Mine Safety Appliances Co. (MSA) Wednesday reported a lower first-quarter profit, hurt by a three percent decline in sales as demand waned for its gas mask and flame detection products in most regions. Quarterly earnings and revenues came in short of Wall Street estimates.
Moving forward, the company continues to see economic uncertainty in many regions of the world, tempering its optimism. Mine Safety shares lost more than six percent in afternoon trade on the New York Stock Exchange.
Mine Safety develops products that protect people's health and safety.
The Pennsylvania-based company reported quarterly net income of $19 million or $0.51 per share, compared to $24 million or $0.64 per share last year.
On average, four analysts polled by Thomson Reuters expected earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were lower at $283 million, compared to $293.5 million a year ago, when it benefited from a number of large non-recurring fixed gas and flame detection orders.
Analysts on consensus estimated sales of $297.05 million for the quarter.
North American segment sales edged down 1 percent, and European sales were down 2 percent. International sales dropped 9 percent.
Shares of the company traded at $46.91, down $3.05 or 6.10%.
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