Newly acquired Signature Systems delivers
strong results due to Infrastructure tailwinds.
Management maintains full-year outlook guiding
to lower end of earnings-per-share range, based on Q1 results and
weakness in Automotive Aftermarket, Vehicle and Consumer end
markets.
Additional Self-Help actions to be taken in
near term to improve EBITDA while executing five-year roadmap as
outlined during recent Investor Day.
Myers Industries Inc. (NYSE: MYE), a leading manufacturer of a
wide range of polymer and metal products and distributor for the
tire, wheel and under-vehicle service industry, today announced
results for the first quarter ended March 31, 2024.
First Quarter 2024 Financial
Highlights
- Net sales of $207.1 million compared with $215.7 million in the
prior-year period
- GAAP gross margin of 31.0%, down 190 basis points versus the
prior-year period
- Adjusted gross margin of 32.7%, down 30 basis points versus the
prior-year period
- GAAP net income per diluted share of $0.09 compared with $0.35
in the prior-year period
- Adjusted earnings per diluted share of $0.21 compared with
$0.38 in the prior-year period
- Cash flow provided by operations was $20.3 million and free
cash flow was $14.6 million
President and CEO Mike McGaugh commented, “At our inaugural
Investor Day, seven weeks ago, we presented a clear five-year
roadmap for Myers Industries, outlining the Company’s direction and
the compelling opportunity for our stakeholders. We also addressed
that some end markets were still facing near-term trough or
trough-like conditions. This proved to be the case with our first
quarter results, which saw weak demand in our Automotive
Aftermarket and Vehicle (RV and Marine) end markets. Demand in our
Consumer and Food & Beverage end markets remains stable;
however, first-quarter sales were impacted by a shift in orders
from the first quarter to later quarters in 2024.”
McGaugh continued, “During our Investor Day, we spoke of the
Strategic Lens that would guide how we approached our portfolio.
The Grow part of Myers includes differentiated businesses with
higher barriers to entry and stronger profit margins. An example is
our recent acquisition of Signature Systems, which delivered a
record quarter of results, driven by investments in Infrastructure.
The Maximize Value part of Myers has businesses that are less
differentiated with lower barriers to entry and smaller profit
margins. In this part of the Company, we are focusing on increasing
efficiencies and reducing costs.
“As I’ve consistently referenced, we will use our Self-Help
playbook, including our Operational and Commercial Excellence
tools, to help us weather the current demand challenges in our more
cyclical end markets. To that end, we are in the process of
identifying decisive actions to further reduce costs and improve
performance, targeting $7 million to $9 million in annualized cost
improvements. These actions will be in addition to the previously
communicated $8 million in synergies projected as part of the
Signature Systems acquisition. Along with the Signature Systems
synergies, the targeted savings, once identified, would result in a
$15 million to $17 million improvement in total reduced annualized
costs versus our current run rate.”
McGaugh concluded, “We continue to be excited about the
shareholder value creation opportunities for our Company. We
believe the Signature acquisition will continue to serve as a
positive pivot point in the transformation of Myers. We also
continue to have a cautious outlook for the near term due to demand
weakness in the cyclical Vehicle and Consumer end markets. On
balance, our strategy, as rolled out during Investor Day, explains
how we will invest in and grow our differentiated business and how
we will use cost reduction and efficiency to drive improvement in
our less differentiated businesses.”
First Quarter 2024 Financial
Summary
Quarter Ended March
31,
(Dollars in thousands, except per share
data)
2024
2023
% Inc (Dec)
Net sales
$207,102
$215,739
(4.0)%
Gross profit
$64,269
$71,065
(9.6)%
Gross margin
31.0%
32.9%
Operating income
$10,879
$18,957
(42.6)%
Net income
$3,503
$12,976
(73.0)%
Net income per diluted share
$0.09
$0.35
(74.3)%
Adjusted operating income
$16,643
$20,302
(18.0)%
Adjusted net income
$7,923
$13,992
(43.4)%
Adjusted earnings per diluted share
$0.21
$0.38
(44.7)%
Adjusted EBITDA
$25,140
$25,920
(3.0)%
Net sales were $207.1 million, a decrease of $8.6 million or
4.0% compared with $215.7 million for the first quarter of 2023.
The decrease was the result of lower volumes in both the Material
Handling and Distribution segments, as well as unfavorable mix and
pricing, partially offset by $19.3 million of incremental sales
from the acquisition of Signature Systems, which closed February 8,
2024.
Gross profit decreased $6.8 million, or 9.6% to $64.3 million,
primarily due to lower volume/mix, pricing and the impact of
acquisition-related inventory step-up amortization, partially
offset by lower material costs and contributions from the
acquisition of Signature. Gross margin declined 190 basis points to
31.0% compared with 32.9% for the first quarter of 2023. On an
adjusted basis, gross margin declined 30 basis points to 32.7% from
33.0%. Selling, general and administrative expenses increased $1.4
million, or 2.6% to $53.5 million, primarily due to the addition of
Signature, including $3.2 million higher acquisition and
integration costs and $1.7 million of intangible asset
amortization. SG&A as a percentage of sales increased to 25.8%,
compared with 24.1% in the same period last year. Net income per
diluted share, inclusive of higher interest expense, was $0.09,
compared with $0.35 for the first quarter of 2023. Adjusted
earnings per diluted share were $0.21, compared with $0.38 for the
first quarter of 2023. Adjusted EBITDA was $25.1 million, compared
with $25.9 million in the first quarter of 2023.
First 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
Q1 2024 Results
$152.2
$22.3
14.6%
$32.5
21.4%
Q1 2023 Results
$152.6
$25.4
16.6%
$30.4
19.9%
$ Increase (decrease) vs prior year
($0.3)
($3.1)
$2.2
% Increase (decrease) vs prior year
(0.2)%
(12.2)%
-200bps
7.1%
+150bps
Items in this table may not recalculate
due to rounding
Net sales for the Material Handling segment were $152.2 million,
a decrease of $0.3 million or 0.2% compared with $152.6 million for
the first quarter of 2023. Net sales decreased in the Food &
Beverage, Vehicle, Consumer and Industrial end markets, offset by
the acquisition of Signature Systems.
Operating income decreased 12.2% to $22.3 million, including
$3.1 million of acquisition-related inventory step-up amortization,
compared with $25.4 million in the first quarter of 2023. Operating
income margin decreased to 14.6% compared with 16.6% for the first
quarter of 2023. Adjusted EBITDA increased 7.1% to $32.5 million,
compared with $30.4 million in the first quarter of 2023. SG&A
expenses decreased year-over-year, primarily due to lower expenses
for other professional services and lower incentive compensation
and salaries, partially offset by the addition of Signature,
including $1.7 million of intangible asset amortization. Adjusted
EBITDA margin improved by 150 basis points, primarily attributed to
the Signature acquisition, but partially dampened by a decrease in
sales volume and pricing in the legacy business.
Distribution
Net Sales
Op Income
Op Income Margin
Adj EBITDA
Adj EBITDA Margin
Q1 2024 Results
$54.9
$0.6
1.1%
$1.4
2.5%
Q1 2023 Results
$63.2
$2.2
3.5%
$3.4
5.4%
$ Increase (decrease) vs prior year
($8.3)
($1.6)
($2.0)
% Increase (decrease) vs prior year
(13.1)%
(73.0)%
-240bps
(59.4)%
-290bps
Items in this table may not recalculate
due to rounding
Net sales for the Distribution segment were $54.9 million, a
decrease of $8.3 million or 13.1% compared with $63.2 million for
the first quarter of 2023. Net sales volume and revenue were
negatively impacted by demand weakness in the Automotive
Aftermarket.
Operating income decreased $1.6 million to $0.6 million,
compared with $2.2 million for the first quarter of 2023. Adjusted
EBITDA decreased 59.4% to $1.4 million, compared with $3.4 million
in the first quarter of 2023. The decrease in operating income and
adjusted EBITDA was primarily due to lower volume and an
unfavorable sales mix. The decrease in SG&A expenses was
primarily the result of lower incentive compensation and salaries.
The Distribution segment's operating income margin was 1.1%,
compared with 3.5% for the first quarter of 2023. The Distribution
segment’s adjusted EBITDA margin was 2.5%, compared with 5.4% for
the first quarter of 2023. The Distribution segment continues to
implement pricing actions to counter cost inflation and improve
margin.
Balance Sheet & Cash
Flow
As of March 31, 2024, the Company’s cash on hand totaled $32.7
million. Total debt as of March 31, 2024, was $409.7 million. For
the first quarter of 2024, cash flow provided by operations was
$20.3 million and free cash flow was $14.6 million, compared with
cash flow provided by operations of $25.8 million and free cash
flow of $16.7 million for the first quarter of 2023. The decrease
in cash flow was driven primarily by lower income, partly offset by
a net improvement in working capital. Capital expenditures for the
first quarter of 2024 were $5.7 million, compared with $9.1 million
for the first quarter of 2023.
2024 Outlook
Based on current exchange rates, market outlook and business
forecast, the Company had previously provided the following outlook
for fiscal 2024:
- Net sales growth of 15% to 20%
- Net income per diluted share in the range of $1.05 to
$1.22
- Adjusted earnings per diluted share in the range of $1.30 to
$1.45
- Capital expenditures in the range of $35 million to $40
million
- Effective tax rate to approximate 25%
Incorporating the first quarter results, the Company forecasts
that the outlook for net sales growth, net income per diluted share
and adjusted earnings per diluted share will likely be at the low
end of the previously communicated ranges. 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 Tuesday, May 7, 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=557864a8&confId=63806.
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: (U.S. Local) 1-929-458-6194
or (U.S. Toll-Free) 1-866-813-9403 Access Code: 762753.
Use of Non-GAAP Financial
Measures
The Company uses certain non-GAAP measures in this release.
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 the United States. Myers
Industries believes that such information provides an additional
measurement and consistent historical comparison of the Company’s
performance. A reconciliation of the non-GAAP financial measures to
the most directly comparable GAAP measures is available in this
news release.
About Myers Industries
Myers Industries Inc., based in Akron, Ohio, is a manufacturer
of sustainable plastic and metal products for industrial,
agricultural, automotive, commercial, and consumer markets. The
Company is also the largest distributor of tools, equipment and
supplies for the tire, wheel, and under-vehicle service industry in
the United States. Visit www.myersindustries.com to learn more.
Caution on Forward-Looking
Statements
Statements in this release include contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including
information regarding the Company’s financial outlook, future
plans, objectives, business prospects and anticipated financial
performance. Forward-looking statements can be identified by words
such as “will,” “believe,” “anticipate,” “expect,” “estimate,”
“intend,” “plan,” or variations of these words, or similar
expressions. These forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on the Company’s current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking
statements relate to the future, these statements inherently
involve a wide range of inherent uncertainties, risks and changes
in circumstances that are difficult to predict and many of which
are outside of our control. The Company’s actual actions, results,
and financial condition may differ materially from what is
expressed or implied by the forward-looking statements.
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 the United States and around the world; inability of
the Company to meet future capital requirements; claims, litigation
and regulatory actions against the Company; changes in laws and
regulations affecting the Company; unforeseen events, including
natural disasters, unusual or severe weather events and patterns,
public health crises, geopolitical crises, and other catastrophic
events; and other risks and uncertainties detailed from time to
time in the Company’s filings with the SEC, including without
limitation, the risk factors disclosed in Item 1A, “Risk Factors,”
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2023. Given these factors, as well as other variables
that may affect our operating results, readers should not rely on
forward-looking statements, assume that past financial performance
will be a reliable indicator of future performance, nor use
historical trends to anticipate results or trends in future
periods. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
thereof. The Company expressly disclaims any obligation or
intention to provide updates to the forward-looking statements and
the estimates and assumptions associated with them.
M-INV
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except
share and per share data)
Quarter Ended
March 31, 2024
March 31, 2023
Net sales
$
207,102
$
215,739
Cost of sales
142,833
144,674
Gross profit
64,269
71,065
Selling, general and administrative
expenses
53,457
52,081
(Gain) loss on disposal of fixed
assets
(67
)
27
Operating income (loss)
10,879
18,957
Interest expense, net
6,079
1,646
Income (loss) before income
taxes
4,800
17,311
Income tax expense (benefit)
1,297
4,335
Net income (loss)
$
3,503
$
12,976
Net income (loss) per common
share:
Basic
$
0.09
$
0.35
Diluted
$
0.09
$
0.35
Weighted average common shares
outstanding:
Basic
36,908,169
36,564,775
Diluted
37,123,019
36,815,956
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)
March 31, 2024
December 31, 2023
Assets
Current Assets
Cash
$
32,730
$
30,290
Trade accounts receivable, net
130,431
113,907
Other accounts receivable, net
8,818
14,726
Inventories, net
105,035
90,844
Other current assets
6,683
6,854
Total Current Assets
283,697
256,621
Property, plant, & equipment, net
135,155
107,933
Right of use asset - operating leases
34,560
27,989
Goodwill and intangible assets, net
479,063
140,521
Deferred income taxes
209
209
Other assets
14,452
8,358
Total Assets
$
947,136
$
541,631
Liabilities & Shareholders'
Equity
Current Liabilities
Accounts payable
$
81,494
$
79,050
Accrued expenses
53,813
53,523
Operating lease liability - short-term
6,708
5,943
Finance lease liability - short-term
604
593
Long-term debt - current portion
19,581
25,998
Total Current Liabilities
162,200
165,107
Long-term debt
381,045
31,989
Operating lease liability - long-term
27,195
22,352
Finance lease liability - long-term
8,461
8,615
Other liabilities
13,476
12,108
Deferred income taxes
63,108
8,660
Total Shareholders' Equity
291,651
292,800
Total Liabilities & Shareholders'
Equity
$
947,136
$
541,631
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Quarter Ended March
31,
2024
2023
Cash Flows From Operating
Activities
Net income
$
3,503
$
12,976
Adjustments to reconcile net income to net
cash provided by (used for) operating activities
Depreciation and amortization
8,497
5,618
Amortization of deferred financing
costs
231
78
Amortization of acquisition-related
inventory step-up
3,115
—
Non-cash stock-based compensation
expense
682
1,904
(Gain) loss on disposal of fixed
assets
(67
)
27
Other
(6
)
(827
)
Cash flows provided by (used for) working
capital
Accounts receivable - trade and other,
net
7,964
3,181
Inventories
186
(8,778
)
Prepaid expenses and other current
assets
885
1,220
Accounts payable and accrued expenses
(4,720
)
10,387
Net cash provided by (used for) operating
activities
20,270
25,786
Cash Flows From Investing
Activities
Capital expenditures
(5,707
)
(9,091
)
Acquisition of business, net of cash
acquired
(348,890
)
(160
)
Proceeds from sale of property, plant, and
equipment
75
33
Net cash provided by (used for) investing
activities
(354,522
)
(9,218
)
Cash Flows From Financing
Activities
Net borrowings (repayments) from revolving
credit facility
(11,000
)
(5,200
)
Proceeds from Term Loan A
400,000
—
Repayments of senior unsecured notes
(38,000
)
—
Payments on finance lease
(143
)
(129
)
Cash dividends paid
(5,345
)
(5,274
)
Proceeds from issuance of common stock
2,408
1,132
Shares withheld for employee taxes on
equity awards
(1,874
)
(1,999
)
Deferred financing fees
(9,172
)
—
Net cash provided by (used for) financing
activities
336,874
(11,470
)
Foreign exchange rate effect on cash
(182
)
4
Net increase (decrease) in cash
2,440
5,102
Beginning Cash
30,290
23,139
Ending Cash
$
32,730
$
28,241
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
Quarter Ended March 31,
2024
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
152,225
$
54,894
$
207,119
$
(17
)
$
207,102
Net income
3,503
Net income margin
1.7
%
Gross profit
64,269
Add: Restructuring expenses and other
adjustments
241
Add: Acquisition-related inventory
step-up
3,115
Adjusted gross profit
67,625
Gross margin as adjusted
32.7
%
Operating income (loss)
22,256
605
22,861
(11,982
)
10,879
Operating income margin
14.6
%
1.1
%
11.0
%
n/a
5.3
%
Add: Restructuring expenses and other
adjustments
241
—
241
—
241
Add: Acquisition and integration costs
98
—
98
3,312
3,410
Add: Acquisition-related inventory
step-up
3,115
—
3,115
—
3,115
Less: Insurance recovery of legal fees
(702
)
—
(702
)
—
(702
)
Less: Environmental reserves, net(2)
—
—
—
(300
)
(300
)
Adjusted operating income (loss)(1)
25,008
605
25,613
(8,970
)
16,643
Adjusted operating income margin
16.4
%
1.1
%
12.4
%
n/a
8.0
%
Add: Depreciation and amortization
7,525
773
8,298
199
8,497
Adjusted EBITDA
$
32,533
$
1,378
$
33,911
$
(8,771
)
$
25,140
Adjusted EBITDA margin
21.4
%
2.5
%
16.4
%
n/a
12.1
%
(1) Includes gross profit adjustments of
$3,356 and SG&A adjustments of $2,408
(2) Includes environmental charges of $0
net of probable insurance recoveries of $300
Quarter Ended March 31,
2023
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
152,562
$
63,185
$
215,747
$
(8
)
$
215,739
Net income
12,976
Net income margin
6.0
%
Gross profit
71,065
Add: Restructuring expenses and other
adjustments
102
Adjusted gross profit
71,167
Gross margin as adjusted
33.0
%
Operating income (loss)
25,351
2,237
27,588
(8,631
)
18,957
Operating income margin
16.6
%
3.5
%
12.8
%
n/a
8.8
%
Add: Restructuring expenses and other
adjustments
421
179
600
10
610
Add: Acquisition and integration costs
—
109
109
126
235
Less: Environmental reserves, net(2)
—
—
—
500
500
Adjusted operating income (loss)(1)
25,772
2,525
28,297
(7,995
)
20,302
Adjusted operating income margin
16.9
%
4.0
%
13.1
%
n/a
9.4
%
Add: Depreciation and amortization
4,599
873
5,472
146
5,618
Adjusted EBITDA
$
30,371
$
3,398
$
33,769
$
(7,849
)
$
25,920
Adjusted EBITDA margin
19.9
%
5.4
%
15.7
%
n/a
12.0
%
(1) Includes gross profit adjustments of
$102 and SG&A adjustments of $1,243
(2) Includes environmental charges of
$1,600 net of probable insurance recoveries of $1,100
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
ADJUSTED OPERATING INCOME,
ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED)
(Dollars in thousands)
Quarter Ended March
31,
2024
2023
Adjusted operating income (loss)
reconciliation:
Operating income (loss)
$
10,879
$
18,957
Restructuring expenses and other
adjustments
241
610
Acquisition and integration costs
3,410
235
Acquisition-related inventory step-up
3,115
—
Insurance recovery of legal fees
(702
)
—
Environmental reserves, net
(300
)
500
Adjusted operating income (loss)
$
16,643
$
20,302
Adjusted EBITDA reconciliation:
Net income (loss)
$
3,503
$
12,976
Income tax expense (benefit)
1,297
4,335
Interest expense, net
6,079
1,646
Operating income (loss)
10,879
18,957
Depreciation and amortization
8,497
5,618
Restructuring expenses and other
adjustments
241
610
Acquisition and integration costs
3,410
235
Acquisition-related inventory step-up
3,115
—
Insurance recovery of legal fees
(702
)
—
Environmental reserves, net
(300
)
500
Adjusted EBITDA
$
25,140
$
25,920
Free cash flow reconciliation:
Net cash provided by (used for) operating
activities
$
20,270
$
25,786
Capital expenditures
(5,707
)
(9,091
)
Free cash flow
$
14,563
$
16,695
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 March
31,
2024
2023
Adjusted net income (loss)
reconciliation:
Net income (loss)
$
3,503
$
12,976
Income tax expense (benefit)
1,297
4,335
Income (loss) before income taxes
4,800
17,311
Restructuring expenses and other
adjustments
241
610
Acquisition and integration costs
3,410
235
Acquisition-related inventory step-up
3,115
—
Insurance recovery of legal fees
(702
)
—
Environmental reserves, net
(300
)
500
Adjusted income (loss) before income
taxes
10,564
18,656
Income tax expense, as adjusted (1)
(2,641
)
(4,664
)
Adjusted net income (loss)
$
7,923
$
13,992
Adjusted earnings per diluted share
reconciliation:
Net income (loss) per common diluted
share
$
0.09
$
0.35
Restructuring expenses and other
adjustments
0.01
0.02
Acquisition and integration costs
0.09
0.01
Acquisition-related inventory step-up
0.08
—
Insurance recovery of legal fees
(0.02
)
—
Environmental reserves, net
(0.01
)
0.01
Adjusted effective income tax rate
impact
(0.03
)
(0.01
)
Adjusted earnings per diluted share(2)
$
0.21
$
0.38
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 25% and in 2023 is 25%.
(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
$
1.05
$
1.22
Add: Net restructuring expenses and other
adjustments
0.10
0.07
Add: Acquisition and integration costs
(3)
0.24
0.24
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)
(0.06
)
(0.05
)
Adjusted earnings per diluted share
(2)
$
1.30
$
1.45
(1) Income taxes are calculated using the
normalized effective tax rate for each year. The rate used in 2024
is 25%.
(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/20240507372515/en/
Meghan Beringer, Senior Director Investor Relations,
252-536-5651
Myers Industries (NYSE:MYE)
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