Shares of MSA Safety fell in early trading today after the Cranberry safety products company’s second-quarter earnings and sales fell short of Wall Street estimates.
Net income fell 6 percent to $22.8 million, or 59 cents per share, while sales dropped 1 percent to $282.5 million. Excluding foreign exchange gains and $857,000 in pretax restructuring charges, MSA reported adjusted net income of 60 cents per share.
Analysts surveyed by Bloomberg had forecast adjusted income of 62 cents per share and sales of $294 million.
The company reported the results after the market closed Wednesday.
It said continuing government delays in approving its new line of respirators for the fire service market contributed to the drop in sales. Lower sales of flame- and gas-detection equipment reflect several large orders filled in the same quarter a year ago, the company said.
Shortly before 10 a.m., MSA shares were trading at $57.65, off 22 cents. They are up 13 percent this year.
Len Boselovic: 412-263-1941 or email@example.com First Published July 24, 2014 12:00 AM