Myers Industries Announces Second Quarter 2024 Results
Myers Industries (NYSE: MYE) reported Q2 2024 results with net sales of $220.2 million, up 5.7% year-over-year. Net income was $10.3 million, slightly down from $10.6 million in Q2 2023. Adjusted EBITDA increased significantly to $38.9 million, compared to $24.7 million last year. The company's gross margin improved to 34.3%, up 150 basis points.
Despite strong performance from Signature Systems, Myers lowered its full-year guidance due to continued demand pressure in Recreational Vehicle, Marine, and Automotive Aftermarket end markets. The company now expects adjusted EPS of $1.05 - $1.20 for 2024. Myers is executing cost reduction initiatives, including facility consolidations, targeting $7M-$9M in annualized savings by 2025.
Myers Industries (NYSE: MYE) ha riportato i risultati del Q2 2024 con vendite nette di $220,2 milioni, in aumento del 5,7% rispetto all'anno precedente. Il reddito netto è stato di $10,3 milioni, leggermente in calo rispetto ai $10,6 milioni del Q2 2023. L'EBITDA rettificato è aumentato in modo significativo a $38,9 milioni, rispetto ai $24,7 milioni dell'anno scorso. Il margine lordo dell'azienda è migliorato al 34,3%, in aumento di 150 punti base.
Nonostante le forti performance di Signature Systems, Myers ha abbassato le sue previsioni per l'intero anno a causa della continua pressione della domanda nei mercati finali dei veicoli ricreativi, marini e aftermarket automobilistico. L'azienda ora prevede un utile per azione rettificato di $1,05 - $1,20 per il 2024. Myers sta attuando iniziative di riduzione dei costi, comprese le consolidazioni degli stabilimenti, puntando a un risparmio annualizzato di $7M-$9M entro il 2025.
Myers Industries (NYSE: MYE) reportó los resultados del Q2 2024 con ventas netas de $220,2 millones, un aumento del 5,7% en comparación con el año anterior. El ingreso neto fue de $10,3 millones, ligeramente por debajo de los $10,6 millones del Q2 2023. El EBITDA ajustado aumentó significativamente a $38,9 millones, en comparación con los $24,7 millones del año pasado. El margen bruto de la compañía mejoró al 34,3%, un aumento de 150 puntos base.
A pesar del sólido desempeño de Signature Systems, Myers redujo sus proyecciones para todo el año debido a la continua presión de demanda en los mercados finales de vehículos recreativos, marinos y de posventa automotriz. La empresa ahora espera un EPS ajustado de $1,05 - $1,20 para 2024. Myers está implementando iniciativas de reducción de costos, incluidas las consolidaciones de instalaciones, con un objetivo de ahorros anuales de $7M-$9M para 2025.
Myers Industries (NYSE: MYE)가 2024년 2분기 실적을 보고했으며, 순매출은 2억 2천20만 달러로 전년 대비 5.7% 증가했습니다. 순이익은 1천3백만 달러로, 2023년 2분기 1천6백만 달러에서 소폭 감소했습니다. 조정 EBITDA는 작년 2천4백70만 달러에서 3천8백90만 달러로 크게 증가했습니다. 회사의 매출 총 이익률이 개선되었으며, 34.3%로 150베이시스 포인트 상승했습니다.
Signature Systems의 강력한 성과에도 불구하고, Myers는 레크리에이셔널 차량, 해양 및 자동차 애프터마켓 최종 시장에서 지속적인 수요 압박으로 인해 연간 전망을 하향 조정했습니다. 회사는 이제 2024년 조정 EPS를 $1.05 - $1.20으로 예상하고 있습니다. Myers는 2025년까지 연간 700만 달러에서 900만 달러의 비용 절감을 목표로 하는 시설 통합을 포함한 비용 절감 이니셔티브를 실행하고 있습니다.
Myers Industries (NYSE: MYE) a rapporté les résultats du Q2 2024, avec des ventes nettes de 220,2 millions de dollars, en augmentation de 5,7 % par rapport à l'année précédente. Le bénéfice net était de 10,3 millions de dollars, légèrement en baisse par rapport à 10,6 millions de dollars au Q2 2023. L'EBITDA ajusté a considérablement augmenté pour atteindre 38,9 millions de dollars, contre 24,7 millions de dollars l'année dernière. D'ailleurs, la marge brute de l'entreprise s'est améliorée à 34,3 %, soit une hausse de 150 points de base.
Malgré de solides performances de Signature Systems, Myers a abaissé ses prévisions pour l'année entière en raison de la pression persistante sur la demande dans les marchés finaux des véhicules récréatifs, marins et de l'après-vente automobile. L'entreprise prévoit désormais un BPA ajusté de 1,05 à 1,20 dollar pour 2024. Myers met en œuvre des initiatives de réduction des coûts, y compris des consolidations d'installations, visant des économies annuelles de 7 à 9 millions de dollars d'ici 2025.
Myers Industries (NYSE: MYE) hat die Ergebnisse des Q2 2024 veröffentlicht, mit einem Nettoumsatz von 220,2 Millionen Dollar, was einem Anstieg von 5,7% im Jahresvergleich entspricht. Der Nettogewinn betrug 10,3 Millionen Dollar, leicht rückläufig im Vergleich zu 10,6 Millionen Dollar im Q2 2023. Das bereinigte EBITDA stieg erheblich auf 38,9 Millionen Dollar, verglichen mit 24,7 Millionen Dollar im letzten Jahr. Die Bruttomarge des Unternehmens verbesserte sich auf 34,3%, was einem Anstieg von 150 Basispunkten entspricht.
Trotz der starken Leistung von Signature Systems senkte Myers seine Prognose für das Gesamtjahr aufgrund des anhaltenden Nachfragedrucks in den Endmärkten Wohnmobile, Marine und Automobilnachmarkt. Das Unternehmen erwartet nun ein bereinigtes EPS von 1,05 - 1,20 Dollar für 2024. Myers führt Kostensenkungsinitiativen durch, einschließlich der Konsolidierung von Einrichtungen, mit dem Ziel, bis 2025 jährliche Einsparungen von 7 bis 9 Millionen Dollar zu erreichen.
- Net sales increased 5.7% year-over-year to $220.2 million
- Adjusted EBITDA grew 57.4% to $38.9 million
- Gross margin improved 150 basis points to 34.3%
- Adjusted earnings per diluted share increased to $0.39 from $0.35
- Strong performance from Signature Systems acquisition
- Targeting $7M-$9M in annualized cost savings by 2025
- Net income decreased 3.1% to $10.3 million
- Lowered full-year adjusted EPS guidance to $1.05 - $1.20
- Continued demand pressure in Recreational Vehicle, Marine, and Automotive Aftermarket end markets
- Distribution segment sales decreased 16.7% year-over-year
Insights
Myers Industries' Q2 2024 results present a mixed picture. While the company reported revenue growth of
The company's profitability metrics showed improvement, with adjusted EBITDA increasing by
Of particular concern is the performance of the Distribution segment, which saw a
The company's decision to lower its full-year adjusted EPS guidance to
Investors should closely monitor the company's ability to execute its cost-saving plans and the performance of its recent acquisition, Signature Systems, which appears to be the main driver of growth at present.
Myers Industries' Q2 results highlight the divergent trends in its end markets. The strong performance of Signature Systems, which caters to Infrastructure and Military sectors, is offsetting weaknesses in Recreational Vehicle, Marine and Automotive Aftermarket segments. This shift in market dynamics presents both opportunities and challenges for the company.
The Infrastructure sector, buoyed by government spending initiatives, offers a promising growth avenue. However, the continued weakness in consumer-oriented markets like RV and Marine suggests a broader slowdown in discretionary spending, which could persist if economic conditions deteriorate further.
Myers' strategy to focus on its "power brands" - Akro-Mils, Buckhorn, Scepter and Signature Systems - is a smart move to leverage its strengths in niche markets. The emphasis on Storage, Handling & Protection products aligns well with trends in logistics and supply chain management, which could provide resilience in a challenging economic environment.
The consolidation of distribution centers and manufacturing facilities indicates a shift towards operational efficiency, which is important in maintaining competitiveness. However, it's important to note that these moves also suggest that management doesn't foresee a quick recovery in demand for its traditional products.
Investors should watch for signs of stabilization in the RV, Marine and Automotive Aftermarket sectors, as well as the company's success in penetrating new markets through its acquired brands. The ability to maintain pricing power in the face of potentially softening demand will be a key factor in Myers' performance in the coming quarters.
Myers Industries' Q2 results and strategic actions reveal a company in transition, actively reshaping its portfolio and operations to navigate a challenging market environment. The acquisition of Signature Systems appears to be a pivotal move, diversifying the company's revenue streams and providing a buffer against weakness in traditional end markets.
The focus on "power brands" and the Storage, Handling & Protection portfolio demonstrates a clear strategic direction towards higher-margin, branded products. This shift could potentially lead to improved profitability and more stable revenue streams in the long term, particularly if the company can successfully leverage its brands in growing sectors like Infrastructure and Military.
The ongoing cost reduction and productivity improvement initiatives, including the consolidation of facilities, are necessary steps to maintain competitiveness. The target of
However, the lowered guidance for full-year adjusted EPS suggests that these positive strategic moves are not yet fully offsetting the headwinds in key markets. The company's ability to execute its transformation while managing short-term challenges will be crucial.
Investors should pay attention to:
- The integration and performance of Signature Systems
- Progress on cost-saving initiatives and their impact on margins
- Success in penetrating new markets, particularly Infrastructure and Military
- Any signs of recovery in the RV, Marine and Automotive Aftermarket segments
Overall, Myers Industries appears to be making the right strategic moves, but the full benefits may take time to materialize and the company remains vulnerable to broader economic trends affecting its end markets.
Strong Signature Systems performance improves second quarter results
Actions taken in the second quarter to reduce costs and leverage productivity gains; executing against previously communicated target of
Full-year guidance lowered to
Second Quarter 2024 Financial Highlights
-
Net sales of
$220.2 million $208.5 million -
Net Income of
$10.3 million $10.6 million -
Adjusted EBITDA of
$38.9 million $24.7 million -
GAAP gross margin of
34.3% , up 150 basis points versus the prior-year period -
Adjusted gross margin of
36.1% , up 320 basis points versus the prior-year period -
GAAP net income per diluted share of
$0.28 $0.29 -
Adjusted earnings per diluted share of
$0.39 $0.35 -
Cash flow provided by operations of
$14.3 million $9.9 million
Myers Industries President and CEO Mike McGaugh commented, “Our second-quarter results reflect the Company’s first full quarter with Signature Systems. This business is benefiting from worldwide investments in Infrastructure and helped drive both sequential and year-over-year revenue growth and margin expansion. Signature’s performance outpaced the demand headwinds in the Recreational Vehicle (RV), Marine, and Automotive Aftermarket end markets.”
“We continue to focus on growing our Storage, Handling & Protection portfolio, most notably our four power brands: Akro-Mils, Buckhorn, Scepter, and Signature Systems. We believe our increased participation in the Military and Infrastructure end markets will provide meaningful growth for our Company over the next several years.
At the same time, we are taking actions to reduce costs and increase productivity in the Engineered Solutions and Automotive Aftermarket portfolios. These actions include the consolidation of three distribution centers in our Myers Tire Supply business, as well as today’s announcement of the consolidation of our
Our ongoing productivity-improvement and cost-reduction initiatives will help us navigate the cyclical demand conditions in the RV, Marine, and Automotive Aftermarket end markets while positioning the Company favorably for when these conditions revert to historical levels of demand.”
McGaugh concluded, “As a result of continued trough-like demand conditions in these end markets, we believe it is prudent to lower our full-year adjusted earnings per share guidance to a range of
Myers’ consistent and disciplined execution of our Three-Horizon strategy and the expansion of our portfolio of branded products enabled us to achieve the highest quarterly adjusted EBITDA margin of the past decade. Despite the near-term demand softness in select end markets, we remain excited about the ongoing transformation of Myers Industries as we execute against our long-term strategy to build a portfolio of businesses with high margin, branded products that Move, Store, and Protect.”
Second Quarter 2024 Financial Summary
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Quarter Ended June 30, |
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(Dollars in thousands, except per share data) |
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2024 |
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2023 |
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% Inc
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Net sales |
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Gross profit |
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Gross margin |
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Operating income |
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Net income |
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(3.1)% |
Net income per diluted share |
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(3.4)% |
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Adjusted operating income |
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Adjusted net income |
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Adjusted earnings per diluted share |
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Adjusted EBITDA |
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Net sales were
Gross profit increased
Second Quarter 2024 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
|
Net Sales |
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Op Income |
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Op Income
|
|
Adj EBITDA |
|
Adj EBITDA
|
Q2 2024 Results |
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|
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|
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Q2 2023 Results |
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$ Increase (decrease) vs prior year |
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% Increase (decrease) vs prior year |
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|
|
+0bps |
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|
|
+420bps |
Items in this table may not recalculate due to rounding |
Net sales for the Material Handling segment were
Operating income increased
Distribution
|
Net Sales |
|
Op Income |
|
Op Income
|
|
Adj EBITDA |
|
Adj EBITDA
|
Q2 2024 Results |
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|
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Q2 2023 Results |
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$ Increase (decrease) vs prior year |
( |
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( |
|
|
|
( |
|
|
% Increase (decrease) vs prior year |
(16.7)% |
|
(35.9)% |
|
-120bps |
|
(20.1)% |
|
-30bps |
Items in this table may not recalculate due to rounding |
|
|
|
|
|
|
|
|
|
Operating income decreased
Balance Sheet & Cash Flow
As of June 30, 2024, the Company’s cash on hand totaled
2024 Outlook
Based on current exchange rates, market outlook and business forecast, the Company is providing the following outlook for fiscal 2024:
-
Net sales growth of
5% to10% -
Net income per diluted share in the range of
$0.76 $0.91 -
Adjusted earnings per diluted share in the range of
$1.05 $1.20 -
Capital expenditures in the range of
$30 million $35 million -
Effective tax rate to approximate
26%
Myers will continue to monitor market conditions and provide updates throughout the year.
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Thursday, August 1, 2024, 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=ca1ab624&confId=68382. 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) |
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|
|
Quarter Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
||||
Net sales |
|
$ |
220,236 |
|
|
$ |
208,453 |
|
|
$ |
427,338 |
|
|
$ |
424,192 |
|
Cost of sales |
|
|
144,719 |
|
|
|
140,043 |
|
|
|
287,552 |
|
|
|
284,717 |
|
Gross profit |
|
|
75,517 |
|
|
|
68,410 |
|
|
|
139,786 |
|
|
|
139,475 |
|
Selling, general and administrative expenses |
|
|
51,661 |
|
|
|
52,351 |
|
|
|
105,118 |
|
|
|
104,432 |
|
(Gain) loss on disposal of fixed assets |
|
|
128 |
|
|
|
(83 |
) |
|
|
61 |
|
|
|
(56 |
) |
Operating income (loss) |
|
|
23,728 |
|
|
|
16,142 |
|
|
|
34,607 |
|
|
|
35,099 |
|
Interest expense, net |
|
|
9,006 |
|
|
|
1,790 |
|
|
|
15,085 |
|
|
|
3,436 |
|
Income (loss) before income taxes |
|
|
14,722 |
|
|
|
14,352 |
|
|
|
19,522 |
|
|
|
31,663 |
|
Income tax expense (benefit) |
|
|
4,443 |
|
|
|
3,747 |
|
|
|
5,740 |
|
|
|
8,082 |
|
Net income (loss) |
|
$ |
10,279 |
|
|
$ |
10,605 |
|
|
$ |
13,782 |
|
|
$ |
23,581 |
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.28 |
|
|
$ |
0.29 |
|
|
$ |
0.37 |
|
|
$ |
0.64 |
|
Diluted |
|
$ |
0.28 |
|
|
$ |
0.29 |
|
|
$ |
0.37 |
|
|
$ |
0.64 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
37,179,658 |
|
|
|
36,761,916 |
|
|
|
37,043,913 |
|
|
|
36,663,345 |
|
Diluted |
|
|
37,312,394 |
|
|
|
36,892,177 |
|
|
|
37,257,302 |
|
|
|
36,874,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Dollars in thousands) |
||||||||
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash |
|
$ |
37,345 |
|
|
$ |
30,290 |
|
Trade accounts receivable, net |
|
|
129,775 |
|
|
|
113,907 |
|
Other accounts receivable, net |
|
|
9,050 |
|
|
|
14,726 |
|
Inventories, net |
|
|
105,796 |
|
|
|
90,844 |
|
Other current assets |
|
|
13,577 |
|
|
|
6,854 |
|
Total Current Assets |
|
|
295,543 |
|
|
|
256,621 |
|
Property, plant, & equipment, net |
|
|
135,251 |
|
|
|
107,933 |
|
Right of use asset - operating leases |
|
|
31,751 |
|
|
|
27,989 |
|
Goodwill and intangible assets, net |
|
|
474,685 |
|
|
|
140,521 |
|
Deferred income taxes |
|
|
209 |
|
|
|
209 |
|
Other assets |
|
|
14,194 |
|
|
|
8,358 |
|
Total Assets |
|
$ |
951,633 |
|
|
$ |
541,631 |
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
93,097 |
|
|
$ |
79,050 |
|
Accrued expenses |
|
|
44,137 |
|
|
|
53,523 |
|
Operating lease liability - short-term |
|
|
6,223 |
|
|
|
5,943 |
|
Finance lease liability - short-term |
|
|
609 |
|
|
|
593 |
|
Long-term debt - current portion |
|
|
19,603 |
|
|
|
25,998 |
|
Total Current Liabilities |
|
|
163,669 |
|
|
|
165,107 |
|
Long-term debt |
|
|
380,450 |
|
|
|
31,989 |
|
Operating lease liability - long-term |
|
|
25,003 |
|
|
|
22,352 |
|
Finance lease liability - long-term |
|
|
8,306 |
|
|
|
8,615 |
|
Other liabilities |
|
|
17,543 |
|
|
|
12,108 |
|
Deferred income taxes |
|
|
62,110 |
|
|
|
8,660 |
|
Total Shareholders' Equity |
|
|
294,552 |
|
|
|
292,800 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
951,633 |
|
|
$ |
541,631 |
|
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) |
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|
|
Quarter Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
10,279 |
|
|
$ |
10,605 |
|
|
$ |
13,782 |
|
|
$ |
23,581 |
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
10,067 |
|
|
|
5,677 |
|
|
|
18,564 |
|
|
|
11,295 |
|
Amortization of deferred financing costs |
|
|
544 |
|
|
|
78 |
|
|
|
775 |
|
|
|
156 |
|
Amortization of acquisition-related inventory step-up |
|
|
1,342 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Non-cash stock-based compensation expense |
|
|
(135 |
) |
|
|
2,488 |
|
|
|
547 |
|
|
|
4,392 |
|
(Gain) loss on disposal of fixed assets |
|
|
128 |
|
|
|
(83 |
) |
|
|
61 |
|
|
|
(56 |
) |
Other |
|
|
170 |
|
|
|
3,319 |
|
|
|
164 |
|
|
|
2,492 |
|
Cash flows provided by (used for) working capital |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable - trade and other, net |
|
|
248 |
|
|
|
11,915 |
|
|
|
8,212 |
|
|
|
15,096 |
|
Inventories |
|
|
(2,145 |
) |
|
|
4,048 |
|
|
|
(1,959 |
) |
|
|
(4,730 |
) |
Prepaid expenses and other current assets |
|
|
(5,528 |
) |
|
|
(5,048 |
) |
|
|
(4,643 |
) |
|
|
(3,828 |
) |
Accounts payable and accrued expenses |
|
|
(623 |
) |
|
|
(10,147 |
) |
|
|
(5,343 |
) |
|
|
240 |
|
Net cash provided by (used for) operating activities |
|
|
14,347 |
|
|
|
22,852 |
|
|
|
34,617 |
|
|
|
48,638 |
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(4,417 |
) |
|
|
(6,125 |
) |
|
|
(10,124 |
) |
|
|
(15,216 |
) |
Acquisition of business, net of cash acquired |
|
|
578 |
|
|
|
— |
|
|
|
(348,312 |
) |
|
|
(160 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
9 |
|
|
|
109 |
|
|
|
84 |
|
|
|
142 |
|
Net cash provided by (used for) investing activities |
|
|
(3,830 |
) |
|
|
(6,016 |
) |
|
|
(358,352 |
) |
|
|
(15,234 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net borrowings (repayments) from revolving credit facility |
|
|
4,000 |
|
|
|
(9,800 |
) |
|
|
(7,000 |
) |
|
|
(15,000 |
) |
Proceeds from Term Loan A |
|
|
— |
|
|
|
— |
|
|
|
400,000 |
|
|
|
— |
|
Repayments of Term Loan A |
|
|
(5,000 |
) |
|
|
— |
|
|
|
(5,000 |
) |
|
|
— |
|
Repayments of senior unsecured notes |
|
|
— |
|
|
|
— |
|
|
|
(38,000 |
) |
|
|
— |
|
Payments on finance lease |
|
|
(149 |
) |
|
|
(129 |
) |
|
|
(292 |
) |
|
|
(258 |
) |
Cash dividends paid |
|
|
(5,022 |
) |
|
|
(5,022 |
) |
|
|
(10,367 |
) |
|
|
(10,296 |
) |
Proceeds from issuance of common stock |
|
|
350 |
|
|
|
437 |
|
|
|
2,758 |
|
|
|
1,569 |
|
Shares withheld for employee taxes on equity awards |
|
|
(100 |
) |
|
|
(34 |
) |
|
|
(1,974 |
) |
|
|
(2,033 |
) |
Deferred financing fees |
|
|
— |
|
|
|
— |
|
|
|
(9,172 |
) |
|
|
— |
|
Net cash provided by (used for) financing activities |
|
|
(5,921 |
) |
|
|
(14,548 |
) |
|
|
330,953 |
|
|
|
(26,018 |
) |
Foreign exchange rate effect on cash |
|
|
19 |
|
|
|
163 |
|
|
|
(163 |
) |
|
|
167 |
|
Net increase (decrease) in cash |
|
|
4,615 |
|
|
|
2,451 |
|
|
|
7,055 |
|
|
|
7,553 |
|
Beginning Cash |
|
|
32,730 |
|
|
|
28,241 |
|
|
|
30,290 |
|
|
|
23,139 |
|
Ending Cash |
|
$ |
37,345 |
|
|
$ |
30,692 |
|
|
$ |
37,345 |
|
|
$ |
30,692 |
|
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) |
||||||||||||||||||||
|
|
Quarter Ended June 30, 2024 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
166,008 |
|
|
$ |
54,265 |
|
|
$ |
220,273 |
|
|
$ |
(37 |
) |
|
$ |
220,236 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,279 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,517 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,711 |
|
||||
Add: Acquisition-related inventory step-up |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,342 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,570 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
28,701 |
|
|
|
2,179 |
|
|
|
30,880 |
|
|
|
(7,152 |
) |
|
|
23,728 |
|
Operating income margin |
|
|
17.3 |
% |
|
|
4.0 |
% |
|
|
14.0 |
% |
|
n/a |
|
|
|
10.8 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
2,223 |
|
|
|
755 |
|
|
|
2,978 |
|
|
|
— |
|
|
|
2,978 |
|
Add: Acquisition and integration costs |
|
|
207 |
|
|
|
— |
|
|
|
207 |
|
|
|
471 |
|
|
|
678 |
|
Add: Acquisition-related inventory step-up |
|
|
1,342 |
|
|
|
— |
|
|
|
1,342 |
|
|
|
— |
|
|
|
1,342 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
100 |
|
Adjusted operating income (loss)(1) |
|
|
32,473 |
|
|
|
2,934 |
|
|
|
35,407 |
|
|
|
(6,581 |
) |
|
|
28,826 |
|
Adjusted operating income margin |
|
|
19.6 |
% |
|
|
5.4 |
% |
|
|
16.1 |
% |
|
n/a |
|
|
|
13.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: Depreciation and amortization |
|
|
9,023 |
|
|
|
830 |
|
|
|
9,853 |
|
|
|
214 |
|
|
|
10,067 |
|
Adjusted EBITDA |
|
$ |
41,496 |
|
|
$ |
3,764 |
|
|
$ |
45,260 |
|
|
$ |
(6,367 |
) |
|
$ |
38,893 |
|
Adjusted EBITDA margin |
|
|
25.0 |
% |
|
|
6.9 |
% |
|
|
20.5 |
% |
|
n/a |
|
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended June 30, 2023 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
143,295 |
|
|
$ |
65,173 |
|
|
$ |
208,468 |
|
|
$ |
(15 |
) |
|
$ |
208,453 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,605 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,410 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
180 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,590 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
24,828 |
|
|
|
3,398 |
|
|
|
28,226 |
|
|
|
(12,084 |
) |
|
|
16,142 |
|
Operating income margin |
|
|
17.3 |
% |
|
|
5.2 |
% |
|
|
13.5 |
% |
|
n/a |
|
|
|
7.7 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
275 |
|
|
|
— |
|
|
|
275 |
|
|
|
— |
|
|
|
275 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
111 |
|
|
|
111 |
|
|
|
— |
|
|
|
111 |
|
Add: Executive severance costs |
|
|
— |
|
|
|
410 |
|
|
|
410 |
|
|
|
289 |
|
|
|
699 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,800 |
|
|
|
1,800 |
|
Adjusted operating income (loss)(1) |
|
|
25,103 |
|
|
|
3,919 |
|
|
|
29,022 |
|
|
|
(9,995 |
) |
|
|
19,027 |
|
Adjusted operating income margin |
|
|
17.5 |
% |
|
|
6.0 |
% |
|
|
13.9 |
% |
|
n/a |
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: Depreciation and amortization |
|
|
4,755 |
|
|
|
790 |
|
|
|
5,545 |
|
|
|
132 |
|
|
|
5,677 |
|
Adjusted EBITDA |
|
$ |
29,858 |
|
|
$ |
4,709 |
|
|
$ |
34,567 |
|
|
$ |
(9,863 |
) |
|
$ |
24,704 |
|
Adjusted EBITDA margin |
|
|
20.8 |
% |
|
|
7.2 |
% |
|
|
16.6 |
% |
|
n/a |
|
|
|
11.9 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) |
||||||||||||||||||||
|
|
Six Months Ended June 30, 2024 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
318,233 |
|
|
$ |
109,159 |
|
|
$ |
427,392 |
|
|
$ |
(54 |
) |
|
$ |
427,338 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,782 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,786 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,952 |
|
||||
Add: Acquisition-related inventory step-up |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,457 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,195 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
50,957 |
|
|
|
2,784 |
|
|
|
53,741 |
|
|
|
(19,134 |
) |
|
|
34,607 |
|
Operating income margin |
|
|
16.0 |
% |
|
|
2.6 |
% |
|
|
12.6 |
% |
|
n/a |
|
|
|
8.1 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
2,464 |
|
|
|
755 |
|
|
|
3,219 |
|
|
|
— |
|
|
|
3,219 |
|
Add: Acquisition and integration costs |
|
|
305 |
|
|
|
— |
|
|
|
305 |
|
|
|
3,783 |
|
|
|
4,088 |
|
Add: Acquisition-related inventory step-up |
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
Less: Insurance recovery of legal fees |
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
Less: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(200 |
) |
|
|
(200 |
) |
Adjusted operating income (loss)(1) |
|
|
57,481 |
|
|
|
3,539 |
|
|
|
61,020 |
|
|
|
(15,551 |
) |
|
|
45,469 |
|
Adjusted operating income margin |
|
|
18.1 |
% |
|
|
3.2 |
% |
|
|
14.3 |
% |
|
n/a |
|
|
|
10.6 |
% |
|
Add: Depreciation and amortization |
|
|
16,548 |
|
|
|
1,603 |
|
|
|
18,151 |
|
|
|
413 |
|
|
|
18,564 |
|
Adjusted EBITDA |
|
$ |
74,029 |
|
|
$ |
5,142 |
|
|
$ |
79,171 |
|
|
$ |
(15,138 |
) |
|
$ |
64,033 |
|
Adjusted EBITDA margin |
|
|
23.3 |
% |
|
|
4.7 |
% |
|
|
18.5 |
% |
|
n/a |
|
|
|
15.0 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Six Months Ended June 30, 2023 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
295,857 |
|
|
$ |
128,358 |
|
|
$ |
424,215 |
|
|
$ |
(23 |
) |
|
$ |
424,192 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,581 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,475 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
282 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,757 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
50,179 |
|
|
|
5,635 |
|
|
|
55,814 |
|
|
|
(20,715 |
) |
|
|
35,099 |
|
Operating income margin |
|
|
17.0 |
% |
|
|
4.4 |
% |
|
|
13.2 |
% |
|
n/a |
|
|
|
8.3 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
696 |
|
|
|
179 |
|
|
|
875 |
|
|
|
10 |
|
|
|
885 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
220 |
|
|
|
220 |
|
|
|
126 |
|
|
|
346 |
|
Add: Executive severance costs |
|
|
— |
|
|
|
410 |
|
|
|
410 |
|
|
|
289 |
|
|
|
699 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,300 |
|
|
|
2,300 |
|
Adjusted operating income (loss)(1) |
|
|
50,875 |
|
|
|
6,444 |
|
|
|
57,319 |
|
|
|
(17,990 |
) |
|
|
39,329 |
|
Adjusted operating income margin |
|
|
17.2 |
% |
|
|
5.0 |
% |
|
|
13.5 |
% |
|
n/a |
|
|
|
9.3 |
% |
|
Add: Depreciation and amortization |
|
|
9,354 |
|
|
|
1,663 |
|
|
|
11,017 |
|
|
|
278 |
|
|
|
11,295 |
|
Adjusted EBITDA |
|
$ |
60,229 |
|
|
$ |
8,107 |
|
|
$ |
68,336 |
|
|
$ |
(17,712 |
) |
|
$ |
50,624 |
|
Adjusted EBITDA margin |
|
|
20.4 |
% |
|
|
6.3 |
% |
|
|
16.1 |
% |
|
n/a |
|
|
|
11.9 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges 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 June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
$ |
23,728 |
|
|
$ |
16,142 |
|
|
$ |
34,607 |
|
|
$ |
35,099 |
|
Restructuring expenses and other adjustments |
|
|
2,978 |
|
|
|
275 |
|
|
|
3,219 |
|
|
|
885 |
|
Acquisition and integration costs |
|
|
678 |
|
|
|
111 |
|
|
|
4,088 |
|
|
|
346 |
|
Acquisition-related inventory step-up |
|
|
1,342 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
Executive severance costs |
|
|
— |
|
|
|
699 |
|
|
|
— |
|
|
|
699 |
|
Environmental reserves, net |
|
|
100 |
|
|
|
1,800 |
|
|
|
(200 |
) |
|
|
2,300 |
|
Adjusted operating income (loss) |
|
$ |
28,826 |
|
|
$ |
19,027 |
|
|
$ |
45,469 |
|
|
$ |
39,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
10,279 |
|
|
$ |
10,605 |
|
|
$ |
13,782 |
|
|
$ |
23,581 |
|
Income tax expense (benefit) |
|
|
4,443 |
|
|
|
3,747 |
|
|
|
5,740 |
|
|
|
8,082 |
|
Interest expense, net |
|
|
9,006 |
|
|
|
1,790 |
|
|
|
15,085 |
|
|
|
3,436 |
|
Operating income (loss) |
|
|
23,728 |
|
|
|
16,142 |
|
|
|
34,607 |
|
|
|
35,099 |
|
Depreciation and amortization |
|
|
10,067 |
|
|
|
5,677 |
|
|
|
18,564 |
|
|
|
11,295 |
|
Restructuring expenses and other adjustments |
|
|
2,978 |
|
|
|
275 |
|
|
|
3,219 |
|
|
|
885 |
|
Acquisition and integration costs |
|
|
678 |
|
|
|
111 |
|
|
|
4,088 |
|
|
|
346 |
|
Acquisition-related inventory step-up |
|
|
1,342 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
Executive severance costs |
|
|
— |
|
|
|
699 |
|
|
|
— |
|
|
|
699 |
|
Environmental reserves, net |
|
|
100 |
|
|
|
1,800 |
|
|
|
(200 |
) |
|
|
2,300 |
|
Adjusted EBITDA |
|
$ |
38,893 |
|
|
$ |
24,704 |
|
|
$ |
64,033 |
|
|
$ |
50,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by (used for) operating activities |
|
$ |
14,347 |
|
|
$ |
22,852 |
|
|
$ |
34,617 |
|
|
$ |
48,638 |
|
Capital expenditures |
|
|
(4,417 |
) |
|
|
(6,125 |
) |
|
|
(10,124 |
) |
|
|
(15,216 |
) |
Free cash flow |
|
$ |
9,930 |
|
|
$ |
16,727 |
|
|
$ |
24,493 |
|
|
$ |
33,422 |
|
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 June 30, |
|
|
Six Months Ended June 30, |
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
||||
Adjusted net income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
10,279 |
|
|
$ |
10,605 |
|
|
$ |
13,782 |
|
|
$ |
23,581 |
|
|
Income tax expense (benefit) |
|
|
4,443 |
|
|
|
3,747 |
|
|
|
5,740 |
|
|
|
8,082 |
|
|
Income (loss) before income taxes |
|
|
14,722 |
|
|
|
14,352 |
|
|
|
19,522 |
|
|
|
31,663 |
|
|
Restructuring expenses and other adjustments |
|
|
2,978 |
|
|
|
275 |
|
|
|
3,219 |
|
|
|
885 |
|
|
Acquisition and integration costs |
|
|
678 |
|
|
|
111 |
|
|
|
4,088 |
|
|
|
346 |
|
|
Acquisition-related inventory step-up |
|
|
1,342 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
|
Executive severance costs |
|
|
— |
|
|
|
699 |
|
|
|
— |
|
|
|
699 |
|
|
Environmental reserves, net |
|
|
100 |
|
|
|
1,800 |
|
|
|
(200 |
) |
|
|
2,300 |
|
|
Adjusted income (loss) before income taxes |
|
|
19,820 |
|
|
|
17,237 |
|
|
|
30,384 |
|
|
|
35,893 |
|
|
Income tax expense, as adjusted (1) |
|
|
(5,259 |
) |
|
|
(4,309 |
) |
|
|
(7,900 |
) |
|
|
(8,973 |
) |
|
Adjusted net income (loss) |
|
$ |
14,561 |
|
|
$ |
12,928 |
|
|
$ |
22,484 |
|
|
$ |
26,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted earnings per diluted share reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per common diluted share |
|
$ |
0.28 |
|
|
$ |
0.29 |
|
|
$ |
0.37 |
|
|
$ |
0.64 |
|
|
Restructuring expenses and other adjustments |
|
|
0.08 |
|
|
|
0.00 |
|
|
|
0.09 |
|
|
|
0.02 |
|
|
Acquisition and integration costs |
|
|
0.02 |
|
|
|
0.00 |
|
|
|
0.11 |
|
|
|
0.01 |
|
|
Acquisition-related inventory step-up |
|
|
0.04 |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
Executive severance costs |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
Environmental reserves, net |
|
|
0.00 |
|
|
|
0.05 |
|
|
|
(0.01 |
) |
|
|
0.06 |
|
|
Adjusted effective income tax rate impact |
|
|
(0.03 |
) |
|
|
(0.01 |
) |
|
|
(0.06 |
) |
|
|
(0.02 |
) |
|
Adjusted earnings per diluted share(2) |
|
$ |
0.39 |
|
|
$ |
0.35 |
|
|
$ |
0.60 |
|
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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. |
|||||||||||||||||
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GUIDANCE FOR FULL YEAR ADJUSTED EARNINGS PER DILUTED SHARE (UNAUDITED) |
|||||||
|
Full Year 2024 Guidance |
|
|||||
|
Low |
|
|
High |
|
||
GAAP diluted net income per common share |
$ |
0.76 |
|
|
$ |
0.91 |
|
Add: Net restructuring expenses and other adjustments |
|
0.14 |
|
|
|
0.14 |
|
Add: Acquisition and integration costs (3) |
|
0.25 |
|
|
|
0.25 |
|
Less: Insurance recovery of legal fees |
|
(0.02 |
) |
|
|
(0.02 |
) |
Less: Environmental reserves, net |
|
(0.01 |
) |
|
|
(0.01 |
) |
Less: Adjusted effective income tax rate impact (1) |
|
(0.07 |
) |
|
|
(0.07 |
) |
Adjusted earnings per diluted share (2) |
$ |
1.05 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
||
(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. |
|
||||||
(3) Includes acquisition-related inventory step-up costs |
|
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801624582/en/
Meghan Beringer, Senior Director Investor Relations, 252-536-5651
Source: Myers Industries, Inc.
FAQ
What were Myers Industries' Q2 2024 net sales?
How did Myers Industries' adjusted EBITDA change in Q2 2024?
What is Myers Industries' updated earnings guidance for 2024?
How much cost savings is Myers Industries targeting by 2025?
Which end markets are experiencing demand pressure for Myers Industries?
