PITTSBURGH - MSA Safety Incorporated (NYSE:MSA), a manufacturer of safety products, announced Thursday that its Board of Directors has declared a third-quarter dividend for its shareholders. The company will pay a dividend of $0.51 per share on common stock and $0.5625 per share on preferred stock.
The common stock dividend is scheduled for payment on September 10, 2024, to shareholders of record as of August 15, 2024. Similarly, the preferred stock dividend will be paid on September 1, 2024, to shareholders who are on record as of August 15, 2024.
MSA Safety is recognized for its comprehensive range of safety products and technologies. The company, which has been operational since 1914, focuses on the development of solutions that ensure the protection of workers and infrastructure across various industries. With a commitment to its mission of safety, MSA Safety has consistently been involved in safety innovation.
In the previous year, MSA Safety reported revenues amounting to $1.8 billion. The company's headquarters are located in Cranberry Township, Pennsylvania, and it employs over 5,000 associates globally. MSA Safety operates in excess of 40 international locations.
This dividend announcement underscores MSA Safety's practice of delivering shareholder value. The information about the declared dividends is based on a press release statement from the company.
In other recent news, MSA Safety reported a steady progression in Q2 2024, with a 3% increase in net sales and 4% organic constant-currency sales growth. The company's free cash flow stood at $39 million, adjusted EBITDA reached $466 million, and it paid $20 million in dividends. MSA Safety also repurchased $10 million in common stock and repaid $8 million in debt.
Despite a slight decline in Industrial PPE sales and the potential decrease in gross margins due to seasonal factors, the company has made significant strides in optimizing their manufacturing footprint. In addition, sales in fire service and detection categories saw an increase.
The company remains committed to its full-year 2024 outlook, expecting to continue mid-single-digit sales growth. MSA Safety aims to achieve full-year cash-flow objectives of 90% to 100%, supported by a strong pipeline and diversified business strategy. These recent developments suggest a continued trajectory of growth for MSA Safety, despite the ongoing supply chain challenges and global economic uncertainties.
InvestingPro Insights
As MSA Safety Incorporated (NYSE:MSA) announces its latest dividend, investors may be interested in several key financial metrics and performance indicators that highlight the company's current market position. According to InvestingPro data, MSA Safety has a robust market capitalization of $7.42 billion, which reflects its significant presence in the safety products industry.
The company's commitment to shareholder returns is further evidenced by its impressive track record of maintaining and raising dividends. An InvestingPro Tip notes that MSA has not only maintained dividend payments for 52 consecutive years but has also raised its dividend for 10 consecutive years. This consistency in rewarding shareholders is a testament to the company’s financial stability and prudent management.
Investors might also find MSA Safety's financial performance reassuring, with a gross profit margin of 48.16% in the last twelve months as of Q2 2024, indicating the company's ability to maintain profitability in its operations. Moreover, the company's Price/Earnings (P/E) Ratio stands at 27.58, with an adjusted P/E Ratio for the same period at 26.1, suggesting that the stock is trading at a premium relative to earnings.
The company's revenue growth has been steady, with an 8.82% increase in the last twelve months as of Q2 2024. This growth, combined with a solid gross profit of $875.5 million, underlines MSA Safety's ability to expand its business while maintaining a strong profit margin.
For investors seeking more detailed analysis and additional InvestingPro Tips, there are 12 more tips available, which can provide deeper insights into MSA Safety's financial health, future earnings potential, and stock performance. These tips can be accessed by visiting the InvestingPro platform for MSA at https://www.investing.com/pro/MSA.
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