MSA Safety’s third quarter drew a positive market response as the company exceeded Wall Street’s revenue and non-GAAP profit expectations. Management attributed the sales momentum to substantial growth in detection equipment and industrial personal protective equipment (PPE), particularly in fall protection. CEO Steve Blanco highlighted the strong performance of the company’s connected portable gas detection devices and noted that over half of portable growth came from these offerings. However, ongoing headwinds in the fire service segment, influenced by delayed U.S. government funding and changes in fire standards, partially offset gains in other categories.

Is now the time to buy MSA? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From MSA Safety’s Q3 Earnings Call

• Robert Mason (Baird) questioned the expected lack of seasonal uplift in Q4 due to fire service delays. CFO Julie Beck confirmed that Q4 will likely mirror Q3, attributing the shift to postponed fire service orders.
• Ross Sparenblek (William Blair) asked about margin headwinds, particularly FX and input inflation. Beck detailed that inflation in supply chain wages and materials, along with tariffs, were the main drivers of margin pressure this quarter.
• Jae Hyun Ko (Jefferies) probed the outlook for fire service demand in 2026. CEO Steven Blanco responded that once current funding and standards delays clear, fire service should return to normal demand patterns, with further growth expected beyond next year.
• Linda Umwali (D.A. Davidson) inquired about the pace of MSA+ subscription growth. Blanco reported another strong quarter for MSA+, with increased adoption driving share gains in portable gas detection.
• Richard Magnusen (B. Riley) sought details on new product development for the detection segment and expansion plans for MSA+ software. Blanco confirmed ongoing innovation in connected detection and a focus on expanding recurring revenue through new solutions.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) the pace and conversion of delayed fire service orders as government grant timing and NFPA standard updates play out, (2) the degree to which tariff mitigation and new pricing strategies can support margin recovery, and (3) sustained momentum in detection and PPE product lines, especially as new launches and cross-selling from acquisitions develop. The impact of supply chain inflation and any further M&A activity will also be important factors.

MSA Safety currently trades at $155.98, down from $162.64 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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