[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of MSA Safety's Q2 2025 financial performance, strategic activities, and management's outlook [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) MSA Safety reported $474 million net sales, 3% GAAP growth, flat organically, with $63 million GAAP net income and key strategic investments Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Sales | $474 million | | GAAP Sales Growth | 3% | | Organic Sales Growth | Flat YoY | | GAAP Operating Income | $86 million (18.1% margin) | | Adjusted Operating Income | $101 million (21.4% margin) | | GAAP Net Income | $63 million | | GAAP Diluted EPS | $1.59 | | Adjusted Earnings | $76 million | | Adjusted Diluted EPS | $1.93 | - Acquired M&C TechGroup, a manufacturer of gas analysis and process safety technologies, for **$188 million**, net of cash acquired[5](index=5&type=chunk) - Returned capital to shareholders through **$30 million** in common stock repurchases and **$21 million** in dividend payments[5](index=5&type=chunk) - Invested **$29 million** in capital expenditures, which includes a strategic investment to expand manufacturing and engineering capabilities at its detection Center of Excellence[5](index=5&type=chunk)[7](index=7&type=chunk) [Management Commentary & Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Outlook) Management highlighted strong backlog conversion, growth in detection and fall protection, reaffirmed low-single-digit organic sales growth, and noted risks - CEO Steve Blanco emphasized strong backlog conversion and momentum in growth accelerator product categories like detection and fall protection[4](index=4&type=chunk) - The acquisition of M&C TechGroup aims to expand the addressable market, diversify end markets, and create a synergistic growth platform in gas analysis and process safety[4](index=4&type=chunk) - The company reaffirmed its full-year 2025 outlook for low-single-digit organic sales growth[7](index=7&type=chunk)[8](index=8&type=chunk) - Management acknowledged ongoing risks related to tariffs, industrial demand, and the timing of the National Fire Protection Association (NFPA) approval for its new self-contained breathing apparatus (SCBA)[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details MSA Safety's consolidated and segment-level financial results, including sales by product group for Q2 2025 [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Q2 2025 net sales grew 3% to **$474.1 million**, but GAAP operating income and EPS declined, with similar trends for the first six months Q2 2025 vs Q2 2024 Consolidated Results (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $474.1 | $462.5 | 3% | | GAAP Operating Income | $85.9 | $99.9 | (14)% | | GAAP Diluted EPS | $1.59 | $1.83 | (13)% | | Adjusted EBITDA | $116.5 | $121.9 | (4)% | | Adjusted Diluted EPS | $1.93 | $2.01 | (4)% | | Free Cash Flow | $37.9 | $39.0 | (3)% | Six Months 2025 vs Six Months 2024 Consolidated Results (in millions, except EPS) | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $895.5 | $875.8 | 2% | | GAAP Operating Income | $163.6 | $180.1 | (9)% | | GAAP Diluted EPS | $3.10 | $3.30 | (6)% | | Adjusted EBITDA | $218.0 | $223.2 | (2)% | | Adjusted Diluted EPS | $3.61 | $3.62 | 0% | | Free Cash Flow | $88.9 | $78.6 | 13% | [Segment Performance](index=2&type=section&id=Segment%20Performance) Americas segment sales grew 2% with a 5% operating income decline, while International sales rose 4% but operating income dropped 46% Q2 2025 Segment Performance (in millions) | Segment | Net Sales | % Change YoY | GAAP Operating Income | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Americas | $320.1 | 2% | $91.3 | (5)% | | International | $154.0 | 4% | $12.2 | (46)% | - The Americas segment's GAAP operating margin decreased by **210 basis points** to **28.5%** in Q2 2025[6](index=6&type=chunk) - The International segment experienced a significant decline in profitability, with its GAAP operating margin falling from **15.4%** in Q2 2024 to **8.0%** in Q2 2025[6](index=6&type=chunk) [Sales by Product Group](index=7&type=section&id=Sales%20by%20Product%20Group) Detection became the largest product group at 41% of sales, driven by acquisition, while Fire Service declined and Industrial PPE remained stable Q2 2025 Sales Mix vs Q2 2024 (Consolidated) | Product Group | Q2 2025 Sales | Q2 2025 % of Total | Q2 2024 Sales | Q2 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | | Detection | $193.8M | 41% | $170.8M | 37% | | Fire Service | $163.3M | 34% | $172.3M | 37% | | Industrial PPE & Other | $117.0M | 25% | $119.3M | 26% | | **Total** | **$474.1M** | **100%** | **$462.5M** | **100%** | - Detection sales for Q2 2025 include revenue from the newly acquired M&C TechGroup from May 6th, 2025, onward[15](index=15&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents MSA Safety's condensed statements of income, balance sheets, and cash flows for the reporting period [Statements of Income](index=4&type=section&id=Statements%20of%20Income) Q2 2025 gross profit slightly decreased, operating income fell to **$85.9 million** due to higher expenses and currency losses, and net income was **$62.8 million** Q2 2025 Income Statement Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $474,116 | $462,463 | | Gross profit | $220,710 | $223,029 | | Operating income | $85,862 | $99,944 | | Net income | $62,773 | $72,234 | | Diluted EPS | $1.59 | $1.83 | - Selling, general and administrative expenses increased to **$112.1 million** in Q2 2025 from **$105.1 million** in Q2 2024[11](index=11&type=chunk) - The company recorded a net currency exchange loss of **$5.3 million** in Q2 2025, compared to a gain of **$0.6 million** in Q2 2024[11](index=11&type=chunk) [Balance Sheets](index=5&type=section&id=Balance%20Sheets) Total assets increased to **$2.55 billion** driven by acquisitions, long-term debt rose to **$671.0 million**, and shareholders' equity reached **$1.25 billion** Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $887,461 | $803,030 | | Goodwill | $733,245 | $620,895 | | Intangible assets, net | $310,934 | $246,437 | | **Total assets** | **$2,550,211** | **$2,205,784** | | Long-term debt, net | $670,965 | $481,622 | | **Total shareholders' equity** | **$1,252,642** | **$1,143,319** | [Statements of Cash Flows](index=6&type=section&id=Statements%20of%20Cash%20Flows) H1 2025 operating cash flow was **$129.1 million**, investing activities used **$227.9 million** for acquisitions, and financing provided **$74.0 million** from debt, leading to a **$17.2 million** cash decrease Six Months 2025 Cash Flow Summary (in thousands) | Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cash flow from operating activities | $129,051 | $104,188 | | Cash flow used in investing activities | ($227,873) | ($25,486) | | Cash flow from financing activities | $73,979 | ($67,718) | | **Net change in cash** | **($17,151)** | **$427** | - The primary use of cash in investing activities was **$187.8 million** for acquisitions, net of cash acquired[13](index=13&type=chunk) - Financing activities included a net increase in debt of **$165.2 million**, while the company paid **$40.9 million** in dividends and repurchased **$40.0 million** of its stock in the first half of 2025[13](index=13&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP financial measures, including organic sales, adjusted earnings, and leverage ratios [Organic Sales Change](index=8&type=section&id=Organic%20Sales%20Change) Q2 2025 consolidated GAAP sales grew 3%, but organic sales were flat after adjusting for acquisitions and currency, with varied segment and product performance Q2 2025 Consolidated Sales Change Reconciliation | Component | % Change | | :--- | :--- | | GAAP reported sales change | 3% | | Currency translation effects | (1)% | | Less: Acquisitions | (2)% | | **Organic sales change** | **0%** | Q2 2025 Organic Sales Change by Segment & Product | Category | Organic Sales Change | | :--- | :--- | | **Segment** | | | Americas | 2% | | International | (4)% | | **Product Group** | | | Detection | 6% | | Fire Service | (6)% | | Industrial PPE and Other | (1)% | [Adjusted Operating Income, EBITDA, and Earnings](index=10&type=section&id=Adjusted%20Operating%20Income%2C%20EBITDA%2C%20and%20Earnings) Q2 2025 GAAP operating income of **$85.9 million** was adjusted to **$101.4 million**, and GAAP net income of **$62.8 million** to adjusted earnings of **$75.9 million** Q2 2025 Reconciliation of GAAP Operating Income to Adjusted Operating Income (in thousands) | Description | Amount | | :--- | :--- | | **GAAP operating income** | **$85,862** | | Transaction costs | $6,645 | | Currency exchange losses, net | $5,286 | | Acquisition-related amortization | $3,153 | | Restructuring charges | $488 | | **Adjusted operating income** | **$101,434** | Q2 2025 Reconciliation of GAAP Net Income to Adjusted Earnings (in thousands) | Description | Amount | | :--- | :--- | | **Net income (GAAP)** | **$62,773** | | Transaction costs | $6,645 | | Currency exchange losses, net | $5,286 | | Other adjustments (net) | $1,205 | | Income tax expense on adjustments | ($4,021) | | **Adjusted earnings** | **$75,929** | [Debt & Leverage Ratios](index=12&type=section&id=Debt%20%26%20Leverage%20Ratios) As of June 30, 2025, Debt to Adjusted EBITDA was **1.5x** and Net Debt to Adjusted EBITDA was **1.1x**, based on **$679.3 million** total debt Leverage Ratios as of June 30, 2025 | Metric | Value | | :--- | :--- | | Twelve Months Adjusted EBITDA | $464.2 million | | Total end-of-period debt | $679.3 million | | Net debt | $532.4 million | | **Debt to adjusted EBITDA** | **1.5x** | | **Net debt to adjusted EBITDA** | **1.1x** | [Investor Information & Appendix](index=3&type=section&id=Investor%20Information%20%26%20Appendix) This section provides details for the upcoming conference call, company overview, and important legal disclaimers [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) A conference call and webcast for Q2 2025 results is scheduled for Tuesday, August 5, 2025, at 10:00 a.m. Eastern time - A conference call is scheduled for Tuesday, August 5, 2025, at **10:00 a.m. Eastern time**[9](index=9&type=chunk) - The call and slide presentation will be webcast on the company's investor relations website[9](index=9&type=chunk) [Company Information & Disclaimers](index=13&type=section&id=Company%20Information%20%26%20Disclaimers) MSA Safety is a global safety product leader with **$1.8 billion** 2024 revenues, providing disclaimers on forward-looking statements and non-GAAP financial measures - MSA Safety is a global leader in advanced safety products with **2024 revenues of $1.8 billion** and over 5,000 employees worldwide[26](index=26&type=chunk) - The report contains forward-looking statements that involve risks and uncertainties, and readers are cautioned against placing undue reliance on them[27](index=27&type=chunk) - The press release includes non-GAAP financial measures which management believes are useful for investors but should be viewed as supplemental to GAAP results[28](index=28&type=chunk)[30](index=30&type=chunk)

Core Insights - MSA Safety Incorporated reported a net sales increase of 3% year-over-year for Q2 2025, reaching $474.1 million, while organic sales remained flat [4][5][6] - The company experienced a decline in operating income by 14% to $85.9 million, with an operating margin of 18.1% [4][5] - MSA Safety completed the acquisition of M&C TechGroup for $188 million, aimed at expanding its market in detection and diversifying end markets [3][5][6] Financial Performance - Q2 2025 net income was $62.8 million, or $1.59 per diluted share, down 13% from the previous year [4][5] - Adjusted EBITDA for Q2 2025 was $116.5 million, a decrease of 4% compared to Q2 2024 [4][5] - Free cash flow for the quarter was $37.9 million, with a conversion rate of 60% [4][5] Segment Performance - The Americas segment reported net sales of $320.1 million, a 2% increase year-over-year, while the international segment saw a 4% increase to $154.0 million [4][5] - Detection products accounted for 41% of consolidated sales, with a 13% increase in GAAP reported sales [11][13] - The Fire Service segment experienced a 5% decline in sales, while Industrial PPE and Other products saw a 2% decrease [11][13] Strategic Initiatives - The company reaffirmed its low-single-digit organic sales growth outlook for 2025, while preparing for various macroeconomic scenarios [6][7] - MSA Safety's capital allocation strategy included share repurchases totaling $30 million and $29 million in capital expenditures [5][6] - The company is focused on enhancing its manufacturing and engineering capabilities through strategic investments [6]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for MSA Safety, with a consensus outlook indicating lower revenues and earnings per share (EPS) [1][3] Earnings Expectations - MSA Safety is expected to report quarterly earnings of $1.76 per share, reflecting a year-over-year decrease of 12.4% [3] - Revenue is projected to be $446.01 million, down 3.6% from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised down by 0.67% over the last 30 days, indicating a bearish sentiment among analysts [4] - The Most Accurate Estimate for MSA Safety is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.40% [12] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likely deviation of actual earnings from the consensus estimate, with a strong predictive power for positive readings [9][10] - MSA Safety currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat [12] Historical Performance - In the last reported quarter, MSA Safety exceeded the expected earnings of $1.59 per share by delivering $1.68, resulting in a surprise of +5.66% [13] - The company has beaten consensus EPS estimates in the last four quarters [14] Conclusion - MSA Safety does not appear to be a strong candidate for an earnings beat based on current estimates and rankings, but other factors should also be considered for investment decisions [17]

Core Viewpoint - MSA Safety Incorporated will host its second quarter 2025 earnings conference call on August 5, 2025, at 10:00 a.m. Eastern Time, with a press release detailing financial results to be issued on August 4, 2025, after market close [1][3]. Company Overview - MSA Safety Incorporated is a global leader in advanced safety products and solutions, with a mission focused on safety innovation since 1914 [4]. - The company reported revenues of $1.8 billion in 2024 and employs over 5,000 associates across more than 40 international locations [4].

Core Viewpoint - First Community Corporation has announced a definitive merger agreement to acquire Signature Bank of Georgia in an all-stock transaction valued at approximately $41.6 million, based on First Community's stock price as of July 11, 2025 [1][2]. Group 1: Transaction Details - The merger will result in a combined company with approximately $2.3 billion in total assets, $2.0 billion in total deposits, and $1.5 billion in total loans at closing [2]. - The merger will create a banking company with 23 offices across various regions, including South Carolina and Georgia [2]. - The transaction is expected to close in early Q1 2026, pending regulatory and shareholder approvals [2]. Group 2: Strategic Benefits - The merger is seen as a strategic move to expand into the Sandy Springs/Atlanta area, enhancing First Community's market presence [3]. - Signature Bank's expertise in SBA lending is expected to complement First Community's focus on supporting local businesses and entrepreneurs [3]. - The merger is projected to enhance First Community's tangible common equity to tangible assets ratio by approximately 35 basis points, resulting in a pro forma ratio of 7.45% [3]. Group 3: Financial Projections - The merger is anticipated to be accretive to First Community's earnings per share by approximately 4.4% in 2026 [3]. - The transaction structure includes a tangible book value dilution of approximately 2.6%, with an earnback period of 2.2 years [3]. - The internal rate of return on the deal is estimated at approximately 27.6%, indicating strong financial merits [3]. Group 4: Leadership and Governance - Signature's Chairman and CEO, Freddie J. Deutsch, will take on the role of Regional Market President and Director of Specialty Business Lending at First Community Bank [4]. - Key members of Signature's leadership team will continue with First Community Bank, and two current Signature directors will join First Community's Board of Directors [4]. Group 5: Advisory and Legal Support - First Community was advised by Hovde Group, LLC as financial advisor and Nelson Mullins Riley & Scarborough, LLP as legal counsel [5]. - Signature was advised by Olsen Palmer LLC as financial advisor and Fenimore Kay Harrison LLP as legal counsel [5].

MSA Safety (MSA) FY Conference Summary Company Overview - MSA Safety is a global manufacturer of safety products aimed at protecting workers and facility infrastructure [1][2] - The company reported $1.8 billion in sales over the trailing twelve months, with a 4.5% investment in R&D, resulting in a 37% product vitality ratio [5][4] Business Segments - MSA operates in two primary segments: - Americas (69% of revenue) - International (31% of revenue) [6] - Key product categories include: - Fire service (38% of revenue) - Detection (37% of revenue) - Industrial PPE (25% of revenue) [6] Market Position and Strategy - MSA aims to maintain leadership in premium safety solutions through continuous R&D and innovation [12][13] - The company has launched an "Accelerate Strategy" focusing on four pillars: 1. Leadership in premium safety solutions 2. Accelerators for growth, particularly in detection and M&A 3. Continuous improvement for margin enhancement 4. Effective capital deployment [12][14][15] Financial Outlook - MSA anticipates low single-digit revenue growth for 2025, with detection expected to grow at high single digits [28][29] - The company has faced challenges in the fire service segment due to tough comparisons and regulatory changes [29][30] Regulatory Environment - The NFPA standards are undergoing changes, which may impact purchasing decisions in the fire service market [30][35] - MSA has launched a new SCBA model, the G1 XR, to address customer needs ahead of regulatory changes [36] Customer Engagement and Product Development - MSA emphasizes customer feedback in product development, leading to innovations like the Altair XL sensor family and the MSA Plus connected solutions [19][20][50] - The company has shared success stories where their products have directly contributed to safety improvements [54] Recent Acquisition - MSA acquired M&C Tech, a German process analysis manufacturer, expanding its addressable market by $500 million and enhancing its fixed monitoring capabilities [60][62] Conclusion - MSA Safety is well-positioned in the industrial safety technology market, focusing on innovation, customer needs, and strategic growth through acquisitions and product development [27][62]

Core Insights - MSA Safety Incorporated is a global leader in advanced safety products and solutions, with a mission focused on protecting people and facility infrastructures [3] - The company reported revenues of $1.8 billion for the year 2024, indicating strong financial performance [3] Upcoming Investor Conferences - MSA Safety will participate in several investor conferences, including: - 25th Annual B. Riley Securities Investor Conference on May 22, 2025, featuring 1x1 investor meetings with Elyse Brody, Interim Chief Financial Officer [2] - 45th Annual William Blair Growth Stock Conference on June 3, 2025, with a presentation by Steve Blanco, President and CEO, at 9:00 a.m. ET [2] - Stifel 2025 Cross Sector Insight Conference on June 4, 2025, also featuring 1x1 investor meetings with Steve Blanco and Elyse Brody [2] - Baird 2025 Global Consumer, Technology & Services Conference on June 5, 2025, with Gustavo Lopez, Vice President, Product Strategy and Development participating in 1x1 meetings [2] - Audio webcasts of the sessions will be available for 90 days on the MSA Safety Investor Relations website [2]

Core Insights - Theravance Biopharma presented analyses of its Phase 3 program for ampreloxetine, targeting symptomatic neurogenic orthostatic hypotension (nOH) at the International MSA Congress in Boston [1][2] Company Overview - Theravance Biopharma focuses on developing innovative therapies, including ampreloxetine, a selective norepinephrine reuptake inhibitor for treating nOH in patients with multiple system atrophy (MSA) [6][13] - The company has received Orphan Drug Designation for ampreloxetine in the U.S. and plans to file a New Drug Application (NDA) if ongoing studies yield positive results [6] Clinical Study Findings - A subgroup analysis from the REDWOOD 0170 study indicated that MSA patients had the highest nOH symptom burden, emphasizing the need for improved therapies [2] - Results from the studies support the ongoing registrational study (CYPRESS) evaluating ampreloxetine's efficacy in MSA patients [3] - Patients with MSA showed clinically meaningful improvement in nOH symptoms after 16 weeks of treatment with ampreloxetine, with stable symptoms in the treatment group compared to worsening in the placebo group [7][10] Study Details - The CYPRESS study is a Phase 3, multi-center, randomized withdrawal trial assessing ampreloxetine's efficacy after 20 weeks of treatment, with primary endpoints focused on changes in the Orthostatic Hypotension Symptom Assessment (OHSA) composite score [9] - The REDWOOD 0170 study included a 16-week open-label period followed by a 6-week double-blind, placebo-controlled withdrawal period, with a primary endpoint of treatment failure defined by specific worsening scores [10] Patient Impact - MSA patients experience severe symptoms affecting their quality of life due to nOH, with 70-90% of MSA patients experiencing these symptoms [11] - The clinical profile of ampreloxetine demonstrated target engagement and sustained blood pressure effects, indicating its potential as a first-in-class therapy for MSA-related nOH [6][7]

Core Viewpoint - MSA Safety Incorporated has acquired M&C TechGroup for approximately $200 million, enhancing its capabilities in gas analysis and detection solutions [1][7]. Company Overview - MSA Safety is a global leader in advanced safety products and solutions, with 2024 revenues of $1.8 billion and over 5,000 employees across more than 40 international locations [5]. - M&C TechGroup, founded in 1985 and based in Ratingen, Germany, employs around 220 associates and specializes in gas analysis systems for critical industrial processes [2][6]. Strategic Implications - The acquisition aligns with MSA's Accelerate strategy, focusing on expanding its detection business and enhancing its portfolio through strategic acquisitions [3]. - MSA expects to leverage its global footprint and distribution network to accelerate M&C's growth, positioning itself as a leading provider of gas analysis solutions [4]. Market Position - M&C TechGroup has an annual revenue of approximately $55 million, which complements MSA's existing technology and customer base [7]. - The acquisition is anticipated to be accretive to MSA's adjusted earnings in 2025, indicating a positive financial impact [7].

Financial Performance - Net sales for Q1 2025 were $421,340,000, a 1.3% increase from $413,302,000 in Q1 2024[7] - Gross profit for Q1 2025 was $193,395,000, down 0.6% from $195,531,000 in Q1 2024[7] - Operating income decreased to $77,761,000 in Q1 2025 from $80,112,000 in Q1 2024, reflecting a decline of 2.9%[7] - Net income for Q1 2025 was $59,605,000, compared to $58,139,000 in Q1 2024, representing a 2.5% increase[7] - Earnings per share attributable to common shareholders increased to $1.51 in Q1 2025 from $1.48 in Q1 2024[7] - Comprehensive income for Q1 2025 was $82,343,000, significantly higher than $47,840,000 in Q1 2024, indicating a substantial increase[11] - Adjusted operating income for Q1 2025 was $87,502 thousand, slightly down from $88,009 thousand in Q1 2024, reflecting a decrease of 0.6%[53] - Basic earnings per share for Q1 2025 were $1.51, an increase from $1.48 in Q1 2024[55] - The Fire Service product group generated $150,616 thousand in sales, accounting for 36% of total consolidated sales in Q1 2025[53] - The Americas segment generated net sales of $293.16 million, while the International segment contributed $128.18 million for Q1 2025[52] Assets and Liabilities - Total assets as of March 31, 2025, were $2,235,885,000, up from $2,205,784,000 at the end of 2024[13] - Total liabilities decreased to $1,045,740,000 as of March 31, 2025, from $1,062,465,000 at the end of 2024[13] - Total assets as of March 31, 2025, amounted to $2,235,885 thousand, compared to $2,174,330 thousand at the end of Q1 2024, indicating a growth of 2.8%[52] - The company’s total liabilities decreased to $1.05 billion as of March 31, 2025, from $1.06 billion at the end of 2024, a reduction of 1.2%[14] - As of March 31, 2025, the company's total long-term debt was $502.1 million, a decrease from $508.0 million as of December 31, 2024[66] Cash Flow and Dividends - Cash flow from operating activities for Q1 2025 was $61,833,000, compared to $50,886,000 in Q1 2024, showing a 21.5% increase[16] - The company paid dividends of $0.51 per common share in Q1 2025, up from $0.47 per share in Q1 2024[7] - Common dividends declared were $20,023,000 for the quarter ended March 31, 2025, compared to $18,480,000 for the same period in 2024, representing an increase of 8.4%[19] Inventory and Capital Expenditures - Total inventories increased to $306.675 million as of March 31, 2025, up from $296.796 million at December 31, 2024, reflecting a growth in finished products and raw materials[41] - Capital expenditures for Q1 2025 totaled $10,784 thousand, compared to $11,219 thousand in Q1 2024, representing a decrease of 3.9%[52] Restructuring and Charges - The company recorded restructuring charges of $1.9 million for the three months ended March 31, 2025, compared to $3.0 million for the same period in 2024, indicating a reduction in restructuring efforts[38][39] - The company’s total restructuring reserves decreased to $4.4 million as of March 31, 2025, from $9.8 million at December 31, 2023[40] Tax and Compliance - The effective tax rate for Q1 2025 was 23.5%, up from 23.1% in Q1 2024, primarily due to state income taxes[56] - As of March 31, 2025, the Company was in full compliance with the restrictive covenants under its various credit agreements[74] Foreign Currency and Derivatives - The notional amount of open foreign currency forward contracts was $150.7 million as of March 31, 2025, down from $184.0 million at December 31, 2024[79] - The company reported currency exchange losses of $2.6 million for the three months ended March 31, 2025, compared to gains of $1.8 million in the same period of 2024[81] Product Liability and Legal Matters - The company faces ongoing product liability claims related to PFAS substances, with 731 lawsuits involving 9,274 claims as of April 22, 2025[90] - The company established reserves for single incident product liability claims based on historical experience and expected settlement costs[85] - The company expects to continue pursuing insurance coverage and indemnification related to ongoing litigation[90]