MSA Safety (MSA)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	852,138	673,831	615,348	595,492	638,629
Revenue	US$ in thousands	1,787,650	1,527,950	1,400,180	1,348,220	1,401,980
Gross profit margin		47.67%	44.10%	43.95%	44.17%	45.55%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $852,138K ÷ $1,787,650K
= 47.67%

MSA Safety Inc's gross profit margin has experienced fluctuations over the past five years. In 2023, the gross profit margin improved to 47.67%, indicating that the company was able to generate more gross profit relative to its revenue compared to the previous year. This increase may be attributed to factors such as effective cost management, pricing strategies, or operational efficiencies.

In comparison to 2020 and 2021, where the gross profit margin was relatively stable around 43-44%, the recent improvement in 2023 suggests that MSA Safety Inc may have enhanced its profitability. However, it is worth noting that the gross profit margin was higher in 2019 at 45.41%, indicating that there may have been more favorable conditions in that particular year.

Overall, a higher gross profit margin is generally preferred as it suggests better control over production costs and pricing strategies. Continued monitoring of this metric will be important to assess the company's ability to maintain and potentially further improve its profitability in the future.