MSA earnings analysis
What we found in MSA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MSA Safety reported robust Q1 2026 results, with revenue of $463.6 million, up 10.0% year-over-year, and EPS of $1.99, surpassing estimates. The Americas segment showed significant growth, while International saw slight declines in organic sales. Management remained optimistic about mid-single-digit organic sales growth for 2026, despite macro headwinds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Revenue increased to $463.6 million, up 10.0% from $421.3 million in Q1 2025.
- EPS Beat
- EPS rose to $1.99, exceeding the consensus estimate of $1.83.
- Strong Operating Cash Flow
- Operating cash flow reached $75.7 million, an increase from $61.8 million in Q1 2025.
- Healthy Gross Margin
- Gross margin improved to 47.4% from 45.9% year-over-year.
- Increased Cash and Equivalents
- Cash and cash equivalents of $180.2 million increased by $15.1 million from the previous quarter.
- Acquisition Growth
- Segment M&C contributed $14.9 million in revenue across Americas and International segments.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Uncertainty
- Ongoing conflicts in the Middle East are impacting International segment sales, with organic sales declining 6.8%.
- Inflationary Pressures
- Rising inflation affecting costs, particularly in tariffs and variable compensation.
- Currency Fluctuation Risks
- A hypothetical 10% strengthening of the U.S. dollar would decrease reported net sales by approximately $19.4 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.99
- Gross margin
- 47.4%
- Operating margin
- 20.0%
- Segment
- Americas revenue: $325.2 million
- Segment
- International revenue: $138.4 million
What they said about what is next.
Management expects mid-single-digit organic sales growth for 2026.
The filing reads better than the one before it.
What came before.
- 10-Q · August 5, 2025
- MSA reported Q2 net sales of $474.1 million, up $11.6 million or 2.5% versus Q2 2024, while diluted EPS declined to $1.59 from $1.83 a year ago. Gross margin compressed to 46.6% (from 48.2%) and GAAP operating income…
- 10-Q · May 1, 2025
- MSA reported Q1 net sales of $421.3 million, up $8.0 million or 1.9% year-over-year, driven by an 8.8% increase in International sales while Americas declined 0.8%. Gross profit decreased $2.1 million to $193.4 million…
- 10-K · February 14, 2025
- MSA reports modest top-line growth to $1.808 billion in 2024 (+$20.4M, 1.1%) with materially higher GAAP net income of $284.967 million ($7.21 diluted EPS) versus $58.583 million ($1.48) in 2023, driven largely by the…
- 10-Q · April 30, 2024
- MSA reported Q1 net sales of $413.3 million, up $15.0 million or 3.8% year-over-year, driven by Americas growth. Gross profit rose to $195.5 million (47.3% of sales) and GAAP operating income recovered to $80.1 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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