MSA Safety Closes Autronica Deal and Lifts Sales 15%

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter net sales reached $536.4 million as Autronica Fire and Security closed for $563 million, net of cash acquired.

MSA Safety Incorporated (MSA) closed the Autronica Fire and Security acquisition for $563 million, net of cash acquired, and reported third-quarter net sales of $536.4 million, a 15% GAAP increase and a 6% organic increase from a year earlier.

That sales pace stepped up from the second quarter, when net sales rose 6% on a GAAP basis and 3% organically. President and Chief Executive Officer Steve Blanco said the team continued to advance the Accelerate strategy, including the Autronica close, a launch of the G1 City Edition SCBA, and an ALTAIR io 6 order the company described as its largest MSA+ order to date.

GAAP net income was $58.4 million, or $1.51 a share, down from $69.6 million, or $1.77 a share, a year earlier. The company said the decline was due to Autronica acquisition costs. Adjusted earnings were $80.6 million, up 6%, and adjusted diluted earnings per share was $2.09, up 8%.

GAAP operating income was $88.2 million, or 16.4% of sales. Adjusted operating income was $114.9 million, or 21.4% of sales. Transaction and digital transformation costs were $15.0 million in the quarter, versus $1.9 million a year earlier. Acquisition-related amortization was $8.1 million.

Detection was the largest product group, with sales of $233.9 million, or 44% of the mix, up 22% on a GAAP basis and 2% organically. Detection includes Autronica sales from July 9, 2026 onward. Fire Service sales were $173.2 million, or 32% of the mix, up 9% GAAP and 9% organically. Industrial PPE and Other was $129.3 million, or 24% of the mix, up 9% GAAP and 7% organically.

Americas net sales were $338.2 million, up 8% year-over-year. GAAP operating income in the segment was $93.9 million, or 27.8% of sales. Adjusted operating income was $96.7 million, or 28.6% of sales.

International net sales were $198.2 million, up 28% year-over-year. GAAP operating income was $22.9 million, or 11.6% of sales. Adjusted operating income was $31.8 million, or 16.1% of sales. Organic International sales declined 4% in Detection, rose 10% in Fire Service and 3% in Industrial PPE and Other, for a 2% organic increase in the segment.

Free cash flow was $68.2 million, or 117% conversion of net income. Cash flow from operating activities was $82.3 million. Capital expenditures were $14.1 million. The company spent $563.1 million on acquisitions, net of cash acquired, and raised $521.7 million in debt. It paid $20.8 million in dividends and $12.7 million for share repurchases.

Cash and cash equivalents were $187.2 million at September 30, 2026. Long-term debt, net, was $1.09 billion. Goodwill was $1.04 billion and intangible assets, net, were $558.6 million.

On a trailing twelve months ended September 30, 2026, the company reported adjusted EBITDA of $543.4 million, including an estimated $24.0 million Autronica contribution for the nine months before MSA owned the business. Total end-of-period debt was $1.12 billion, for debt to adjusted EBITDA of 2.1. Net debt was $934.0 million, or 1.7 times adjusted EBITDA.

Chief Financial Officer Julie Beck said the company remained well positioned to pursue strategic growth opportunities with net leverage within its target range. MSA Safety is maintaining its full-year sales outlook of low-double-digit reported growth.