PITTSBURGH - MSA Safety Incorporated (NYSE: NYSE:MSA) has announced an 8.5% increase in its quarterly dividend, marking the company's 54th consecutive annual dividend increase. The new dividend of $0.51 per common share is scheduled to be paid on June 10, 2024, to shareholders on record as of May 15, 2024.
The decision to raise the dividend reflects MSA Safety's ongoing commitment to providing value to its shareholders and confidence in its financial strategy. According to Lee McChesney, Senior Vice President and Chief Financial Officer of MSA Safety, the increase is supported by the company's robust cash generation and is aligned with its capital allocation policy. McChesney emphasized the company's track record of 76 years of consistent dividend payments to shareholders.
In addition to the common stock dividend, the company's Board of Directors declared a dividend of $0.5625 per share on preferred stock, also payable on June 1, 2024, to shareholders of record on May 15, 2024.
MSA Safety, a leader in the development of advanced safety products and technologies, has been dedicated to worker and facility safety since 1914. The company operates in over 40 international locations and employs more than 5,000 individuals worldwide. MSA Safety reported revenues of $1.8 billion in 2023 and is headquartered in Cranberry Township, Pennsylvania.
This dividend announcement is based on a press release statement from MSA Safety.
InvestingPro Insights
MSA Safety Incorporated's recent declaration of an increased dividend is a testament to its financial resilience and strategic focus on shareholder returns. With a market capitalization of approximately $7.18 billion, the company showcases a commitment to consistent shareholder value, as evidenced by its impressive streak of raising dividends for 10 consecutive years and maintaining dividend payments for over half a century.
The company's solid financial footing is further underlined by its Price/Earnings (P/E) ratio, which stands at 27.11 on a trailing basis and adjusts slightly to 25.98 when looking at the last twelve months as of Q1 2024. This indicates a premium valuation, which aligns with the company's strong fundamentals and growth prospects.
MSA's revenue growth of nearly 13% over the last twelve months suggests a robust upward trajectory in its financial performance. Additionally, the Gross Profit Margin of 48.05% reflects the company's efficiency in maintaining profitability amidst operational costs.
Significantly, MSA Safety is not only rewarding shareholders through dividends but also displays a robust financial structure, with InvestingPro Tips highlighting that the company's liquid assets exceed its short-term obligations, and it operates with a moderate level of debt. These indicators of financial health are crucial for investors looking for stable and reliable investments in the safety products sector.
For investors and analysts seeking a deeper dive into MSA Safety's performance and future prospects, there are additional InvestingPro Tips available. These include insights on net income growth expectations for the year and an analysis of the company's trading multiples. To access these valuable tips and make informed investment decisions, visit InvestingPro and use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. There are 11 additional InvestingPro Tips listed in InvestingPro, offering a comprehensive analysis of MSA Safety's investment profile.
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