TM mvers INDUSTRIES 2024 Second Quarter Results August 1, 2024 Safe Harbor Statement & Non-GAAP Measures Statements in this presentation contain "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 ...

Financial Data and Key Metrics Changes - Net sales for Q2 2024 were $220.2 million, an increase of $11.8 million or 5.7% compared to Q2 2023, primarily driven by the Signature Systems acquisition, which contributed 15.2% of inorganic sales growth, partially offset by a 9.6% organic sales decline [14][15] - Adjusted EBITDA for Q2 2024 was $38.9 million, an increase of 57.4% year-over-year, with an adjusted EBITDA margin of 17.7%, up 580 basis points from 11.9% in the prior year [16][5] - Adjusted earnings per share improved to $0.39 from $0.35 in Q2 2023, driven by improved sales and operating margins, offset by increased interest expense related to the acquisition [16] Business Line Data and Key Metrics Changes - In the Material Handling segment, net sales increased by $22.7 million or 15.9%, driven by a 22.1% inorganic sales increase from Signature Systems, despite a 6.3% organic sales decline [17] - The Distribution segment saw net sales decrease by $10.9 million or 16.7% year-over-year, primarily due to lower sales volumes and pricing, with adjusted EBITDA decreasing by 20.1% to $3.8 million [18] Market Data and Key Metrics Changes - The company is experiencing continued soft demand in the recreational vehicle, marine, and automotive aftermarket end-markets, leading to a cautious outlook for the remainder of the year [5][6] - The food and beverage end-market is also showing signs of cooling demand after strong sales in previous years, prompting the company to grow its industrial box business to mitigate volume declines [6] Company Strategy and Development Direction - The company is focused on transforming into a stronger, simpler, high-margin growth-oriented entity, with a strategy that includes growing the storage handling and protection portfolio and maximizing the value of engineered solutions and automotive aftermarket portfolios [9][12] - The company anticipates achieving $7 million to $9 million in annualized cost savings and $8 million in synergies from the Signature Systems acquisition by 2025 [19][7] Management's Comments on Operating Environment and Future Outlook - Management has lowered the full-year adjusted earnings per share guidance to a range of $1.05 to $1.20 due to continued soft demand conditions in key end-markets [7] - The company is optimistic about long-term growth opportunities, particularly in military products and infrastructure projects, which are expected to drive revenue growth [24][25] Other Important Information - Free cash flow for Q2 2024 was $9.9 million, down from $16.7 million in Q2 2023, with working capital as a percentage of net sales increasing due to the acquisition of Signature Systems [20] - The company is targeting a leverage ratio of under two times within two years of the Signature Systems acquisition [22] Q&A Session Summary Question: Sustainability of Material Handling margins post-Signature deal - Management indicated that while there was margin improvement from the Signature acquisition, a slight decline in gross margin is projected for the second half of the year due to headwinds in key end-markets [30][31] Question: Thoughts on the Distribution segment's performance - Management noted that the Distribution segment's EBITDA margin is expected to stabilize around 7%, impacted by lower demand and operating leverage issues [34][35] Question: Productivity gains enabling footprint consolidation - Management highlighted that operational excellence initiatives have led to significant capacity improvements, allowing for footprint consolidation while maintaining the ability to meet future demand [39][40] Question: Update on Signature integration - Management expressed satisfaction with the integration process, noting that both qualitative and quantitative aspects are progressing well, with expected synergies on track [44][45] Question: Revenue ramp for military products - Management indicated that military contracts tend to be approved in chunks, with revenue expected to ramp up in a somewhat lumpy manner as production begins [52][53]

Financial Performance - Net sales for the quarter ended June 30, 2024, were $220.2 million, an increase of $11.8 million or 5.7% compared to the same quarter in 2023[101]. - The Material Handling Segment net sales increased by $22.7 million or 15.9% for the quarter ended June 30, 2024, primarily due to $31.7 million from the acquisition of Signature[102]. - The Distribution Segment net sales decreased by $10.9 million or 16.7% for the quarter ended June 30, 2024, mainly due to lower volume of $9.8 million[102]. - For the six months ended June 30, 2024, net sales were $427.3 million, an increase of $3.1 million or 0.7% compared to the same period in 2023[107]. - The acquisition of Signature on February 8, 2024, contributed approximately $51.1 million in incremental sales for the six months ended June 30, 2024[107]. Profitability - Gross profit for the quarter ended June 30, 2024, was $75.5 million, an increase of $7.1 million or 10.4% compared to the same period in 2023, with a gross margin of 34.3%[103]. - Gross profit for the six months ended June 30, 2024, was $139.8 million, a slight increase of $0.3 million or 0.2% compared to the prior year[109]. Expenses - Selling, general and administrative (SG&A) expenses for the quarter were $51.7 million, a decrease of $0.7 million or 1.3% compared to the prior year[104]. - SG&A expenses for the six months ended June 30, 2024 were $105.1 million, an increase of $0.7 million or 0.7% compared to the same period in 2023[110]. Interest and Tax - Net interest expense for the quarter ended June 30, 2024, was $9.0 million, an increase of $7.2 million or 403.1% compared to $1.8 million in the same quarter of 2023[105]. - Net interest expense for the six months ended June 30, 2024 was $15.1 million, an increase of $11.6 million or 339% compared to $3.4 million for the same period in 2023[111]. - The effective tax rate for the quarter ended June 30, 2024, was 30.2%, up from 26.1% in the same quarter of 2023[106]. - The effective tax rate increased to 29.4% for the six months ended June 30, 2024, up from 25.5% in the same period in 2023[112]. Cash Flow and Investments - Net cash provided by operating activities was $34.6 million for the six months ended June 30, 2024, down from $48.6 million in the same period in 2023[114]. - Net cash used for investing activities was $358.4 million for the six months ended June 30, 2024, compared to $15.2 million in the same period in 2023, primarily due to the acquisition of Signature for $348.3 million[115]. - Cash provided by financing activities was $331.0 million for the six months ended June 30, 2024, compared to cash used of $26.0 million in the same period in 2023[116]. Financial Position - As of June 30, 2024, the Company had $37.3 million in cash and $231.4 million available under the Amended Loan Agreement[113]. - The Company’s interest coverage ratio was 8.03, well above the required minimum of 3.00 to 1[124]. - The net leverage ratio was 2.64, below the maximum limit of 4.00 to 1[124]. - The Company entered into an interest rate swap agreement with a notional value of $200.0 million to mitigate variable interest rate risk[122]. Raw Material and Economic Risks - The Company relies on commodity raw materials, primarily plastic resins and natural gas, for its operations[129]. - There are no current derivative contracts in place to hedge against changes in raw material pricing[129]. - The Company may enter into forward buy positions for certain utility costs, which were not material as of June 30, 2024[129]. - Significant future increases in the cost of plastic resin could adversely impact the Company's financial position[129]. - Changes in the general economic environment may also have a material adverse effect on the Company's results of operations or cash flows[129].

Financial Performance - Net sales for Q2 2024 were $220.2 million, an increase of 5.7% compared to $208.5 million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was $38.9 million, up 57.4% from $24.7 million in the prior-year period[2] - GAAP gross margin improved by 150 basis points to 34.3% compared to 32.8% in Q2 2023[4] - Material Handling segment net sales increased by 15.9% to $166.0 million, with operating income rising by 15.6% to $28.7 million[5] - Distribution segment net sales decreased by 16.7% to $54.3 million, with operating income down 35.9% to $2.2 million[6] - Operating income increased to $23,728 thousand for the quarter, compared to $16,142 thousand in the same quarter last year, reflecting a growth of 47.1%[15] - Net income for the quarter was $10,279 thousand, slightly down from $10,605 thousand in the prior year, resulting in a diluted earnings per share of $0.28[15] - Adjusted EBITDA for the same quarter was $38,893 thousand, with an adjusted EBITDA margin of 17.7%[18] - The company reported a net income of $10,279 thousand, translating to a net income margin of 4.7%[18] - For the six months ended June 30, 2024, net sales reached $427,338 thousand, with an adjusted gross profit of $147,195 thousand, reflecting a gross margin of 34.4%[20] - The company’s net income for the six months ended June 30, 2023, was $23,581 thousand, with a net income margin of 5.6%[21] - Adjusted EBITDA for the six months ended June 30, 2023, was $50,624 thousand, with an adjusted EBITDA margin of 11.9%[21] Cost Management and Guidance - The company expects to achieve $7 million to $9 million in annualized cost savings by 2025 through various productivity initiatives[1] - Full-year adjusted earnings per share guidance has been lowered to a range of $1.05 to $1.20 due to continued demand pressure in key markets[1] - Full year 2024 adjusted earnings per diluted share guidance is set between $1.05 and $1.20[24] Cash Flow and Capital Expenditures - Cash flow provided by operations for Q2 2024 was $14.3 million, down from $22.9 million in Q2 2023[7] - Capital expenditures for 2024 are projected to be between $30 million and $35 million[8] - The company reported capital expenditures of $4,417 thousand for the quarter, compared to $6,125 thousand in the prior year[17] - Free cash flow for Q2 2024 was $9,930,000, down from $16,727,000 in Q2 2023, indicating a decrease of 40.8%[22] - The company reported net cash provided by operating activities of $14,347,000 for Q2 2024, down from $22,852,000 in Q2 2023, a decrease of 37.2%[22] Balance Sheet and Leverage - Total assets as of June 30, 2024, were $951,633 thousand, a significant increase from $541,631 thousand at the end of 2023[16] - Current assets rose to $295,543 thousand, up from $256,621 thousand at the end of 2023, driven by increases in cash and trade accounts receivable[16] - Long-term debt increased to $380,450 thousand from $31,989 thousand, indicating a substantial rise in leverage[16] - The company has a net leverage ratio of 2.6x and $231.4 million available under its revolving credit facility as of June 30, 2024[7] Restructuring and Environmental Reserves - The company incurred restructuring expenses and other adjustments totaling $2,711 thousand in the quarter ended June 30, 2024[18] - Environmental reserves net of probable insurance recoveries amounted to $200 thousand for the six months ended June 30, 2024[20] - Environmental reserves, net for Q2 2024 were $100,000, down from $1,800,000 in Q2 2023, indicating a significant reduction[23] Adjusted Metrics - Adjusted operating income for Q2 2024 was $28,826,000, up from $19,027,000 in Q2 2023, representing a 51.5% increase[22] - Adjusted EBITDA for Q2 2024 reached $38,893,000, compared to $24,704,000 in Q2 2023, marking a 57.3% growth[22] - Adjusted net income for Q2 2024 was $14,561,000, compared to $12,928,000 in Q2 2023, reflecting a 12.6% increase[23] - Adjusted earnings per diluted share for Q2 2024 was $0.39, up from $0.35 in Q2 2023, which is a 11.4% increase[23] Risks and Caution - The company has expressed caution regarding future performance due to various risks, including raw material costs and competitive pressures[13]

Myers Industries Inc. (NYSE:MYE) Q1 2024 Results Conference Call May 7, 2024 8:30 AM ET Company Participants Meghan Beringer - IR Michael McGaugh - CEO Grant Fitz - CFO Conference Call Participants Christian Zyla - KeyBanc Anna Jolly - Gabelli Anna Jolly with Gabelli William Dezellem - Tieton Capital Management Operator Hello, and welcome to the Myers Industries First Quarter 2024 Earnings Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions]. I would now like to hand ov ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-08524 Myers Industries, Inc. (Exact name of registrant as specified in its charter) incorporation or organization) Number) (330) 253-5592 ( ...

Exhibit 99.1 Myers Industries Announces First Quarter 2024 Results Newly acquired Signature Systems delivers strong results due to Infrastructure tailwinds. May 7, 2024, Akron, Ohio - 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 President and CEO Mike McGaugh commented, "A ...

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) OHIO 34-0778636 (IRS Employer Identification Number) ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ ...

Myers Industries, Inc. (NYSE:MYE) Q4 2023 Earnings Conference Call March 5, 2024 8:30 AM ET Company Participants Meghan Beringer - Senior Director, IR Grant Fitz - EVP and CFO Michael McGaugh - President and CEO Conference Call Participants Christian Zyla - KeyCorp Unidentified Analyst - Gabelli & Company Operator Hello and welcome to the Myers Industries Fourth Quarter and Full Year 2023 Results. My name is Harry and I will be coordinating your call. [Operator Instructions]. I will now hand over to our hos ...

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 exp ...