MSA Safety Incorporated announced its third quarter 2024 financial results, reporting net sales of $433 million, a 3% decrease compared to the prior year. Despite the modest sales contraction, the company delivered a 2% increase in GAAP net income to $67 million and a 3% rise in adjusted diluted EPS to $1.83.
The company's Detection business showed strong performance with double-digit sales growth in portable gas detection, contributing positively to overall results. However, organic sales in the Fire Service segment declined mid-single digits due to the timing of self-contained breathing apparatus (SCBA) shipments and customer order delays.
MSA Safety maintained a healthy balance sheet with a net leverage of 0.9 times and reported strong cash conversion in the quarter. Looking ahead, the company anticipates mid-single-digit sales growth in the fourth quarter, leading to low-single-digit top-line growth for the full year 2024.
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