Financial Performance - Net sales for Q3 2024 were $205.1 million, an increase of 3.7% from $197.8 million in Q3 2023[2] - Net income for Q3 2024 was $(10.9) million, compared to $12.7 million in the prior-year period, impacted by a $22.0 million non-cash goodwill impairment charge[2] - Adjusted EBITDA for Q3 2024 was $30.7 million, up 19.8% from $25.6 million in Q3 2023[2] - Material Handling segment net sales increased by 13.8% to $150.7 million, while operating income decreased significantly to $0.9 million[7][8] - Distribution segment net sales decreased by 16.8% to $54.4 million, with operating income dropping to $2.1 million[9][10] - Net sales for the quarter ended September 30, 2024, were $205,067 thousand, a 3.2% increase from $197,798 thousand for the same period in 2023[20] - Gross profit for the quarter was $65,130 thousand, compared to $62,379 thousand in the prior year, reflecting a gross margin improvement[20] - Operating loss for the quarter was $(4,764) thousand, a significant decline from operating income of $18,703 thousand in the same quarter last year[20] - Net loss for the quarter was $(10,878) thousand, compared to net income of $12,747 thousand in the prior year[20] - Adjusted operating income for Q3 2024 was $20,539,000, compared to $20,039,000 in Q3 2023, reflecting a year-over-year increase of 2.5%[27] - Adjusted EBITDA for Q3 2024 reached $30,735,000, up from $25,648,000 in Q3 2023, representing a 19.5% increase[27] - Free cash flow for Q3 2024 was $10,149,000, compared to $18,058,000 in Q3 2023, indicating a decrease of 43.8%[27] - Net income for Q3 2024 was a loss of $10,878,000, contrasting with a profit of $12,747,000 in Q3 2023[28] - Adjusted net income for Q3 2024 was $9,212,000, down from $13,875,000 in Q3 2023, a decline of 33.5%[28] Cost Management - The company is targeting an additional $15 million in annualized cost savings by 2025, on top of the original target of $7 million to $9 million[3] - Selling, general and administrative expenses increased to $47,686 thousand from $43,698 thousand, reflecting higher operational costs[20] - The company incurred restructuring expenses and other adjustments totaling $1,211 thousand during the quarter[23] - Restructuring expenses and other adjustments totaled $2,033,000 in Q3 2024, compared to $1,359,000 in Q3 2023[27] Debt and Cash Flow - Cash flow provided by operations was $17.3 million, down from $22.1 million in Q3 2023, with free cash flow at $10.1 million compared to $18.1 million[11] - Total debt as of September 30, 2024, was $396.2 million, with a net leverage ratio of 2.7x[11] - Long-term debt rose significantly to $367,854 thousand from $31,989 thousand at the end of 2023, reflecting increased leverage[21] - Current liabilities decreased to $153,332 thousand from $165,107 thousand, showing improved short-term financial health[21] - Cash flows from operating activities showed a net cash outflow of $16,301 thousand for the quarter, compared to an inflow of $787 thousand in the previous year[22] - Ending cash balance as of September 30, 2024, was $29,710 thousand, an increase from $24,768 thousand at the end of September 2023[22] Impairment and Asset Management - The company reported impairment charges of $22,016 thousand for the quarter, indicating potential asset write-downs[20] - Impairment charges for Q3 2024 amounted to $22,016,000, with no corresponding charges in Q3 2023[27] - The company reported impairment charges of $22,016 thousand during the quarter[23] Guidance and Projections - Full-year adjusted earnings per share guidance has been revised to a range of $0.92 to $1.02, down from previous guidance of $1.05 to $1.20[12] - The adjusted effective income tax rate for 2024 is projected at 26%[29]

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]

Financial Data and Key Metrics Changes - Net sales for Q1 2024 were $207.1 million, a decrease of $8.6 million or 4% compared to 2023, primarily driven by lower volume in the Distribution segment [39][40] - Adjusted gross profit was $67.6 million with a margin of 32.7%, down from $71.2 million and 33% in 2023 [39] - Adjusted earnings per share decreased to $0.21 from $0.38 in 2023, attributed to lower sales and operating margins as well as increased interest expenses related to the new term loan [39][40] Business Line Data and Key Metrics Changes - Material Handling segment net sales decreased by $0.3 million or 0.2% year-over-year, with a slight decline in volumes due to trough conditions in the marine and RV markets [40] - Distribution segment net sales decreased by $8.3 million or 13.1% year-over-year, driven by lower sales volumes, partially offset by higher pricing [34] - Adjusted EBITDA for Material Handling increased by $2.2 million or 7.1% to $32.5 million, while Distribution's adjusted EBITDA decreased by $2 million or 59.4% to $1.4 million [34] Market Data and Key Metrics Changes - The company is experiencing trough levels of demand in key end markets, particularly in RV, marine, and consumer discretionary sectors [19][20] - There is a noted slowdown in the automotive aftermarket, impacting overall performance [20][36] - The agricultural seed box orders were significantly delayed, affecting first quarter results but expected to ramp up later in the year [50][53] Company Strategy and Development Direction - The company is transitioning into Horizon 2 of its strategy, focusing on efficiency and cost reduction while maximizing the value of its businesses [5][11] - The acquisition of Signature Systems is seen as a pivotal point in the company's growth story, expected to accelerate transformation into a higher-margin company [18][31] - The company aims to achieve $15 million to $17 million in annual cost reduction and margin improvement through various initiatives [22][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the first quarter results were disappointing and anticipates continued challenges in certain end markets [47][48] - Despite the slow start, the company maintains its full-year guidance for adjusted earnings per share at $1.30 to $1.45, albeit at the lower end of the range [20][35] - Management expresses confidence in the growth potential of the Signature acquisition and the storage handling and protection portfolio as key components of future success [43][76] Other Important Information - SG&A expenses increased by $1.4 million or 2.6% compared to 2023, primarily due to the addition of Signature Systems [33] - The company ended Q1 with a debt to adjusted EBITDA ratio of 4.2x, largely due to the debt incurred for the Signature acquisition [35] Q&A Session Summary Question: Was there a slowdown at the time of the Analyst Day? - Management noted that a significant agricultural order was pushed to later in the year, which occurred after the Investor Day, impacting first quarter results [50][51] Question: What gives confidence to maintain the current guidance? - Confidence stems from expected shifts in high-profit businesses and some upticks in consumer business, despite recognizing the first quarter miss [45][46] Question: What surprised management in the material handling side of the business? - The primary surprise was the shift of agricultural seed box orders and weaker-than-expected gas can sales in March [78] Question: Can you elaborate on the $7 million to $9 million cost savings? - These cost savings are currently identified and are expected to be achieved through footprint reduction activities and improved operational efficiency [90][91] Question: What are the expectations for free cash flow? - Management indicated that $80 million in free cash flow is reasonable based on the performance of Signature and core Myers [75][76]

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 ...

Financial Performance - Net sales for the year ended December 31, 2023 were $813.1 million, a decrease of $86.5 million or 9.6% compared to 2022, primarily due to lower overall volume/mix and pricing [135]. - The Material Handling Segment reported net sales of $555.3 million, a decrease of $92.4 million or 14.3%, while the Distribution Segment saw an increase of $5.9 million or 2.3% to $257.9 million [135][137]. - Gross profit decreased by $24.3 million or 8.6% to $259.1 million, with a gross margin of 31.9%, up from 31.5% in the prior year [138][139]. - Selling, general and administrative (SG&A) expenses were $186.9 million, a decrease of $12.6 million or 6.3%, primarily due to lower incentive compensation and variable selling expenses [140]. Debt and Liquidity - As of December 31, 2023, the Company had $30.3 million in cash and $224.3 million available under its Loan Agreement, indicating strong liquidity [144]. - The Company was in compliance with all debt covenants, with an interest coverage ratio of 16.17 and a leverage ratio of 0.70 as of December 31, 2023 [154]. - The Company repaid $26.0 million of Senior Unsecured Notes upon maturity and prepaid the remaining $12.0 million, terminating the Note Purchase Agreement [155]. - Amendment No. 1 to the Loan Agreement includes a new 5-year $400 million term loan facility, with quarterly amortization of $20 million in the first two years and $40 million in the last three years [156]. - The maximum leverage ratio was modified to not exceed 4.00 to 1.00 for the first fiscal quarter after the Signature Systems acquisition and 3.25 to 1.00 thereafter [158]. - The Company incurred approximately $9 million in deferred financing fees related to the Loan Agreement amendment [157]. Tax and Interest - Net interest expense increased to $6.3 million, up 10.8% from $5.7 million in 2022, due to a higher weighted-average borrowing rate of 6.86% [141]. - The effective tax rate rose to 26.0% for 2023, compared to 22.9% in the prior year, primarily due to the recognition of a previously unrecognized tax benefit [142]. Operational Highlights - Cash provided by operating activities increased to $86.2 million in 2023 from $72.6 million in 2022, driven by lower working capital [147]. - The Company acquired Signature Systems for $350 million in February 2024, which generated approximately $110 million in revenue in 2023 [143]. Risk Management - If market interest rates increase by 1%, the Company's variable interest expense would increase by approximately $0.2 million annually [170]. - The net foreign currency exposure related to operations in Canada is generally less than $1 million [171]. - The Company currently has no derivative contracts to hedge changes in raw material pricing, particularly for plastic resins and natural rubber [172]. Off-Balance Sheet Arrangements - The Company has no off-balance sheet arrangements that materially affect its financial condition as of December 31, 2023 [159].

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 ...