Myers Industries Announces Fourth Quarter and Full Year 2024 Results
Fourth Quarter Net Sales Increased by
New Leadership Initiates “Focused Transformation” Centered on Optimizing Business Structure, Delivering Results, Improving Cost Competitiveness and Enabling Growth Opportunities. Commits to Deliver Annualized Cost Savings, Primarily in SG&A, of
Board Authorizes a New
Fourth Quarter 2024 Financial Highlights vs. Prior Year
-
Net sales of
compared with$203.9 million $191.1 million -
Gross margin of
32.3% , up 230 basis points -
GAAP net income per diluted share of
compared with$0.11 $0.34 -
Adjusted earnings per diluted share of
compared with$0.19 $0.29 -
Adjusted EBITDA of
, compared to$27.5 million $21.8 million -
Additional debt paydown of
in the fourth quarter$13 million
Full Year 2024 Financial Highlights vs. Prior Year
-
Net sales of
compared with$836.3 million $813.1 million -
Gross margin of
32.4% , up 50 basis points -
GAAP net income per diluted share of
compared with$0.19 $1.32 -
Adjusted earnings per diluted share of
compared with$1.04 $1.39 -
Adjusted EBITDA of
, compared to$122.2 million $98.0 million -
Cash flow provided by operations of
and free cash flow of$79.3 million $54.9 million -
Reduced total debt by
since March 31, 2024 after the acquisition of Signature Systems$26 million
Myers Industries’ new President and CEO Aaron Schapper commented, “During my first two months with Myers, I have met with many members of our organization and have been impressed with and encouraged by their dedication and desire to drive improvement. There are tremendous opportunities here and I am confident that we will build a brighter future working together. To begin this journey, we are launching a process to refine our strategy to create value and deliver results. We are acting with a sense of urgency to ensure we deliver on our commitments and drive improved results. Going forward, we will prioritize high-value opportunities while implementing a strategic and disciplined cost optimization plan. I am excited about the opportunity we have at Myers to improve our businesses and position the Company for growth.”
Schapper added, “In closing 2024, we reported solid fourth quarter financial results with margin growth led by our Signature and Scepter brands, demonstrating the valuable assets we have within our portfolio. Building on these results, we are launching our 'Focused Transformation' program with a target to implement
Myers also announced that the Board approved the 2025 Share Repurchase Program under which the Company is authorized to repurchase up to
Fourth Quarter 2024 Financial Summary
Quarter Ended December 31, |
|
|||||||||||
(Dollars in thousands, except per share data) |
2024 |
|
|
2023 |
|
|
% Inc
|
|
||||
Net sales |
|
$ |
203,876 |
|
|
$ |
191,077 |
|
|
|
6.7 |
% |
Gross profit |
|
$ |
65,889 |
|
|
$ |
57,232 |
|
|
|
15.1 |
% |
Gross margin |
|
32.3 |
% |
|
|
30.0 |
% |
|
|
|
||
Operating income |
|
$ |
14,637 |
|
|
$ |
18,603 |
|
|
|
(21.3 |
)% |
Net income |
|
$ |
4,297 |
|
|
$ |
12,539 |
|
|
|
(65.7 |
)% |
Net income per diluted share |
|
$ |
0.11 |
|
|
$ |
0.34 |
|
|
|
(67.6 |
)% |
|
|
|
|
|
|
|
|
|
||||
Adjusted operating income |
|
$ |
17,637 |
|
|
$ |
15,893 |
|
|
|
11.0 |
% |
Adjusted net income |
|
$ |
7,308 |
|
|
$ |
10,889 |
|
|
|
(32.9 |
)% |
Adjusted earnings per diluted share |
|
$ |
0.19 |
|
|
$ |
0.29 |
|
|
|
(34.5 |
)% |
Adjusted EBITDA |
|
$ |
27,470 |
|
|
$ |
21,775 |
|
|
|
26.2 |
% |
Net sales were
Gross profit increased
Fourth Quarter 2024 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
|
Net Sales |
|
Op Income |
Op Income
|
Adj EBITDA |
Adj EBITDA
|
|||
Q4 2024 Results |
|
|
|
|
|
|
|
|
|
Q4 2023 Results |
|
|
|
|
|
|
|
|
|
$ Increase (decrease) vs prior year |
|
|
( |
|
|
|
|
||
% Increase (decrease) vs prior year |
|
|
(13.4)% |
|
-660bps |
|
|
|
+30bps |
Items in this table may not recalculate due to rounding |
Net sales for the Material Handling segment were
Operating income was
Distribution
|
Net Sales |
|
Op Income |
Op Income
|
|
Adj EBITDA |
|
Adj EBITDA
|
|
Q4 2024 Results |
|
|
( |
|
- |
|
( |
|
- |
Q4 2023 Results |
|
|
|
|
|
|
|
|
|
$ Increase (decrease) vs prior year |
( |
|
( |
|
|
|
( |
|
|
% Increase (decrease) vs prior year |
(20.2)% |
|
NM |
|
-350bps |
|
NM |
|
-240bps |
Items in this table may not recalculate due to rounding |
Net sales for the Distribution segment were
Operating income decreased
Full Year 2024 Financial Summary
|
|
Year Ended December 31, |
|
|||||||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
% Inc
|
|
|||
Net sales |
|
$ |
836,281 |
|
|
$ |
813,067 |
|
|
2.9 |
% |
|
Gross profit |
|
$ |
270,805 |
|
$ |
259,086 |
|
|
4.5 |
% |
||
Gross margin |
|
|
32.4 |
% |
|
|
31.9 |
% |
|
|
|
|
Operating income |
|
$ |
44,480 |
|
$ |
72,405 |
|
|
|
(38.6 |
)% |
|
Net income |
|
$ |
7,201 |
|
$ |
48,867 |
|
|
|
(85.3 |
)% |
|
Net income per diluted share |
|
$ |
0.19 |
|
$ |
1.32 |
|
|
|
(85.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted operating income |
|
$ |
83,645 |
|
$ |
75,261 |
|
|
11.1 |
% |
||
Adjusted net income |
|
$ |
39,004 |
|
$ |
51,684 |
|
(24.5 |
)% |
|||
Adjusted earnings per diluted share |
|
$ |
1.04 |
|
$ |
1.39 |
(25.2 |
)% |
||||
Adjusted EBITDA |
|
$ |
122,238 |
|
|
$ |
98,047 |
|
|
24.7 |
% |
Net sales were
Gross profit increased
Full Year 2024 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
|
Net Sales |
|
Op Income |
|
Op Income
|
|
Adj EBITDA |
|
Adj EBITDA
|
Full Year 2024 Results |
|
|
|
|
|
|
|
|
|
Full Year 2023 Results |
|
|
|
|
|
|
|
|
|
$ Increase (decrease) vs prior year |
|
|
( |
|
|
|
|
|
|
% Increase (decrease) vs prior year |
|
|
(22.3)% |
|
-550bps |
|
|
|
+240bps |
Items in this table may not recalculate due to rounding |
Net sales for the Material Handling segment were
Distribution
|
Net Sales |
|
Op Income |
|
Op Income
|
|
Adj EBITDA |
|
Adj EBITDA
|
Full Year 2024 Results |
|
|
|
|
|
|
|
|
|
Full Year 2023 Results |
|
|
|
|
|
|
|
|
|
$ Increase (decrease) vs prior year |
( |
|
( |
|
|
|
( |
|
|
% Increase (decrease) vs prior year |
(16.7)% |
|
(69.3)% |
|
-270bps |
|
(49.5)% |
|
-250bps |
Items in this table may not recalculate due to rounding |
Net sales for the Distribution segment were
Balance Sheet & Cash Flow
As of December 31, 2024, the Company’s cash on hand totaled
For the fourth quarter of 2024, cash flow provided by operations was
For the full year of 2024, cash flow provided by operations was
2025 Guidance
Schapper stated "As we launch our 'Focused Transformation' program, we are committed to a culture of accountability and transparency. While we complete an assessment of our business and key strategies with a focus on driving long-term growth, we are temporarily suspending our practice of issuing formal annual guidance until we are able to provide a detailed outlook based upon our completed evaluation. We are encouraged by the overall sales trajectory of our business and confident in our ability to continue driving margin improvement in 2025."
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Thursday, March 6, 2025, at 8:30 a.m. ET. The call is anticipated to last less than one hour and may be accessed using the following online participation registration link: https://www.netroadshow.com/events/login?show=02f7baf5&confId=76932. Upon registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast. To access the live webcast or a replay, visit the Company's website www.myersindustries.com and click on the Investor Relations tab. An archived replay of the call will also be available on the site shortly after the event. To listen to the telephone replay, callers should dial: (
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. Adjusted gross profit, adjusted gross margin, adjusted operating income (loss), adjusted operating income margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted share (adjusted EPS), and free cash flow are non-GAAP financial measures and are intended to serve as a supplement to results provided in accordance with accounting principles generally accepted in
About Myers Industries
Myers Industries Inc., based in
Caution on Forward-Looking Statements
Statements in this release include “forward-looking statements” within the meaning of the safe harbor provisions of the
Specific factors that could cause such a difference on our business, financial position, results of operations and/or liquidity include, without limitation, raw material availability, increases in raw material costs, or other production costs; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company’s business segments; changes in trends and demands in the markets in which the Company competes; operational problems at our manufacturing facilities or unexpected failures at those facilities; future economic and financial conditions in
M-INV
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Dollars in thousands, except share and per share data) |
||||||||||||||||
|
||||||||||||||||
|
|
Quarter Ended |
|
|
Year Ended |
|
||||||||||
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|||||
Net sales |
|
$ |
203,876 |
|
|
$ |
191,077 |
|
|
$ |
836,281 |
|
|
$ |
813,067 |
|
Cost of sales |
|
|
137,987 |
|
|
|
133,845 |
|
|
|
565,476 |
|
|
|
553,981 |
|
Gross profit |
|
|
65,889 |
|
|
|
57,232 |
|
|
|
270,805 |
|
|
|
259,086 |
|
Selling, general and administrative expenses |
|
|
51,304 |
|
|
|
38,746 |
|
|
|
204,108 |
|
|
|
186,876 |
|
(Gain) loss on disposal of fixed assets |
|
|
(52 |
) |
|
|
(117 |
) |
|
|
201 |
|
|
|
(195 |
) |
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Operating income (loss) |
|
|
14,637 |
|
|
|
18,603 |
|
|
|
44,480 |
|
|
|
72,405 |
|
Interest expense, net |
|
|
7,761 |
|
|
|
1,374 |
|
|
|
30,937 |
|
|
|
6,349 |
|
Income (loss) before income taxes |
|
|
6,876 |
|
|
|
17,229 |
|
|
|
13,543 |
|
|
|
66,056 |
|
Income tax expense (benefit) |
|
|
2,579 |
|
|
|
4,690 |
|
|
|
6,342 |
|
|
|
17,189 |
|
Net income (loss) |
|
$ |
4,297 |
|
|
$ |
12,539 |
|
|
$ |
7,201 |
|
|
$ |
48,867 |
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.12 |
|
|
$ |
0.34 |
|
|
$ |
0.19 |
|
|
$ |
1.33 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.34 |
|
|
$ |
0.19 |
|
|
$ |
1.32 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
37,255,837 |
|
|
|
36,840,253 |
|
|
|
37,141,030 |
|
|
|
36,744,560 |
|
Diluted |
|
|
37,444,040 |
|
|
|
37,142,056 |
|
|
|
37,403,518 |
|
|
|
37,095,568 |
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Dollars in thousands) |
||||||||
|
||||||||
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash |
|
$ |
32,222 |
|
|
$ |
30,290 |
|
Trade accounts receivable, net |
|
|
109,372 |
|
|
|
113,907 |
|
Other accounts receivable, net |
|
|
12,654 |
|
|
|
14,726 |
|
Inventories, net |
|
|
97,001 |
|
|
|
90,844 |
|
Other current assets |
|
|
8,058 |
|
|
|
6,854 |
|
Total Current Assets |
|
|
259,307 |
|
|
|
256,621 |
|
Property, plant, & equipment, net |
|
|
137,564 |
|
|
|
107,933 |
|
Right of use asset - operating leases |
|
|
30,561 |
|
|
|
27,989 |
|
Goodwill and intangible assets, net |
|
|
421,853 |
|
|
|
140,521 |
|
Deferred income taxes |
|
|
205 |
|
|
|
209 |
|
Other assets |
|
|
11,325 |
|
|
|
8,358 |
|
Total Assets |
|
$ |
860,815 |
|
|
$ |
541,631 |
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
71,049 |
|
|
$ |
79,050 |
|
Accrued expenses |
|
|
49,196 |
|
|
|
53,523 |
|
Operating lease liability - short-term |
|
|
6,597 |
|
|
|
5,943 |
|
Finance lease liability - short-term |
|
|
621 |
|
|
|
593 |
|
Long-term debt - current portion |
|
|
19,649 |
|
|
|
25,998 |
|
Total Current Liabilities |
|
|
147,112 |
|
|
|
165,107 |
|
Long-term debt |
|
|
355,310 |
|
|
|
31,989 |
|
Operating lease liability - long-term |
|
|
23,700 |
|
|
|
22,352 |
|
Finance lease liability - long-term |
|
|
7,994 |
|
|
|
8,615 |
|
Other liabilities |
|
|
15,303 |
|
|
|
12,108 |
|
Deferred income taxes |
|
|
33,884 |
|
|
|
8,660 |
|
Total Shareholders' Equity |
|
|
277,512 |
|
|
|
292,800 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
860,815 |
|
|
$ |
541,631 |
|
|
||||||||||||||||
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) |
||||||||||||||||
|
|
Quarter Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) |
|
$ |
4,297 |
|
|
$ |
12,539 |
|
|
$ |
7,201 |
|
|
$ |
48,867 |
|
Adjustments to reconcile net income (loss) to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
9,833 |
|
|
|
5,882 |
|
|
|
38,593 |
|
|
|
22,786 |
|
Amortization of deferred financing costs |
|
|
599 |
|
|
|
79 |
|
|
|
1,917 |
|
|
|
313 |
|
Amortization of acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Non-cash stock-based compensation expense |
|
|
923 |
|
|
|
1,593 |
|
|
|
1,660 |
|
|
|
6,671 |
|
(Gain) loss on disposal of fixed assets |
|
|
(52 |
) |
|
|
(117 |
) |
|
|
201 |
|
|
|
(195 |
) |
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Deferred taxes |
|
|
(6,048 |
) |
|
|
1,039 |
|
|
|
(6,048 |
) |
|
|
1,039 |
|
Other |
|
|
(847 |
) |
|
|
(1,529 |
) |
|
|
(297 |
) |
|
|
944 |
|
Cash flows provided by (used for) working capital |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable - trade and other, net |
|
|
11,176 |
|
|
|
(11,108 |
) |
|
|
26,822 |
|
|
|
2,656 |
|
Inventories |
|
|
7,612 |
|
|
|
5,535 |
|
|
|
6,227 |
|
|
|
2,630 |
|
Prepaid expenses and other current assets |
|
|
1,143 |
|
|
|
2,204 |
|
|
|
(525 |
) |
|
|
151 |
|
Accounts payable and accrued expenses |
|
|
(1,288 |
) |
|
|
(717 |
) |
|
|
(22,932 |
) |
|
|
310 |
|
Net cash provided by (used for) operating activities |
|
|
27,348 |
|
|
|
15,400 |
|
|
|
79,292 |
|
|
|
86,172 |
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(7,133 |
) |
|
|
(3,563 |
) |
|
|
(24,435 |
) |
|
|
(22,855 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
(348,312 |
) |
|
|
(160 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
130 |
|
|
|
116 |
|
|
|
242 |
|
|
|
258 |
|
Net cash provided by (used for) investing activities |
|
|
(7,003 |
) |
|
|
(3,447 |
) |
|
|
(372,505 |
) |
|
|
(22,757 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net borrowings (repayments) from revolving credit facility |
|
|
(5,000 |
) |
|
|
(2,000 |
) |
|
|
(20,000 |
) |
|
|
(36,000 |
) |
Proceeds from Term Loan A |
|
|
— |
|
|
|
— |
|
|
|
400,000 |
|
|
|
— |
|
Repayments of Term Loan A |
|
|
(8,000 |
) |
|
|
— |
|
|
|
(18,000 |
) |
|
|
— |
|
Repayments of senior unsecured notes |
|
|
— |
|
|
|
— |
|
|
|
(38,000 |
) |
|
|
— |
|
Payments on finance lease |
|
|
(151 |
) |
|
|
(139 |
) |
|
|
(593 |
) |
|
|
(542 |
) |
Cash dividends paid |
|
|
(5,040 |
) |
|
|
(4,974 |
) |
|
|
(20,432 |
) |
|
|
(20,240 |
) |
Proceeds from issuance of common stock |
|
|
289 |
|
|
|
390 |
|
|
|
3,342 |
|
|
|
2,338 |
|
Shares withheld for employee taxes on equity awards |
|
|
(23 |
) |
|
|
(17 |
) |
|
|
(2,050 |
) |
|
|
(2,072 |
) |
Deferred financing fees |
|
|
— |
|
|
|
— |
|
|
|
(9,172 |
) |
|
|
— |
|
Net cash provided by (used for) financing activities |
|
|
(17,925 |
) |
|
|
(6,740 |
) |
|
|
295,095 |
|
|
|
(56,516 |
) |
Foreign exchange rate effect on cash |
|
|
92 |
|
|
|
309 |
|
|
|
50 |
|
|
|
252 |
|
Net increase (decrease) in cash |
|
|
2,512 |
|
|
|
5,522 |
|
|
|
1,932 |
|
|
|
7,151 |
|
Beginning Cash |
|
|
29,710 |
|
|
|
24,768 |
|
|
|
30,290 |
|
|
|
23,139 |
|
Ending Cash |
|
$ |
32,222 |
|
|
$ |
30,290 |
|
|
$ |
32,222 |
|
|
$ |
30,290 |
|
|
||||||||||||||||||||
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
Quarter Ended December 31, 2024 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
152,704 |
|
|
$ |
51,225 |
|
|
$ |
203,929 |
|
|
$ |
(53 |
) |
|
$ |
203,876 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,297 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,889 |
|
||||
Less: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(157 |
) |
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,732 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
25,924 |
|
|
|
(1,552 |
) |
|
|
24,372 |
|
|
|
(9,735 |
) |
|
|
14,637 |
|
Operating income margin |
|
|
17.0 |
% |
|
|
-3.0 |
% |
|
|
12.0 |
% |
|
n/a |
|
|
|
7.2 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
7 |
|
|
|
427 |
|
|
|
434 |
|
|
|
1,854 |
|
|
|
2,288 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
212 |
|
|
|
212 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
500 |
|
Adjusted operating income (loss)(1) |
|
|
25,931 |
|
|
|
(1,125 |
) |
|
|
24,806 |
|
|
|
(7,169 |
) |
|
|
17,637 |
|
Adjusted operating income margin |
|
|
17.0 |
% |
|
|
-2.2 |
% |
|
|
12.2 |
% |
|
n/a |
|
|
|
8.7 |
% |
|
Add: Depreciation and amortization |
|
|
8,793 |
|
|
|
822 |
|
|
|
9,615 |
|
|
|
218 |
|
|
|
9,833 |
|
Adjusted EBITDA |
|
$ |
34,724 |
|
|
$ |
(303 |
) |
|
$ |
34,421 |
|
|
$ |
(6,951 |
) |
|
$ |
27,470 |
|
Adjusted EBITDA margin |
|
|
22.7 |
% |
|
|
-0.6 |
% |
|
|
16.9 |
% |
|
n/a |
|
|
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended December 31, 2023 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
126,918 |
|
|
$ |
64,182 |
|
|
$ |
191,100 |
|
|
$ |
(23 |
) |
|
$ |
191,077 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,539 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,232 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
240 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,472 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
29,931 |
|
|
|
339 |
|
|
|
30,270 |
|
|
|
(11,667 |
) |
|
|
18,603 |
|
Operating income margin |
|
|
23.6 |
% |
|
|
0.5 |
% |
|
|
15.8 |
% |
|
n/a |
|
|
|
9.7 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
231 |
|
|
|
61 |
|
|
|
292 |
|
|
|
— |
|
|
|
292 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
79 |
|
|
|
79 |
|
|
|
2,619 |
|
|
|
2,698 |
|
Less: Insurance recovery of legal fees(3) |
|
|
(6,700 |
) |
|
|
— |
|
|
|
(6,700 |
) |
|
|
— |
|
|
|
(6,700 |
) |
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
1,000 |
|
Adjusted operating income (loss)(1) |
|
|
23,462 |
|
|
|
479 |
|
|
|
23,941 |
|
|
|
(8,048 |
) |
|
|
15,893 |
|
Adjusted operating income margin |
|
|
18.5 |
% |
|
|
0.7 |
% |
|
|
12.5 |
% |
|
n/a |
|
|
|
8.3 |
% |
|
Add: Depreciation and amortization |
|
|
4,922 |
|
|
|
692 |
|
|
|
5,614 |
|
|
|
268 |
|
|
|
5,882 |
|
Adjusted EBITDA |
|
$ |
28,384 |
|
|
$ |
1,171 |
|
|
$ |
29,555 |
|
|
$ |
(7,780 |
) |
|
$ |
21,775 |
|
Adjusted EBITDA margin |
|
|
22.4 |
% |
|
|
1.8 |
% |
|
|
15.5 |
% |
|
n/a |
|
|
|
11.4 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
(3) Includes total insurance recovery of |
|
|
||||||||||||||||||||
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
Year Ended December 31, 2024 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
621,655 |
|
|
$ |
214,768 |
|
|
$ |
836,423 |
|
|
$ |
(142 |
) |
|
$ |
836,281 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,201 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270,805 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,006 |
|
||||
Add: Acquisition-related inventory step-up |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,457 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
279,268 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
77,767 |
|
|
|
3,363 |
|
|
|
81,130 |
|
|
|
(36,650 |
) |
|
|
44,480 |
|
Operating income margin |
|
|
12.5 |
% |
|
|
1.6 |
% |
|
|
9.7 |
% |
|
n/a |
|
|
|
5.3 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
1,405 |
|
Add: Restructuring expenses and other adjustments |
|
|
3,867 |
|
|
|
1,402 |
|
|
|
5,269 |
|
|
|
2,271 |
|
|
|
7,540 |
|
Add: Acquisition and integration costs |
|
|
305 |
|
|
|
— |
|
|
|
305 |
|
|
|
4,344 |
|
|
|
4,649 |
|
Add: Acquisition-related inventory step-up |
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
Add: Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Less: Insurance recovery of legal fees |
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
Less: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(200 |
) |
|
|
(200 |
) |
Adjusted operating income (loss)(1) |
|
|
107,710 |
|
|
|
4,765 |
|
|
|
112,475 |
|
|
|
(28,830 |
) |
|
|
83,645 |
|
Adjusted operating income margin |
|
|
17.3 |
% |
|
|
2.2 |
% |
|
|
13.4 |
% |
|
n/a |
|
|
|
10.0 |
% |
|
Add: Depreciation and amortization |
|
|
34,499 |
|
|
|
3,248 |
|
|
|
37,747 |
|
|
|
846 |
|
|
|
38,593 |
|
Adjusted EBITDA |
|
$ |
142,209 |
|
|
$ |
8,013 |
|
|
$ |
150,222 |
|
|
$ |
(27,984 |
) |
|
$ |
122,238 |
|
Adjusted EBITDA margin |
|
|
22.9 |
% |
|
|
3.7 |
% |
|
|
18.0 |
% |
|
n/a |
|
|
|
14.6 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 31, 2023 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
555,259 |
|
|
$ |
257,875 |
|
|
$ |
813,134 |
|
|
$ |
(67 |
) |
|
$ |
813,067 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,867 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259,086 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
829 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259,915 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
100,088 |
|
|
|
10,967 |
|
|
|
111,055 |
|
|
|
(38,650 |
) |
|
|
72,405 |
|
Operating income margin |
|
|
18.0 |
% |
|
|
4.3 |
% |
|
|
13.7 |
% |
|
n/a |
|
|
|
8.9 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
410 |
|
|
|
410 |
|
|
|
289 |
|
|
|
699 |
|
Add: Restructuring expenses and other adjustments |
|
|
1,456 |
|
|
|
914 |
|
|
|
2,370 |
|
|
|
166 |
|
|
|
2,536 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
376 |
|
|
|
376 |
|
|
|
2,745 |
|
|
|
3,121 |
|
Less: Insurance recovery of legal fees(3) |
|
|
(6,700 |
) |
|
|
— |
|
|
|
(6,700 |
) |
|
|
— |
|
|
|
(6,700 |
) |
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,200 |
|
|
|
3,200 |
|
Adjusted operating income (loss)(1) |
|
|
94,844 |
|
|
|
12,667 |
|
|
|
107,511 |
|
|
|
(32,250 |
) |
|
|
75,261 |
|
Adjusted operating income margin |
|
|
17.1 |
% |
|
|
4.9 |
% |
|
|
13.2 |
% |
|
n/a |
|
|
|
9.3 |
% |
|
Add: Depreciation and amortization |
|
|
18,917 |
|
|
|
3,197 |
|
|
|
22,114 |
|
|
|
672 |
|
|
|
22,786 |
|
Adjusted EBITDA |
|
$ |
113,761 |
|
|
$ |
15,864 |
|
|
$ |
129,625 |
|
|
$ |
(31,578 |
) |
|
$ |
98,047 |
|
Adjusted EBITDA margin |
|
|
20.5 |
% |
|
|
6.2 |
% |
|
|
15.9 |
% |
|
n/a |
|
|
|
12.1 |
% |
|
|
||||||||||||||||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
(3) Includes total insurance recovery of |
|
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED) (Dollars in thousands) |
||||||||||||||||
|
||||||||||||||||
|
|
Quarter Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
$ |
14,637 |
|
|
$ |
18,603 |
|
|
$ |
44,480 |
|
|
$ |
72,405 |
|
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
699 |
|
Restructuring expenses and other adjustments |
|
|
2,288 |
|
|
|
292 |
|
|
|
7,540 |
|
|
|
2,536 |
|
Acquisition and integration costs |
|
|
212 |
|
|
|
2,698 |
|
|
|
4,649 |
|
|
|
3,121 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
(6,700 |
) |
|
|
(702 |
) |
|
|
(6,700 |
) |
Environmental reserves, net |
|
|
500 |
|
|
|
1,000 |
|
|
|
(200 |
) |
|
|
3,200 |
|
Adjusted operating income (loss) |
|
$ |
17,637 |
|
|
$ |
15,893 |
|
|
$ |
83,645 |
|
|
$ |
75,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
4,297 |
|
|
$ |
12,539 |
|
|
$ |
7,201 |
|
|
$ |
48,867 |
|
Income tax expense (benefit) |
|
|
2,579 |
|
|
|
4,690 |
|
|
|
6,342 |
|
|
|
17,189 |
|
Interest expense, net |
|
|
7,761 |
|
|
|
1,374 |
|
|
|
30,937 |
|
|
|
6,349 |
|
Operating income (loss) |
|
|
14,637 |
|
|
|
18,603 |
|
|
|
44,480 |
|
|
|
72,405 |
|
Depreciation and amortization |
|
|
9,833 |
|
|
|
5,882 |
|
|
|
38,593 |
|
|
|
22,786 |
|
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
699 |
|
Restructuring expenses and other adjustments |
|
|
2,288 |
|
|
|
292 |
|
|
|
7,540 |
|
|
|
2,536 |
|
Acquisition and integration costs |
|
|
212 |
|
|
|
2,698 |
|
|
|
4,649 |
|
|
|
3,121 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
(6,700 |
) |
|
|
(702 |
) |
|
|
(6,700 |
) |
Environmental reserves, net |
|
|
500 |
|
|
|
1,000 |
|
|
|
(200 |
) |
|
|
3,200 |
|
Adjusted EBITDA |
|
$ |
27,470 |
|
|
$ |
21,775 |
|
|
$ |
122,238 |
|
|
$ |
98,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by (used for) operating activities |
|
$ |
27,348 |
|
|
$ |
15,400 |
|
|
$ |
79,292 |
|
|
$ |
86,172 |
|
Capital expenditures |
|
|
(7,133 |
) |
|
|
(3,563 |
) |
|
|
(24,435 |
) |
|
|
(22,855 |
) |
Free cash flow |
|
$ |
20,215 |
|
|
$ |
11,837 |
|
|
$ |
54,857 |
|
|
$ |
63,317 |
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER DILUTED SHARE (UNAUDITED) (Dollars in thousands, except per share data) |
|||||||||||||||||
|
|||||||||||||||||
|
|
Quarter Ended December 31, |
|
|
Year Ended December 31, |
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
||||
Adjusted net income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
4,297 |
|
|
$ |
12,539 |
|
|
$ |
7,201 |
|
|
$ |
48,867 |
|
|
Income tax expense (benefit) |
|
|
2,579 |
|
|
|
4,690 |
|
|
|
6,342 |
|
|
|
17,189 |
|
|
Income (loss) before income taxes |
|
|
6,876 |
|
|
|
17,229 |
|
|
|
13,543 |
|
|
|
66,056 |
|
|
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
699 |
|
|
Restructuring expenses and other adjustments |
|
|
2,288 |
|
|
|
292 |
|
|
|
7,540 |
|
|
|
2,536 |
|
|
Acquisition and integration costs |
|
|
212 |
|
|
|
2,698 |
|
|
|
4,649 |
|
|
|
3,121 |
|
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
(6,700 |
) |
|
|
(702 |
) |
|
|
(6,700 |
) |
|
Environmental reserves, net |
|
|
500 |
|
|
|
1,000 |
|
|
|
(200 |
) |
|
|
3,200 |
|
|
Adjusted income (loss) before income taxes |
|
|
9,876 |
|
|
|
14,519 |
|
|
|
52,708 |
|
|
|
68,912 |
|
|
Income tax expense, as adjusted (1) |
|
|
(2,568 |
) |
|
|
(3,630 |
) |
|
|
(13,704 |
) |
|
|
(17,228 |
) |
|
Adjusted net income (loss) |
|
$ |
7,308 |
|
|
$ |
10,889 |
|
|
$ |
39,004 |
|
|
$ |
51,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted earnings per diluted share reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per common diluted share |
|
$ |
0.11 |
|
|
$ |
0.34 |
|
|
$ |
0.19 |
|
|
$ |
1.32 |
|
|
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
0.02 |
|
|
Restructuring expenses and other adjustments |
|
|
0.06 |
|
|
|
0.00 |
|
|
|
0.20 |
|
|
|
0.06 |
|
|
Acquisition and integration costs |
|
|
0.01 |
|
|
|
0.07 |
|
|
|
0.13 |
|
|
|
0.08 |
|
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
0.59 |
|
|
|
— |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
(0.18 |
) |
|
|
(0.02 |
) |
|
|
(0.18 |
) |
|
Environmental reserves, net |
|
|
0.01 |
|
|
|
0.03 |
|
|
|
(0.01 |
) |
|
|
0.09 |
|
|
Adjusted effective income tax rate impact |
|
|
0.00 |
|
|
|
0.03 |
|
|
|
(0.20 |
) |
|
|
(0.00 |
) |
|
Adjusted earnings per diluted share(2) |
|
$ |
0.19 |
|
|
$ |
0.29 |
|
|
$ |
1.04 |
|
|
$ |
1.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Items in this table may not recalculate due to rounding |
|
|
|||||||||||||||
(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2024 is |
|||||||||||||||||
(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding for the respective period. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306076380/en/
Meghan Beringer, Senior Director Investor Relations, 252-536-5651
Source: Myers Industries, Inc.