Mine Safety Appliances Co. (MSA), Tuesday reported a sharp decline in second quarter profit marked by a huge drop in quarterly sales, hurt by weak performance from all its divisions. Earnings, however, came in ahead of Street estimates.
For the second quarter, net income attributable to Mine Safety dropped to $12.46 million or $0.35 per share from $19.95 million or $0.55 per share in the same quarter a year ago. Net income was $12.23 million, compared to $19.93 million in the year-earlier quarter.
On average, six analysts polled by Thomson Reuters expected earnings of $0.32 per share for the quarter. Analysts' estimate typically exclude one-time items.
Net sales for the quarter declined to $227.23 million from $293.16 million in the comparable period a year ago. Five analysts were looking for revenues of $227.17 million for the quarter.
North American sales dropped 24% to $112.36 million, reflecting the ongoing impact of recession on end-user demand, especially in construction, oil and gas, and other industrial markets, as well as the completion of certain government contracts.
European segment sales declined 27% to $55.83 million, while International segment decreased 13% to $59.04 million in the year-earlier quarter.
For the six-month period, net income attributable to Mine Safety plunged to $19.68 million or $0.55 per share from $35.98 million or $1.01 per share in the year-earlier period. Net sales were down at $446.94 million, compared to $562.03 million in the prior-year period.
MSA is currently trading at $27.47, up $2.08 or 8.19%, on a volume of $0.14 million shares.
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