Better-than-Expected Backlog Conversion
Financial results for the second quarter exceeded original expectations primarily due to better-than-expected backlog conversion in Fire Service and Detection.
M&C TechGroup Acquisition
The M&C TechGroup acquisition contributed $11 million to reported sales for the quarter and is expected to add approximately $0.10 accretive to adjusted EPS for the full year.
Growth in Detection and Industrial PPE
Detection grew 6% organically despite a challenging year-over-year comparison, and fall protection saw double-digit growth in the second quarter.
Continued Dividend Growth and Share Repurchases
For the 55th consecutive year, MSA increased its annual dividend and repurchased $30 million of stock this quarter.
Strong Cash Flow and Balance Sheet
Quarterly operating cash flow increased more than 25% from a year ago, supporting strategic investments and maintaining a strong balance sheet with net leverage of 1.1x.