Myers Industries, Inc. - MYE STOCK NEWS

Myers Industries, Inc. (NYSE: MYE) has declared a quarterly cash dividend of $0.135 per share, with the payment date set for October 4, 2022. Shareholders of record as of September 14, 2022 will receive this dividend. Myers Industries is a prominent manufacturer of polymer and metal products across various sectors, including industrial, agricultural, and automotive markets, and is the largest distributor of tools and equipment for tire and vehicle service in the U.S.

Myers Industries, Inc. (NYSE: MYE) reported record second-quarter results for 2022, achieving net sales of $233.2 million, a 24% increase from $187.4 million in 2021. Earnings per diluted share rose 43% to $0.43, supported by a 41% increase in adjusted EBITDA to $28.9 million. The company attributes success to strategic acquisitions and consistent pricing actions. As a result, the fiscal outlook for 2022 has been raised, with projected net sales growth in the high teens and adjusted EPS ranging from $1.40 to $1.60, reflecting ongoing operational improvements.

Myers Industries, Inc. (NYSE: MYE) released its 2021 Environmental, Social, and Governance (ESG) Report, highlighting its dedication to sustainable practices and enhanced transparency. CEO Mike McGaugh emphasized the company's commitment to integrating sustainability into operations. The report is based on a thorough materiality assessment and aligns with recognized frameworks like SASB and GRI. Myers aims for continuous improvement in measuring ESG progress. The full report is accessible on the company’s website.

Myers Industries, Inc. (NYSE: MYE) will report its financial results for Q2 ended June 30, 2022, on August 2, 2022, prior to market opening. A conference call to discuss these results will be held at 8:30 a.m. ET on the same day. Investors can participate via an online registration link or through a live webcast on the company's website. An archived replay will be available shortly after the call. Myers Industries is a leading manufacturer of polymer and metal products across various industries and is the largest distributor of tools and equipment for the tire industry in the U.S.

Myers Industries (NYSE: MYE) has declared a quarterly cash dividend of $0.135 per share, payable on July 5, 2022. Shareholders on record as of June 17, 2022 will receive this dividend. Myers Industries is renowned for its extensive product range across industrial, agricultural, automotive, commercial, and consumer markets, and it leads the U.S. market in distributing tools and supplies for tire and wheel services.

Myers Industries (NYSE: MYE) has announced the acquisition of Mohawk Rubber Sales, a leading auto aftermarket distributor, financed through its revolving credit facility. This strategic move, part of Myers' 3-horizon growth strategy, aims to enhance their Distribution Segment by adding four new distribution centers and expanding geographic coverage. With Mohawk's revenues of approximately $65 million in 2021, this acquisition is expected to provide synergies and be accretive to earnings in 2023, improving supply chain efficiency and customer service capabilities.

Myers Industries, Inc. (NYSE: MYE) announced the resignation of Sonal Robinson, Executive Vice President and Chief Financial Officer, effective July 1, 2022, to pursue other opportunities. Robinson joined the company in February 2021 and played a significant role in its transformation. Monica Vinay, the current Vice President, Investor Relations and Treasurer, will serve as Interim CFO while a formal search for a permanent replacement begins. The CEO expressed gratitude for Robinson's contributions during a critical period for the organization.

Myers Industries, Inc. (NYSE: MYE) announced the acquisition of Step2 Co, LLC's rotational molding manufacturing assets located in Decatur, Indiana, enhancing its production capabilities.

This strategic move supports Myers' Material Handling Segment, allowing for increased capacity and service in the southern U.S. market.

CEO Mike McGaugh emphasized this acquisition as a key step in achieving their long-term growth strategy, marking the third investment in rotational molding within two years.

Myers Industries (NYSE: MYE) reported a 29% increase in net sales to $225.5 million for Q1 2022 compared to Q1 2021, driven by strong performance in the Material Handling and Distribution segments. Net income rose 135% to $0.47 per share, with adjusted earnings increasing 127% to $0.50 per share. The company raised its 2022 outlook, expecting adjusted EPS between $1.30 and $1.50. Improved gross profit margins of 31.9% reflect effective pricing strategies despite rising raw material costs. Cash flow from operations was $7.3 million, indicating solid financial health.