PITTSBURGH (AP) â¿¿ Mine Safety Appliances Co. said Wednesday that its net income fell 4 percent in the third quarter after it sold off two businesses.
The company sells safety gear to mine operators, oil and gas companies and the military. It said revenue fell 4 percent after it sold its ballistic vest and North American ballistic helmet businesses.
Mine Safety's sales were also hurt by the stronger dollar and weaker euro, which made the company's products relatively more expensive in European markets. However sales of other products improved.
Mine Safety said its net income declined to $19.2 million, or 51 cents per share, from $20 million, or 54 cents per share. Net revenue fell 4 percent, to $286.6 million from $298.2 million.Analysts were forecasting net income of 56 cents per share and $289.9 million in revenue, according to FactSet. Shares of Mine Safety Appliances rose 28 cents to $36.98 in trading Wednesday.
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