MSA today reported increased profit for the fourth quarter and all of 2012 despite lower sales caused by the sale of two business units and weaker foreign currencies.
The Cranberry safety products company said fourth-quarter profit rose 15 percent to $19.5 million, or 52 cents per share, on sales of $294.1 million versus earnings of $17 million, or 46 cents per share, and sales of $303.8 million in the year-ago quarter.
For 2012, MSA reported record profit of $90.6 million, or $2.42 per share versus 2011 earnings of $69.9 million, or $1.87 per share. Sales were flat at $1.17 billion.
In a statement, president and CEO William M. Lambert said excluding the effect of weaker currencies and the sale of MSA's ballistic vest and North American ballistic helmet businesses, sales rose 4 percent in the fourth quarter and 7 percent last year. He said the global economy and business conditions "remain tepid."
Excluding one-time items, fourth-quarter profit topped Wall Street estimates.
The results were disclosed before Wall Street opened. Shortly after 11 a.m., MSA shares were trading at $46.07, up 85 cents.
Len Boselovic: email@example.com or 412-263-1941.