(RTTNews) - Thursday, Mine Safety Appliances Co. (MSA: News ), a safety products maker, said its third quarter earnings declined from last year, as revenues dipped year-on-year reflecting reduced demand for MSA products. Both earnings and revenues missed Street estimate.

The Pittsburgh, Pennsylvania-based company's third quarter net income attributable to common stock declined to $10.95 million or $0.30 per share from $17.94 million or $0.50 per share last year. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $228.49 million from $285.94 million a year ago. Four analysts estimated revenues of $229.57 million.

Commenting on the results, William Lambert, MSA president and chief executive officer, said, "It's clear from our top line sales that the effects of the ongoing global recession continued to impact MSA's business across each of our geographic segments throughout the third quarter."

The company noted that particularly in North America demand for industrial and construction-related safety products was impacted by unemployment levels that approached 10% for the quarter. Similar, significant challenges in Europe were seen influenced by reduced demand for MSA products in the law enforcement and military end-user markets, as well as industrial markets.

Sales in the company's North American segment decreased by $33.7 million or 24% in the third quarter of 2009 reflecting reduced end-user demand for personal protective equipment, particularly in the construction, oil and gas, and other industrial markets.
Sales in the company's European segment decreased by $13.4 million or 18% in the current quarter. Currency translation effects decreased European segment sales, when stated in U.S. dollars, by $5.9 million, reflecting the weaker euro. Sales in MSA's International segment decreased $10.2 million or 14% in the current quarter.

Year-to-date, the company's net income attributable to common stock decreased to $30.63 million or $0.85 per share from $53.92 million or $1.50 per share in the same period last year.

Net sales slipped to $675.57 million from $849.57 million in the previous year.

Looking ahead, Lambert said that while the economy is showing some signs of stabilization, the recession's impact on unemployment levels will continue to present hurdles for MSA for the balance of 2009 and into 2010.

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