MSA Safety Slips To Loss In Q4

(RTTNews) - Global safety equipment manufacturer MSA Safety Inc. (MSA) reported a net loss of $61.48 million or $1.57 per share in the fourth quarter, compared to net income of $14.78 million or $0.38 per share in the same period a year ago.

The net loss included a pre-tax charge of $160 million associated with an increase to MSA LLC's cumulative trauma product liability reserve, compared to a pre-tax charge of $34 million in the same period a year ago. The increase in the reserve was driven by an increase in claims activity and reflects the estimated liability through 2074.

Adjusted earnings were $66 million or $1.67 per share, compared to $52 million or $1.33 per share in the same period a year ago.

Quarterly revenues were $410 million, increase of 6% from a year ago. Core product revenue increased 9% from a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.21 per share and revenues of $392.49 million for the quarter. Analysts' estimates typically exclude special items.