Myers Industries Announces Third Quarter 2024 Results
Myers Industries (NYSE: MYE) reported Q3 2024 results with net sales of $205.1 million, up 3.7% from prior year. The company recorded a net loss of $10.9 million, including a $22.0 million non-cash goodwill impairment charge. Adjusted EBITDA increased to $30.7 million from $25.6 million. The company updated its full-year guidance, now expecting adjusted earnings per share of $0.92-$1.02. Management announced targeting additional $15 million in annualized cost savings by 2025, while facing ongoing demand headwinds in certain markets.
Myers Industries (NYSE: MYE) ha riportato i risultati del terzo trimestre del 2024 con vendite nette di 205,1 milioni di dollari, in aumento del 3,7% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di 10,9 milioni di dollari, inclusa una svalutazione non monetaria dell'avviamento di 22,0 milioni di dollari. EBITDA aggiustato è aumentato a 30,7 milioni di dollari rispetto ai 25,6 milioni di dollari. L'azienda ha aggiornato le sue previsioni per l'intero anno, ora prevedendo un utile per azione aggiustato di 0,92-1,02 dollari. La direzione ha annunciato l'obiettivo di salvaguardare ulteriori 15 milioni di dollari in risparmi sui costi annualizzati entro il 2025, mentre affronta continui venti contrari della domanda in alcuni mercati.
Myers Industries (NYSE: MYE) reportó resultados del tercer trimestre de 2024 con ventas netas de 205,1 millones de dólares, un aumento del 3,7% con respecto al año anterior. La compañía registró una pérdida neta de 10,9 millones de dólares, incluyendo un cargo no monetario por deterioro del fondo de comercio de 22,0 millones de dólares. EBITDA ajustado aumentó a 30,7 millones de dólares desde 25,6 millones de dólares. La empresa actualizó su pronóstico para el año completo, ahora esperando ganancias ajustadas por acción de 0,92 a 1,02 dólares. La dirección anunció que apunta a ahorros de costos anualizados adicionales de 15 millones de dólares para 2025, mientras enfrenta vientos en contra de la demanda en ciertos mercados.
마이어스 인더스트리 (NYSE: MYE)는 2024년 3분기 결과를 보고하며 순매출이 2억 5천 1백만 달러로 전년 대비 3.7% 증가했다고 발표했습니다. 이 회사는 1천 9백만 달러의 순손실을 기록했으며, 여기에는 2천 2백만 달러의 비현금 무형자산 손상 차감이 포함됩니다. 조정된 EBITDA는 2천 7백만 달러에서 3천만 달러로 증가했습니다. 이 회사는 연간 조정된 주당순이익을 0.92-1.02 달러로 예상하며 연간 지침을 업데이트했습니다. 경영진은 2025년까지 추가로 1천 5백만 달러의 연간 비용 절감을 목표로 하고 있으며, 일부 시장에서 지속적인 수요 악화에 직면하고 있습니다.
Myers Industries (NYSE: MYE) a annoncé ses résultats du troisième trimestre 2024 avec des ventes nettes de 205,1 millions de dollars, en hausse de 3,7 % par rapport à l'année précédente. La société a enregistré une perte nette de 10,9 millions de dollars, y compris une dépréciation non monétaire du goodwill de 22 millions de dollars. EBITDA ajusté a augmenté à 30,7 millions de dollars contre 25,6 millions de dollars. L'entreprise a mis à jour ses prévisions pour l'année, s'attendant maintenant à un bénéfice par action ajusté de 0,92 à 1,02 dollar. La direction a annoncé viser des économies de coûts annualisées supplémentaires de 15 millions de dollars d'ici 2025, tout en faisant face à des vents contraires de la demande sur certains marchés.
Myers Industries (NYSE: MYE) hat die Ergebnisse des dritten Quartals 2024 mit einem Nettoumsatz von 205,1 Millionen Dollar berichtet, was einem Anstieg von 3,7% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 10,9 Millionen Dollar, einschließlich eines nicht zahlungswirksamen Abschreibungsaufwands auf den Geschäfts- oder Firmenwert in Höhe von 22,0 Millionen Dollar. Bereinigtes EBITDA stieg von 25,6 Millionen Dollar auf 30,7 Millionen Dollar. Das Unternehmen hat seine Prognose für das gesamte Jahr aktualisiert und erwartet jetzt ein bereinigtes Ergebnis je Aktie von 0,92 bis 1,02 Dollar. Das Management gab bekannt, dass es zusätzliche Einsparungen von 15 Millionen Dollar jährlich bis 2025 anstrebt, während es in bestimmten Märkten weiterhin mit nachlassender Nachfrage konfrontiert ist.
- Net sales increased 3.7% to $205.1 million
- Adjusted EBITDA improved 19.8% to $30.7 million
- Gross margin improved 30 basis points to 31.8%
- Additional $15 million in cost savings targeted by 2025
- Strong performance from Signature Systems acquisition
- Net loss of $10.9 million compared to $12.7 million profit last year
- $22.0 million non-cash goodwill impairment charge
- Adjusted EPS declined to $0.25 from $0.38 year-over-year
- Distribution segment sales decreased 16.8%
- Lowered full-year guidance for adjusted EPS to $0.92-$1.02 from $1.05-$1.20
Insights
The Q3 2024 results present a mixed picture with concerning trends. Despite a 3.7% increase in net sales to
Key concerns include:
- Downward revision of full-year guidance
- Weakness in RV, Marine and Food & Beverage markets
- Distribution segment's sharp decline with revenue down
16.8%
The operational picture shows significant challenges requiring aggressive management action. The implementation of
The appointment of Jeff Baker as Distribution President and focus on sales coverage gaps, digital channels and efficiency improvements are positive steps, but execution risks remain high. The Material Handling segment's results, excluding Signature Systems, indicate underlying operational weaknesses that need addressing beyond cost-cutting measures.
Improved gross margins and adjusted EBITDA driven by strong performance of Signature Systems
Ongoing demand headwinds within certain end markets expected for the remainder of 2024
Continued focus on cost reduction; additional
Full-year guidance revised to
Third Quarter 2024 Financial Highlights
-
Net sales of
compared with$205.1 million in the prior-year period$197.8 million -
Net Income (loss) of
, compared to$(10.9) million in the prior-year period inclusive of a non-cash goodwill impairment charge of$12.7 million $22.0 million -
Adjusted EBITDA of
, compared to$30.7 million in the prior-year period$25.6 million -
GAAP gross margin of
31.8% , up 30 basis points versus the prior-year period -
Adjusted gross margin of
32.4% , up 70 basis points versus the prior-year period -
GAAP net income (loss) per diluted share of
compared with$(0.29) in the prior-year period$0.34 -
Adjusted earnings per diluted share of
compared with$0.25 in the prior-year period$0.38 -
Cash flow provided by operations of
and free cash flow of$17.3 million $10.1 million -
Additional debt paydown of
$13 million
Dave Basque, Myers Industries Interim President and CEO, commented “This quarter’s results were driven by continued strong performance from our Signature Systems acquisition, growth in our military end market, the initial benefits of our cost cutting initiatives and reduced variable compensation. These benefits mitigated some broader macro-economic challenges in the RV and Marine and new headwinds in the Food and Beverage end markets.
“During the quarter, we diligently focused on our cost containment actions which we now estimate will lead to an additional
“We have taken additional action to address the underperformance of our Distribution business, starting with naming Jeff Baker as President, Distribution. Since assuming this role on September 30, Jeff and his team have systematically identified plans to close sales coverage gaps and win back customers, add digital sales channels, improve the customer experience and implement further efficiency improvements.
“We are updating our outlook and expect full year adjusted earnings per share to be in the range of
Third Quarter 2024 Financial Summary
|
|
Quarter Ended September 30, |
|
|||||||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
% Inc
|
|
|||
Net sales |
|
$ |
205,067 |
|
|
$ |
197,798 |
|
|
|
3.7 |
% |
Gross profit |
|
$ |
65,130 |
|
|
$ |
62,379 |
|
|
|
4.4 |
% |
Gross margin |
|
|
31.8 |
% |
|
|
31.5 |
% |
|
|
|
|
Operating income (loss) |
|
$ |
(4,764 |
) |
|
$ |
18,703 |
|
|
|
(125.5 |
)% |
Net income (loss) |
|
$ |
(10,878 |
) |
|
$ |
12,747 |
|
|
|
(185.3 |
)% |
Net income (loss) per diluted share |
|
$ |
(0.29 |
) |
|
$ |
0.34 |
|
|
|
(185.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Adjusted operating income |
|
$ |
20,539 |
|
|
$ |
20,039 |
|
|
|
2.5 |
% |
Adjusted net income |
|
$ |
9,212 |
|
|
$ |
13,875 |
|
|
|
(33.6 |
)% |
Adjusted earnings per diluted share |
|
$ |
0.25 |
|
|
$ |
0.38 |
|
|
|
(34.2 |
)% |
Adjusted EBITDA |
|
$ |
30,735 |
|
|
$ |
25,648 |
|
|
|
19.8 |
% |
Net sales were
Gross profit increased
Third Quarter 2024 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
|
Net Sales |
|
Op Income |
|
Op Income Margin |
|
Adj EBITDA |
|
Adj EBITDA Margin |
Q3 2024 Results |
|
|
|
|
|
|
|
|
|
Q3 2023 Results |
|
|
|
|
|
|
|
|
|
$ Increase (decrease) vs prior year |
|
|
( |
|
|
|
|
|
|
% Increase (decrease) vs prior year |
|
|
(95.6)% |
|
-1,450bps |
|
|
|
+320bps |
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 Margin |
|
Adj EBITDA |
|
Adj EBITDA Margin |
Q3 2024 Results |
|
|
|
|
|
|
|
|
|
Q3 2023 Results |
|
|
|
|
|
|
|
|
|
$ Increase (decrease) vs prior year |
( |
|
( |
|
|
|
( |
|
|
% Increase (decrease) vs prior year |
(16.8)% |
|
(57.3)% |
|
-370bps |
|
(51.8)% |
|
-430bps |
Items in this table may not recalculate due to rounding |
Net sales for the Distribution segment were
Operating income decreased
Balance Sheet & Cash Flow
As of September 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
0% to5% compared to prior guidance of5% to10% -
Net income per diluted share in the range of
to$0.11 compared to prior guidance of$0.21 to$0.76 $0.91 -
Adjusted earnings per diluted share in the range of
to$0.92 compared to prior guidance of$1.02 to$1.05 $1.20 -
Capital expenditures in the range of
to$28 million compared to prior guidance of$32 million to$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 Monday, November 4, 2024, at 4:30 p.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=2acccce1&confId=72128. 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 |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Net sales |
|
$ |
205,067 |
|
|
$ |
197,798 |
|
|
$ |
632,405 |
|
|
$ |
621,990 |
|
Cost of sales |
|
|
139,937 |
|
|
|
135,419 |
|
|
|
427,489 |
|
|
|
420,136 |
|
Gross profit |
|
|
65,130 |
|
|
|
62,379 |
|
|
|
204,916 |
|
|
|
201,854 |
|
Selling, general and administrative expenses |
|
|
47,686 |
|
|
|
43,698 |
|
|
|
152,804 |
|
|
|
148,130 |
|
(Gain) loss on disposal of fixed assets |
|
|
192 |
|
|
|
(22 |
) |
|
|
253 |
|
|
|
(78 |
) |
Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Operating income (loss) |
|
|
(4,764 |
) |
|
|
18,703 |
|
|
|
29,843 |
|
|
|
53,802 |
|
Interest expense, net |
|
|
8,091 |
|
|
|
1,539 |
|
|
|
23,176 |
|
|
|
4,975 |
|
Income (loss) before income taxes |
|
|
(12,855 |
) |
|
|
17,164 |
|
|
|
6,667 |
|
|
|
48,827 |
|
Income tax expense (benefit) |
|
|
(1,977 |
) |
|
|
4,417 |
|
|
|
3,763 |
|
|
|
12,499 |
|
Net income (loss) |
|
$ |
(10,878 |
) |
|
$ |
12,747 |
|
|
$ |
2,904 |
|
|
$ |
36,328 |
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.29 |
) |
|
$ |
0.35 |
|
|
$ |
0.08 |
|
|
$ |
0.99 |
|
Diluted |
|
$ |
(0.29 |
) |
|
$ |
0.34 |
|
|
$ |
0.08 |
|
|
$ |
0.98 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
37,220,456 |
|
|
|
36,811,296 |
|
|
|
37,102,761 |
|
|
|
36,712,662 |
|
Diluted |
|
|
37,220,456 |
|
|
|
36,979,880 |
|
|
|
37,250,512 |
|
|
|
36,972,384 |
|
MYERS INDUSTRIES, INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) |
|||||||
(Dollars in thousands) |
|||||||
|
|
September 30, 2024 |
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
||
Cash |
|
$ |
29,710 |
|
$ |
30,290 |
|
Trade accounts receivable, net |
|
|
122,723 |
|
|
113,907 |
|
Other accounts receivable, net |
|
|
8,495 |
|
|
14,726 |
|
Inventories, net |
|
|
105,103 |
|
|
90,844 |
|
Other current assets |
|
|
9,215 |
|
|
6,854 |
|
Total Current Assets |
|
|
275,246 |
|
|
256,621 |
|
Property, plant, & equipment, net |
|
|
134,641 |
|
|
107,933 |
|
Right of use asset - operating leases |
|
|
30,550 |
|
|
27,989 |
|
Goodwill and intangible assets, net |
|
|
450,967 |
|
|
140,521 |
|
Deferred income taxes |
|
|
210 |
|
|
209 |
|
Other assets |
|
|
13,385 |
|
|
8,358 |
|
Total Assets |
|
$ |
904,999 |
|
$ |
541,631 |
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
||
Accounts payable |
|
$ |
79,279 |
|
$ |
79,050 |
|
Accrued expenses |
|
|
47,392 |
|
|
53,523 |
|
Operating lease liability - short-term |
|
|
6,422 |
|
|
5,943 |
|
Finance lease liability - short-term |
|
|
615 |
|
|
593 |
|
Long-term debt - current portion |
|
|
19,624 |
|
|
25,998 |
|
Total Current Liabilities |
|
|
153,332 |
|
|
165,107 |
|
Long-term debt |
|
|
367,854 |
|
|
31,989 |
|
Operating lease liability - long-term |
|
|
23,738 |
|
|
22,352 |
|
Finance lease liability - long-term |
|
|
8,151 |
|
|
8,615 |
|
Other liabilities |
|
|
19,079 |
|
|
12,108 |
|
Deferred income taxes |
|
|
57,206 |
|
|
8,660 |
|
Total Shareholders' Equity |
|
|
275,639 |
|
|
292,800 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
904,999 |
|
$ |
541,631 |
|
MYERS INDUSTRIES, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
(10,878 |
) |
|
$ |
12,747 |
|
|
$ |
2,904 |
|
|
$ |
36,328 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
10,196 |
|
|
|
5,609 |
|
|
|
28,760 |
|
|
|
16,904 |
|
Amortization of deferred financing costs |
|
|
543 |
|
|
|
78 |
|
|
|
1,318 |
|
|
|
234 |
|
Amortization of acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Non-cash stock-based compensation expense |
|
|
190 |
|
|
|
686 |
|
|
|
737 |
|
|
|
5,078 |
|
(Gain) loss on disposal of fixed assets |
|
|
192 |
|
|
|
(22 |
) |
|
|
253 |
|
|
|
(78 |
) |
Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Other |
|
|
386 |
|
|
|
(19 |
) |
|
|
550 |
|
|
|
2,473 |
|
Cash flows provided by (used for) working capital |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable - trade and other, net |
|
|
7,434 |
|
|
|
(1,332 |
) |
|
|
15,646 |
|
|
|
13,764 |
|
Inventories |
|
|
574 |
|
|
|
1,825 |
|
|
|
(1,385 |
) |
|
|
(2,905 |
) |
Prepaid expenses and other current assets |
|
|
2,975 |
|
|
|
1,775 |
|
|
|
(1,668 |
) |
|
|
(2,053 |
) |
Accounts payable and accrued expenses |
|
|
(16,301 |
) |
|
|
787 |
|
|
|
(21,644 |
) |
|
|
1,027 |
|
Net cash provided by (used for) operating activities |
|
|
17,327 |
|
|
|
22,134 |
|
|
|
51,944 |
|
|
|
70,772 |
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(7,178 |
) |
|
|
(4,076 |
) |
|
|
(17,302 |
) |
|
|
(19,292 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
(348,312 |
) |
|
|
(160 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
28 |
|
|
|
— |
|
|
|
112 |
|
|
|
142 |
|
Net cash provided by (used for) investing activities |
|
|
(7,150 |
) |
|
|
(4,076 |
) |
|
|
(365,502 |
) |
|
|
(19,310 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net borrowings (repayments) from revolving credit facility |
|
|
(8,000 |
) |
|
|
(19,000 |
) |
|
|
(15,000 |
) |
|
|
(34,000 |
) |
Proceeds from Term Loan A |
|
|
— |
|
|
|
— |
|
|
|
400,000 |
|
|
|
— |
|
Repayments of Term Loan A |
|
|
(5,000 |
) |
|
|
— |
|
|
|
(10,000 |
) |
|
|
— |
|
Repayments of senior unsecured notes |
|
|
— |
|
|
|
— |
|
|
|
(38,000 |
) |
|
|
— |
|
Payments on finance lease |
|
|
(150 |
) |
|
|
(145 |
) |
|
|
(442 |
) |
|
|
(403 |
) |
Cash dividends paid |
|
|
(5,025 |
) |
|
|
(4,970 |
) |
|
|
(15,392 |
) |
|
|
(15,266 |
) |
Proceeds from issuance of common stock |
|
|
295 |
|
|
|
379 |
|
|
|
3,053 |
|
|
|
1,948 |
|
Shares withheld for employee taxes on equity awards |
|
|
(53 |
) |
|
|
(22 |
) |
|
|
(2,027 |
) |
|
|
(2,055 |
) |
Deferred financing fees |
|
|
— |
|
|
|
— |
|
|
|
(9,172 |
) |
|
|
— |
|
Net cash provided by (used for) financing activities |
|
|
(17,933 |
) |
|
|
(23,758 |
) |
|
|
313,020 |
|
|
|
(49,776 |
) |
Foreign exchange rate effect on cash |
|
|
121 |
|
|
|
(224 |
) |
|
|
(42 |
) |
|
|
(57 |
) |
Net increase (decrease) in cash |
|
|
(7,635 |
) |
|
|
(5,924 |
) |
|
|
(580 |
) |
|
|
1,629 |
|
Beginning Cash |
|
|
37,345 |
|
|
|
30,692 |
|
|
|
30,290 |
|
|
|
23,139 |
|
Ending Cash |
|
$ |
29,710 |
|
|
$ |
24,768 |
|
|
$ |
29,710 |
|
|
$ |
24,768 |
|
MYERS INDUSTRIES, INC. |
||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
Quarter Ended September 30, 2024 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
150,718 |
|
|
$ |
54,384 |
|
|
$ |
205,102 |
|
|
$ |
(35 |
) |
|
$ |
205,067 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,878 |
) |
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-5.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,130 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,211 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,341 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
886 |
|
|
|
2,131 |
|
|
|
3,017 |
|
|
|
(7,781 |
) |
|
|
(4,764 |
) |
Operating income margin |
|
|
0.6 |
% |
|
|
3.9 |
% |
|
|
1.5 |
% |
|
n/a |
|
|
|
-2.3 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
1,405 |
|
Add: Restructuring expenses and other adjustments |
|
|
1,396 |
|
|
|
220 |
|
|
|
1,616 |
|
|
|
417 |
|
|
|
2,033 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
349 |
|
|
|
349 |
|
Add: Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Less: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(500 |
) |
|
|
(500 |
) |
Adjusted operating income (loss)(1) |
|
|
24,298 |
|
|
|
2,351 |
|
|
|
26,649 |
|
|
|
(6,110 |
) |
|
|
20,539 |
|
Adjusted operating income margin |
|
|
16.1 |
% |
|
|
4.3 |
% |
|
|
13.0 |
% |
|
n/a |
|
|
|
10.0 |
% |
|
Add: Depreciation and amortization |
|
|
9,158 |
|
|
|
823 |
|
|
|
9,981 |
|
|
|
215 |
|
|
|
10,196 |
|
Adjusted EBITDA |
|
$ |
33,456 |
|
|
$ |
3,174 |
|
|
$ |
36,630 |
|
|
$ |
(5,895 |
) |
|
$ |
30,735 |
|
Adjusted EBITDA margin |
|
|
22.2 |
% |
|
|
5.8 |
% |
|
|
17.9 |
% |
|
n/a |
|
|
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended September 30, 2023 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
132,484 |
|
|
$ |
65,335 |
|
|
$ |
197,819 |
|
|
$ |
(21 |
) |
|
$ |
197,798 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,747 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,379 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
307 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,686 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
19,978 |
|
|
|
4,993 |
|
|
|
24,971 |
|
|
|
(6,268 |
) |
|
|
18,703 |
|
Operating income margin |
|
|
15.1 |
% |
|
|
7.6 |
% |
|
|
12.6 |
% |
|
n/a |
|
|
|
9.5 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
529 |
|
|
|
674 |
|
|
|
1,203 |
|
|
|
156 |
|
|
|
1,359 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
77 |
|
|
|
77 |
|
|
|
— |
|
|
|
77 |
|
Less: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(100 |
) |
|
|
(100 |
) |
Adjusted operating income (loss)(1) |
|
|
20,507 |
|
|
|
5,744 |
|
|
|
26,251 |
|
|
|
(6,212 |
) |
|
|
20,039 |
|
Adjusted operating income margin |
|
|
15.5 |
% |
|
|
8.8 |
% |
|
|
13.3 |
% |
|
n/a |
|
|
|
10.1 |
% |
|
Add: Depreciation and amortization |
|
|
4,641 |
|
|
|
842 |
|
|
|
5,483 |
|
|
|
126 |
|
|
|
5,609 |
|
Adjusted EBITDA |
|
$ |
25,148 |
|
|
$ |
6,586 |
|
|
$ |
31,734 |
|
|
$ |
(6,086 |
) |
|
$ |
25,648 |
|
Adjusted EBITDA margin |
|
|
19.0 |
% |
|
|
10.1 |
% |
|
|
16.0 |
% |
|
n/a |
|
|
|
13.0 |
% |
|
|
|
|||||||||||||||||||
(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) |
||||||||||||||||||||
|
|
Nine Months Ended September 30, 2024 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
468,951 |
|
|
$ |
163,543 |
|
|
$ |
632,494 |
|
|
$ |
(89 |
) |
|
$ |
632,405 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,904 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
204,916 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,163 |
|
||||
Add: Acquisition-related inventory step-up |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,457 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
213,536 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
51,843 |
|
|
|
4,915 |
|
|
|
56,758 |
|
|
|
(26,915 |
) |
|
|
29,843 |
|
Operating income margin |
|
|
11.1 |
% |
|
|
3.0 |
% |
|
|
9.0 |
% |
|
n/a |
|
|
|
4.7 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
1,405 |
|
Add: Restructuring expenses and other adjustments |
|
|
3,860 |
|
|
|
975 |
|
|
|
4,835 |
|
|
|
417 |
|
|
|
5,252 |
|
Add: Acquisition and integration costs |
|
|
305 |
|
|
|
— |
|
|
|
305 |
|
|
|
4,132 |
|
|
|
4,437 |
|
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) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(700 |
) |
|
|
(700 |
) |
Adjusted operating income (loss)(1) |
|
|
81,779 |
|
|
|
5,890 |
|
|
|
87,669 |
|
|
|
(21,661 |
) |
|
|
66,008 |
|
Adjusted operating income margin |
|
|
17.4 |
% |
|
|
3.6 |
% |
|
|
13.9 |
% |
|
n/a |
|
|
|
10.4 |
% |
|
Add: Depreciation and amortization |
|
|
25,706 |
|
|
|
2,426 |
|
|
|
28,132 |
|
|
|
628 |
|
|
|
28,760 |
|
Adjusted EBITDA |
|
$ |
107,485 |
|
|
$ |
8,316 |
|
|
$ |
115,801 |
|
|
$ |
(21,033 |
) |
|
$ |
94,768 |
|
Adjusted EBITDA margin |
|
|
22.9 |
% |
|
|
5.1 |
% |
|
|
18.3 |
% |
|
n/a |
|
|
|
15.0 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of |
|
|||||||||||||||||||
(2) Includes environmental charges of |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Nine Months Ended September 30, 2023 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
428,341 |
|
|
$ |
193,693 |
|
|
$ |
622,034 |
|
|
$ |
(44 |
) |
|
$ |
621,990 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,328 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
201,854 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
589 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
202,443 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
70,157 |
|
|
|
10,628 |
|
|
|
80,785 |
|
|
|
(26,983 |
) |
|
|
53,802 |
|
Operating income margin |
|
|
16.4 |
% |
|
|
5.5 |
% |
|
|
13.0 |
% |
|
n/a |
|
|
|
8.6 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
1,225 |
|
|
|
853 |
|
|
|
2,078 |
|
|
|
166 |
|
|
|
2,244 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
297 |
|
|
|
297 |
|
|
|
126 |
|
|
|
423 |
|
Add: Executive severance costs |
|
|
— |
|
|
|
410 |
|
|
|
410 |
|
|
|
289 |
|
|
|
699 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,200 |
|
|
|
2,200 |
|
Adjusted operating income (loss)(1) |
|
|
71,382 |
|
|
|
12,188 |
|
|
|
83,570 |
|
|
|
(24,202 |
) |
|
|
59,368 |
|
Adjusted operating income margin |
|
|
16.7 |
% |
|
|
6.3 |
% |
|
|
13.4 |
% |
|
n/a |
|
|
|
9.5 |
% |
|
Add: Depreciation and amortization |
|
|
13,995 |
|
|
|
2,505 |
|
|
|
16,500 |
|
|
|
404 |
|
|
|
16,904 |
|
Adjusted EBITDA |
|
$ |
85,377 |
|
|
$ |
14,693 |
|
|
$ |
100,070 |
|
|
$ |
(23,798 |
) |
|
$ |
76,272 |
|
Adjusted EBITDA margin |
|
|
19.9 |
% |
|
|
7.6 |
% |
|
|
16.1 |
% |
|
n/a |
|
|
|
12.3 |
% |
|
|
|
|||||||||||||||||||
(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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
$ |
(4,764 |
) |
|
$ |
18,703 |
|
|
$ |
29,843 |
|
|
$ |
53,802 |
|
Restructuring expenses and other adjustments |
|
|
2,033 |
|
|
|
1,359 |
|
|
|
5,252 |
|
|
|
2,244 |
|
Acquisition and integration costs |
|
|
349 |
|
|
|
77 |
|
|
|
4,437 |
|
|
|
423 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
Executive severance costs |
|
|
1,405 |
|
|
|
— |
|
|
|
1,405 |
|
|
|
699 |
|
Environmental reserves, net |
|
|
(500 |
) |
|
|
(100 |
) |
|
|
(700 |
) |
|
|
2,200 |
|
Adjusted operating income (loss) |
|
$ |
20,539 |
|
|
$ |
20,039 |
|
|
$ |
66,008 |
|
|
$ |
59,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
(10,878 |
) |
|
$ |
12,747 |
|
|
$ |
2,904 |
|
|
$ |
36,328 |
|
Income tax expense (benefit) |
|
|
(1,977 |
) |
|
|
4,417 |
|
|
|
3,763 |
|
|
|
12,499 |
|
Interest expense, net |
|
|
8,091 |
|
|
|
1,539 |
|
|
|
23,176 |
|
|
|
4,975 |
|
Operating income (loss) |
|
|
(4,764 |
) |
|
|
18,703 |
|
|
|
29,843 |
|
|
|
53,802 |
|
Depreciation and amortization |
|
|
10,196 |
|
|
|
5,609 |
|
|
|
28,760 |
|
|
|
16,904 |
|
Restructuring expenses and other adjustments |
|
|
2,033 |
|
|
|
1,359 |
|
|
|
5,252 |
|
|
|
2,244 |
|
Acquisition and integration costs |
|
|
349 |
|
|
|
77 |
|
|
|
4,437 |
|
|
|
423 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
Executive severance costs |
|
|
1,405 |
|
|
|
— |
|
|
|
1,405 |
|
|
|
699 |
|
Environmental reserves, net |
|
|
(500 |
) |
|
|
(100 |
) |
|
|
(700 |
) |
|
|
2,200 |
|
Adjusted EBITDA |
|
$ |
30,735 |
|
|
$ |
25,648 |
|
|
$ |
94,768 |
|
|
$ |
76,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by (used for) operating activities |
|
$ |
17,327 |
|
|
$ |
22,134 |
|
|
$ |
51,944 |
|
|
$ |
70,772 |
|
Capital expenditures |
|
|
(7,178 |
) |
|
|
(4,076 |
) |
|
|
(17,302 |
) |
|
|
(19,292 |
) |
Free cash flow |
|
$ |
10,149 |
|
|
$ |
18,058 |
|
|
$ |
34,642 |
|
|
$ |
51,480 |
|
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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted net income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
(10,878 |
) |
|
$ |
12,747 |
|
|
$ |
2,904 |
|
|
$ |
36,328 |
|
Income tax expense (benefit) |
|
|
(1,977 |
) |
|
|
4,417 |
|
|
|
3,763 |
|
|
|
12,499 |
|
Income (loss) before income taxes |
|
|
(12,855 |
) |
|
|
17,164 |
|
|
|
6,667 |
|
|
|
48,827 |
|
Restructuring expenses and other adjustments |
|
|
2,033 |
|
|
|
1,359 |
|
|
|
5,252 |
|
|
|
2,244 |
|
Acquisition and integration costs |
|
|
349 |
|
|
|
77 |
|
|
|
4,437 |
|
|
|
423 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
Executive severance costs |
|
|
1,405 |
|
|
|
— |
|
|
|
1,405 |
|
|
|
699 |
|
Environmental reserves, net |
|
|
(500 |
) |
|
|
(100 |
) |
|
|
(700 |
) |
|
|
2,200 |
|
Adjusted income (loss) before income taxes |
|
|
12,448 |
|
|
|
18,500 |
|
|
|
42,832 |
|
|
|
54,393 |
|
Income tax expense, as adjusted (1) |
|
|
(3,236 |
) |
|
|
(4,625 |
) |
|
|
(11,136 |
) |
|
|
(13,598 |
) |
Adjusted net income (loss) |
|
$ |
9,212 |
|
|
$ |
13,875 |
|
|
$ |
31,696 |
|
|
$ |
40,795 |
|
Adjusted earnings per diluted share reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per common diluted share |
|
$ |
(0.29 |
) |
|
$ |
0.34 |
|
|
$ |
0.08 |
|
|
$ |
0.98 |
|
Restructuring expenses and other adjustments |
|
|
0.05 |
|
|
|
0.04 |
|
|
|
0.14 |
|
|
|
0.06 |
|
Acquisition and integration costs |
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.12 |
|
|
|
0.01 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
Impairment charges |
|
|
0.59 |
|
|
|
— |
|
|
|
0.59 |
|
|
|
— |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
Executive severance costs |
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
0.02 |
|
Environmental reserves, net |
|
|
(0.01 |
) |
|
|
(0.00 |
) |
|
|
(0.02 |
) |
|
|
0.06 |
|
Adjusted effective income tax rate impact |
|
|
(0.14 |
) |
|
|
(0.01 |
) |
|
|
(0.20 |
) |
|
|
(0.03 |
) |
Adjusted earnings per diluted share(2) |
|
$ |
0.25 |
|
|
$ |
0.38 |
|
|
$ |
0.85 |
|
|
$ |
1.10 |
|
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 |
$ |
0.11 |
|
|
$ |
0.21 |
|
Add: Net restructuring expenses and other adjustments |
|
0.21 |
|
|
|
0.21 |
|
Add: Acquisition and integration costs (3) |
|
0.25 |
|
|
|
0.25 |
|
Add: Impairment charges |
|
0.59 |
|
|
|
0.59 |
|
Add: Executive severance |
|
0.04 |
|
|
|
0.04 |
|
Less: Insurance recovery of legal fees |
|
(0.02 |
) |
|
|
(0.02 |
) |
Less: Environmental reserves, net |
|
(0.02 |
) |
|
|
(0.02 |
) |
Less: Adjusted effective income tax rate impact (1) |
|
(0.24 |
) |
|
|
(0.24 |
) |
Adjusted earnings per diluted share (2) |
$ |
0.92 |
|
|
$ |
1.02 |
|
|
|
|
|
|
|
||
(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/20241104971000/en/
Meghan Beringer, Senior Director Investor Relations, 252-536-5651
Source: Myers Industries, Inc.
FAQ
What was Myers Industries (MYE) revenue in Q3 2024?
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