MSA's Record 2007 Nearly Hit $1B in Sales
MSA announced Friday that its fourth quarter and full-year 2007 sales set records, with the latter reaching $990.3 million, up 8 percent from $913.7 million posted in 2006. Net income rose by 6 percent from $63.9 million in 2006 to $67.6 million in 2007, MSA announced. Chairman and CEO John T. Ryan III said sales outside North America are outstripping those in North America, sales outside of the U.S. fire service and North American military met the company's goal of 10 percent growth for the year, and a strong level of incoming fire service orders in the first two months of 2008 should result in higher sales in this year's first half than in the first half of 2007.
"I am very pleased we were able to report record sales for the fourth quarter and the full year," Ryan said in the company's earnings release. "The sales growth in our International segment is especially satisfying because it is the direct result of our recent initiatives to expand MSA's presence in these markets. Heat protection and fall protection in North America and permanent instruments in Europe made good contributions. Sales growth in North America was achieved despite continuing disruptions in the fire service market from delays in late 2006 and early 2007 in government funding to fire departments under teh Assistance to Firefighters Grant program and the transition to new NFPA standards."
Net sales for the fourth quarter of 2007 were $267.5 million, up 4 percent from $256.9 million in the same period of 2006. Net income for 2007's fourth quarter was $17.5 million, down 10 percent from $19.5 million in the same period of 2006. Local currency sales growth in multiple markets helped fourth quarter 2007 international sales grow by $14.9 million, the company reported.