MSA announces record Q3 sales & earnings
Fall protection performs particularly well
“It is certainly gratifying to see the solid progress our team is making in executing our strategy,” said William M. Lambert, MSA President and CEO
Fall protection performs well
“For the quarter we achieved good revenue growth across most of our core industrial product lines in both emerging and developed markets. In particular, our fall protection business performed very well, growing 21 percent when compared to the same quarter a year ago, and gas detection grew 13 percent.
“When we factor in the impact of General Monitors, our quarterly gas detection sales grew 51 percent. Additionally, I am encouraged by the 300 basis point improvement we achieved in gross profit margins across all of our products in both developed and emerging markets. While the economic environment remains volatile and an ever-present concern, our most recent results reflect the commitment of our team and the success they are having in generating growth in what continues to be a challenging marketplace,” he added.
General Monitors boosts sales
Third quarter sales in the company’s North American segment increased $32 million, or 28 percent, versus the same period of 2010. Organic sales increased $16 million, or 14 percent, while the company’s recent acquisition of General Monitors increased sales by $16 million in the quarter. Organic sales of gas detection products increased $4 million, while sales of head protection and fall protection products were both up $2 million on higher shipments to core industrial markets. Shipments of ballistic helmets to the military were $6 million higher in the quarter.
Sales in the company’s European segment increased $10 million, or 17 percent, when compared to the third quarter of 2010. Currency translation effects increased third quarter European segment sales, when stated in U.S. dollars, by $5 million, primarily related to a stronger euro. Local currency organic sales decreased $1 million, while the acquisition of General Monitors increased sales in our European segment by $6 million in the quarter. Local currency organic sales in core industrial markets increased $6 million, while sales in military markets increased $1 million. These increases were offset by an $8 million decrease in shipments to fire service markets.
Sales in MSA’s International segment increased $14 million, or 21 percent, in the third quarter of 2011. On a local currency basis, sales increased $9 million reflecting strong product demand in Latin America and Asia, primarily in industrial markets across a broad group of product lines. Currency translation effects increased second quarter International segment sales, when stated in U.S. dollars, by $5 million, primarily related to a strengthening of the Australian dollar, Brazilian real, and South African rand.