MSA Safety (MSA)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	375,006	357,472	356,977	350,032	206,688	176,461	149,509	125,403	238,534	80,540	47,293	19,087	20,033	127,395	139,893	152,557	163,114	184,415	202,738	208,253
Revenue (ttm)	US$ in thousands	1,808,140	1,803,802	1,817,851	1,802,687	1,787,647	1,735,543	1,670,509	1,595,523	1,527,953	1,494,967	1,453,470	1,422,446	1,400,182	1,378,162	1,342,357	1,315,506	1,348,223	1,335,230	1,381,852	1,417,089
Pretax margin		20.74%	19.82%	19.64%	19.42%	11.56%	10.17%	8.95%	7.86%	15.61%	5.39%	3.25%	1.34%	1.43%	9.24%	10.42%	11.60%	12.10%	13.81%	14.67%	14.70%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $375,006K ÷ $1,808,140K
= 20.74%

The pretax margin of MSA Safety has exhibited fluctuating trends over the analyzed period. It stood at around 14-15% in the first half of 2020, then gradually declined to around 9-10% by mid-2021. There was a significant drop to approximately 1-3% by the end of 2021, indicating potential operational challenges or cost issues.

However, from the first quarter of 2022 onwards, there was a notable recovery in the pretax margin, reaching 19-20% by the end of 2024. This substantial improvement suggests that the company may have implemented successful cost management strategies or experienced revenue growth that positively impacted its profitability before the end of the period.

Overall, the pretax margin of MSA Safety displayed a mix of challenges and recoveries, showcasing the company's ability to adapt and enhance its profit generation capabilities over the analyzed timeframe.