which is headquartered in Cranberry, on Wednesday reported record profits with the second quarter that ended June 30.
According to the Pittsburgh Business Times, the company’s net income has jumped 42.9 percent year-over-year.
The company reported profit of $28 million, or 75 cents per diluted share, on sales of $294.7 million versus earnings of $19.6 million, or 53 cents per diluted share, and sales of $294.7 million in the year-ago quarter, the Pittsburgh Post-Gazette reports.
“Our strategic focus on developing business from MSA’s core product lines continues to produce favorable results,” said president and cEO William Lambert in a written statement. “On the strength of some large orders and nice gains in North America, Latin America and from General Monitors, our core product sales now represent 2/3 of total sales, and out focus is on increasing that percentage in the quarters ahead. While the European economic situation remains a concern, and as we deal with slowing economic conditions in Asia and elsewhere, we remain committed to executing this strategy.”
The company’s core products include head protection, fall protection, portable gas detection, fixed gas and flame detection and self-contained breathing apparatus.
Second quarter sales in the company’s North American segment increased $8 million, or 6 percent, from 2011. Sales increased $11 million in gas detection products, $2 million in head protection products and $1 million in fall protection products on higher shipments to industrial markets, according to MSA.
Partially offsetting these increases was a decline of $5 million in sales of Advanced Combat Helmets and ballistic vests to military markets, the company said. In June, MSA announced it had completed the sale of its North American ballistic helmet business to Revision Military of Essex Junction, Vermont.
Net income in reconciling items for the second quarter of 2012 was $2 million, compared to a net loss of $5 million in the second quarter last year, according to MSA. The increase primarily is from the company's sale of property it owns in the Cranberry Woods office park, an increase in currency exchange gains and lower interest expense.