2011 profit rises at Cranberry-based MSA
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MSA said today fourth-quarter profit jumped 44 percent and that profit for the full year nearly doubled.
The Cranberry safety products provider reported fourth-quarter profit of $17 million, or 46 cents per diluted share versus profit of $11.8 million, or 32 cents per diluted share, in the year-ago quarter. Sales increased 7 percent to $303.8 million.
The results included aftertax charges of $2 million for restructuring and $1 million for currency losses. Excluding them, MSA earned 54 cents per share versus the 59 cents analysts were expecting.
For all of 2011, profit totaled $69.9 million, or $1.87 per diluted share, versus 2010 profit of $38.1 million, or $1.05 per diluted share. Sales were a record $1.17 billion, up 20 percent from year-ago levels.
The 2011 results reflect aftertax restructuring charges of $6 million and currency losses of $2 million. Excluding them, MSA said it would have earned $2.13 per share.
Fourth-quarter sales in the company's largest business, the North American market, rose 9 percent, with more than half of the growth coming from devices that detect hazardous gasses.
"We remain optimistic regarding a strengthening U.S. economy and growing economies in the emerging markets of the world," president and chief executive officer William M. Lambert said in a prepared statement. "However, we expect uncertain economic conditions to persist in Europe throughout 2012."
The results were disclosed before the market opened. MSA shares closed Tuesday at $34.98, down 12 cents.
First Published February 15, 2012 9:40 am
