diverse business, and a solid start to the year," said Steve Blanco, President and CEO of MSA Safety. "We continued to execute our Accelerate strategy and leverage the MSA Business System (MBS) to drive profitable growth, while navigating the current macroeconomic and geopolitical landscape. Strong operational execution in our Americas segment drove our sales and margin performance, more than offsetting short-term challenges in Europe and the Middle East, which are part of our International segment. The team remains focused on achieving our strategic commitments, serving our customers, and delivering on our mission."
Financial Highlights
Three Months Ended March 31,
(In millions, except per share data and percentages)
2026
2025
% Change (a)
Net Sales
$ 463.6
$ 421.3
10 %
GAAP
Operating income
93.0
77.8
20 %
% of Net sales
20.1 %
18.5 %
160 bps
Net income
71.3
59.6
20 %
Diluted EPS
1.83
1.51
21 %
Non-GAAP
Adjusted EBITDA
$ 115.9
$ 101.5
14 %
% of Net sales
25.0 %
24.1 %
90 bps
Adjusted operating income
101.1
87.5
16 %
% of Net sales
21.8 %
20.8 %
100 bps
Adjusted earnings
77.5
66.4
17 %
Adjusted diluted EPS
1.99
1.68
18 %
Free cash flow
65.1
51.0
28 %
Free cash flow conversion
91 %
86 %
Americas Segment
Net sales
$ 325.2
$ 293.2
11 %
GAAP operating income
95.8
76.5
25 %
% of Net sales
29.4 %
26.1 %
330 bps
Adjusted operating income
98.1
78.7
25 %
% of Net sales
30.2 %
26.8 %
340 bps
International Segment
Net sales
$ 138.4
$ 128.2
8 %
GAAP operating income
12.5
17.3
(28) %
% of Net sales
9.0 %
13.5 %
(450) bps
Adjusted operating income
14.5
18.7
(22) %
% of Net sales
10.5 %
14.6 %
(410) bps
(a) Percentage change may not calculate exactly due to rounding.
"The team delivered solid organic growth and profit pull-through in the first quarter, resulting in 18% adjusted EPS growth," stated Julie Beck, MSA Safety's Chief Financial Officer. "Our gross margin expansion reflects MBS-driven execution. The balance sheet and free cash flow generation remain strong, and we returned cash to shareholders. We announced a new $500 million share repurchase authorization in February and maintain an active M&A pipeline. Given the solid start to the year and our healthy order book, we are maintaining our mid-single-digit 2026 organic sales growth outlook. We also recognize the potential challenges posed by the volatile geopolitical and macroeconomic operating environment," Ms. Beck added.
The company returned a total of $71 million to shareholders via dividends of $21 million and executing $50 million of share repurchases, while investing $11 million in capital expenditures. MSA maintains a strong liquidity position with net debt at the end of the first quarter of $433 million. The company's net leverage ratio was 0.9x at March 31, 2026. MSA's strong financial profile, including ample liquidity of $1.2 billion, continues to provide optionality around execution of strategic growth initiatives, including acquisitions.
Conference Call
MSA Safety will host a conference call on Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time to discuss its first quarter 2026 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.
MSA Safety IncorporatedCondensed Consolidated Statements of Income (Unaudited)(In thousands, except per share amounts)
Three Months Ended March 31,
2026
2025
Net sales
$ 463,632
$ 421,340
Cost of products sold
244,051
227,945
Gross profit
219,581
193,395
Selling, general and administrative
107,684
93,965
Research and development
16,355
15,669
Restructuring charges
2,329
1,924
Currency exchange losses, net
199
4,076
Operating income
93,014
77,761
Interest expense
7,703
6,835
Other income, net
(7,681)
(7,023)
Total other expense (income), net
22
(188)
Income before income taxes
92,992
77,949
Provision for income taxes
21,723
18,344
Net income
$ 71,269
$ 59,605
Earnings per share attributable to common shareholders:
Basic
$ 1.83
$ 1.51
Diluted
$ 1.83
$ 1.51
Basic shares outstanding
38,859
39,334
Diluted shares outstanding
38,986
39,501
MSA Safety IncorporatedCondensed Consolidated Balance Sheets (Unaudited)(In thousands)
March 31, 2026
December 31, 2025
Assets
Cash and cash equivalents
$ 180,158
$ 165,067
Trade receivables, net
325,011
306,452
Inventories
