MSA sales decline 3 percent
Safety product manufacturer MSA reported net sales for the third quarter declined 3 percent to $278 million compared with $287 million for the third quarter of 2012.
"MSA's consolidated third quarter results reflect the combined impact of product certification delays resulting from the federal government's budget sequestration, a reduction in large order shipments and weaker than normal business conditions in mining markets around the world," said William M. Lambert, MSA president and CEO.
Net income was $19.5 million, or 52 cents per diluted share, compared to $19.2 million, or 51 cents, in the same period last year.
On a geographic basis, third quarter sales in the company's North American segment increased $1 million, or 1 percent, versus the same period of 2012. Sales of gas detection products increased $4 million on an increase in shipments to industrial markets. This increase was partially offset by a $3 million decline in shipments to military markets on a lower level of gas mask sales. Sequential quarter SCBA orders were down $9 million, due principally to sequestration related approval delays of new product.
Sales in the company's European segment decreased $1 million, or 1 percent, when compared to the third quarter of 2012. Excluding a favorable currency translation impact of $2 million, local currency sales decreased $3 million. The decline was related to weakness in industrial markets in Russia and a lower level of invoicing to military markets in the Middle East and India regions. These declines were partially offset by strength in the fire service markets throughout Western Europe.
Sales in MSA's International segment decreased $9 million, or 10 percent, versus the same period of 2012. Excluding an unfavorable currency translation impact of $8 million, International segment local currency sales decreased $1 million, or 1 percent, from the third quarter of 2012. Local currency industrial market sales were flat on weakness in mining markets, while fire service improvements were offset by a decline in sales to military markets.
INDUSTRIAL SUPPLY MAGAZINE
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