MSA Safety Incorporated reported a net sales increase to $1.81 billion for the fiscal year ending December 31, 2024, up from $1.79 billion in 2023, reflecting a growth of 1.1%. The Americas segment contributed $1.25 billion, a 0.9% increase, while the International segment saw a 1.7% rise to $561.5 million. The company's gross profit also rose to $860.4 million, a 1.0% increase from the previous year, with a gross profit margin of 47.6%. Operating income surged to $389.2 million, significantly higher than the $231.3 million reported in 2023, primarily due to the absence of a loss on the divestiture of MSA LLC, which had impacted the previous year's results.
In terms of strategic developments, MSA completed the divestiture of its subsidiary, Mine Safety Appliances Company, LLC, on January 5, 2023, for $341.2 million in cash. This transaction allowed MSA to derecognize legacy cumulative trauma product liability reserves and related insurance assets, which had previously burdened its financials. The company continues to focus on innovation, investing in research and development, which totaled $66.5 million in 2024, a slight decrease from $68.0 million in 2023. MSA's commitment to product development is evident in its MSA+™ solutions, which integrate hardware, software, and services to enhance safety operations.
Operationally, MSA employed approximately 5,200 people globally as of December 31, 2024, with a workforce split of about 44% in the U.S. and 56% internationally. The company maintains a strong distribution network with over 2,100 authorized distributor locations worldwide. MSA's product lines, particularly in fire service and detection, continue to see robust demand, contributing to its market share in the safety products sector. The company reported a 1.5% organic sales growth across its segments, indicating stable customer engagement and product adoption rates.
Looking ahead, MSA expressed a cautiously optimistic outlook for 2025, anticipating low-single-digit organic sales growth while navigating a dynamic macroeconomic environment. The company plans to continue leveraging its MSA Business System to enhance operational efficiency and customer satisfaction. MSA's management remains focused on maintaining a balanced capital allocation strategy, prioritizing growth investments, dividends, and share repurchases, while also exploring potential acquisition opportunities to expand its market presence.
About MSA Safety Inc
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