Myers Industries(MYE)

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Myers Industries(MYE) - 2023 Q4 - Annual Results
2024-03-05 11:30
Exhibit 99.1 Myers Industries Announces Fourth Quarter and Full Year 2023 Results Self-Help Initiatives and Myers Business System Drive Solid Operating Performance Company Initiates Fiscal Year 2024 Outlook and Expects Improved Profitability as Compared to Prior Year Myers to Host Investor & Analyst Day Event in New York City on March 19, 2024 March 5, 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, wh ...
Myers Industries(MYE) - 2023 Q3 - Quarterly Report
2023-11-01 20:03
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 September 30, 2023 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) 1293 South M ...
Myers Industries(MYE) - 2023 Q3 - Earnings Call Presentation
2023-11-01 16:24
| --- | --- | --- | --- | |-------|--------------------|----------------------------|-------| | | | | | | | Third Quarter 2023 | Earnings Call Presentation | | | | November 1, 2023 | | | Safe Harbor Statement & Non-GAAP Measures Statements in this presentation include "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed "forward-looking". Words such as "will", "expect", "believe", "project", "plan" ...
Myers Industries(MYE) - 2023 Q2 - Earnings Call Transcript
2023-08-06 13:00
Financial Data and Key Metrics Changes - In Q2 2023, net sales decreased by $24.7 million or 10.6% compared to Q2 2022, primarily due to lower sales in the Material Handling segment and softening consumer end-markets [53][56] - Adjusted gross profit margin increased by 90 basis points to 32.9% compared to 32% in Q2 2022 [54] - Adjusted EBITDA was $24.7 million, a decrease of $4.2 million or 14.4% compared to the prior period, with an adjusted EBITDA margin of 11.9% [55] Business Line Data and Key Metrics Changes - Material Handling segment net sales decreased by $29.8 million or 17.2% due to lower sales in consumer vehicle and industrial end-markets [56] - Distribution segment net sales increased by $5.1 million or 8.5% year-over-year, but organic net sales decreased by 6.9% [57] - Adjusted EBITDA for the Material Handling segment decreased by $2.7 million or 8.2% to $29.9 million [56] Market Data and Key Metrics Changes - The company observed softness in the RV and marine markets, impacting the Material Handling segment significantly [56] - Continued strong sales in the food and beverage end market, particularly for seed boxes, were noted [26] - The company expects a mid-single digit decline in top-line guidance for the fiscal year 2023 due to macro challenges [60] Company Strategy and Development Direction - The company is focused on a three-horizon strategy, with Horizon 1 establishing a solid foundation and Horizon 2 aiming for transformation [34][36] - Investments are being made in commercial capabilities and M&A processes to prepare for larger acquisition opportunities [37][41] - The company is pursuing innovative growth projects, particularly in military lightweighting and e-commerce channels [74] Management Comments on Operating Environment and Future Outlook - Management noted a mixed outlook for end markets, with some areas showing weakness while others, like military and e-commerce, are expected to grow [26][60] - The company remains committed to operational excellence and cost management to navigate current market conditions [41][63] - Management expressed confidence in the long-term growth trajectory of the tire industry, particularly due to the rise of electric vehicles [46][92] Other Important Information - Free cash flow for Q2 2023 was $16.7 million, down from $21.1 million in Q2 2022, primarily due to lower earnings [58] - The company has a strong balance sheet with a debt-to-adjusted EBITDA ratio of 0.9 times [59] - The company is actively working on procurement savings and standardizing processes to enhance operational efficiency [63][67] Q&A Session All Questions and Answers Question: Can you discuss the opportunity in electric vehicles? - Management highlighted that electric vehicles tend to wear out tires faster, presenting a growth opportunity for the tire industry as it is expected to grow by 3% to 5% [46] Question: Can you talk about the contribution from volume and price in the quarter? - Management noted that product costs rose, and while some price increases were captured, further price increases are being considered to manage costs [48] Question: Can you elaborate on new business wins? - Management confirmed winning a significant nationwide customer in the distribution segment, which is expected to bring substantial revenue [50]
Myers Industries(MYE) - 2023 Q2 - Quarterly Report
2023-08-03 20:05
Financial Performance - Net sales for the quarter ended June 30, 2023, were $208.5 million, a decrease of $24.7 million or 10.6% compared to the same quarter in 2022[100]. - For the six months ended June 30, 2023, total net sales were $424.2 million, a decrease of $34.5 million or 7.5% compared to the same period in 2022[107]. - The Material Handling Segment reported net sales of $143.3 million, a decrease of $29.8 million or 17.2% year-over-year, primarily due to lower volume/mix[101]. - The Distribution Segment saw an increase in net sales of $5.1 million or 8.5%, driven by $9.3 million from the acquisition of Mohawk and higher pricing[102]. - The Material Handling Segment's net sales for the six months decreased by $53.9 million or 15.4%, primarily due to lower volume/mix[108]. - The Distribution Segment's net sales increased by $19.4 million or 17.8%, supported by higher pricing and incremental sales from the Mohawk acquisition[109]. Profitability - Gross profit for the quarter decreased by $6.3 million or 8.4%, with a gross margin of 32.8%, up from 32.0% in the prior year[103]. - Gross profit for the six months ended June 30, 2023, was $139.5 million, a decrease of $7.2 million or 4.9%, with a gross margin of 32.9%[110]. - Income before income taxes decreased to $31.7 million for the six months ended June 30, 2023, down from $44.7 million in 2022[113]. Expenses - Selling, general and administrative (SG&A) expenses were $52.4 million, a slight increase of 0.1% compared to the same period last year[104]. - SG&A expenses for the six months ended June 30, 2023 were $104.4 million, an increase of $4.1 million or 4.1% compared to the same period in 2022[111]. - Net interest expense increased by $0.6 million or 47.8% to $1.8 million, attributed to a higher weighted-average borrowing rate[105]. - Net interest expense for the six months ended June 30, 2023 was $3.4 million, an increase of $1.1 million or 45.7% compared to $2.4 million in the same period in 2022[112]. Cash Flow - Net cash provided by operating activities increased to $48.6 million for the six months ended June 30, 2023, compared to $34.3 million in the same period in 2022[115]. - Net cash used by investing activities was $15.2 million for the six months ended June 30, 2023, a decrease from $33.7 million in the same period in 2022[116]. - Cash used by financing activities was $26.0 million for the six months ended June 30, 2023, compared to cash provided of $4.3 million in 2022[117]. Financial Position - As of June 30, 2023, the Company had $30.7 million in cash and $203.3 million available under the Loan Agreement[114]. - The Company’s interest coverage ratio was 15.68, significantly above the required minimum of 3.00 to 1[122]. Capital Expenditures - The Company expects full year 2023 capital expenditures to be approximately $25 million to $30 million[116].
Myers Industries(MYE) - 2023 Q1 - Earnings Call Transcript
2023-05-04 20:04
Financial Data and Key Metrics Changes - Quarterly adjusted gross profit decreased by $1.2 million or 1.6%, despite contributions from pricing actions and lower raw material costs, with adjusted gross margin increasing by 90 basis points to 33% compared to 32.1% in the first quarter of 2022 [1][3] - Adjusted operating income decreased by $5.5 million or 21.4% year-over-year due to lower gross profit and higher SG&A expenses, which increased by $4.1 million or 8.5% to $52.1 million [2] - Adjusted EBITDA was $25.9 million, a decrease of $5.1 million or 16.5% compared to the prior year, with adjusted EBITDA margin decreasing by 180 basis points to 12% [3] Business Line Data and Key Metrics Changes - Material Handling segment net sales decreased by $24 million or 13.6% year-over-year, with lower sales volume and a change in sales mix impacting performance [4][5] - Distribution segment net sales increased by $14.3 million or 29.3% year-over-year, with organic net sales increasing by 0.9% when excluding the Mohawk Rubber acquisition [5][6] - Material Handling adjusted EBITDA decreased by $6 million or 16.5% to $30.4 million, while Distribution's adjusted EBITDA decreased by $0.5 million or 11.9% to $3.4 million [5][6] Market Data and Key Metrics Changes - The company experienced strong demand in the food and beverage end market, while mixed demand was noted in the industrial end market, with reduced demand in recreational vehicle, marine, and consumer end markets [59][41] - The company anticipates mid to high single-digit growth in both Q3 and Q4, driven by price increases and new business wins [29][9] Company Strategy and Development Direction - The company is focused on four strategic pillars: organic growth, strategic M&A, operational excellence, and a high-performing culture, aiming to accelerate growth in future horizons [13][16] - The Mohawk Rubber acquisition is expected to enhance channel power and customer service, with ongoing integration efforts anticipated to improve EBITDA margins [16][18] - The company is pursuing growth in higher-end markets, including food and beverage, industrial, and military applications, with a focus on customer-driven innovation [45][83] Management's Comments on Operating Environment and Future Outlook - Management noted that while the first quarter faced economic challenges, self-help initiatives and operational excellence efforts are yielding positive results [44][47] - The company expects sales to be sequentially higher in Q2 but lower year-over-year due to continued soft demand, with an optimistic outlook for organic growth in the back half of the year [9][38] - Management expressed confidence in the strategic progress and future direction of the company, highlighting the importance of maintaining a strong balance sheet for future acquisitions [65][86] Other Important Information - Free cash flow for Q1 2023 was $16.7 million, significantly higher than $2.2 million in Q1 2022, primarily due to a decrease in working capital [7][8] - Capital expenditures for Q1 2023 were $9.1 million, with cash on hand totaling $28.2 million, indicating a strong balance sheet [8] Q&A Session Summary Question: Trends in April and May - Management noted continued strength in food and beverage, with RV and consumer markets remaining weak, but expectations for lawn and garden season are being met [26][28] Question: Impact of Food and Beverage on Other Markets - Management indicated that food and beverage growth, driven by seed box sales, is expected to help offset weaknesses in other markets, with an upward trend anticipated [27][29] Question: Capital Expenditures and Acquisitions - Management explained that higher CapEx is partly due to catch-up capital from previous years and growth capital for food and beverage and industrial markets [32] Question: Readiness for Larger Acquisitions - Management confirmed readiness for larger acquisitions, emphasizing the importance of finding the right deals with favorable economics [77][86] Question: Military Program Details - Management discussed ongoing military projects related to munitions, highlighting favorable testing results and increased demand for plastic solutions [82][83]
Myers Industries(MYE) - 2023 Q1 - Quarterly Report
2023-05-04 20:01
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, 2023 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) 1293 South Main ...
Myers Industries(MYE) - 2023 Q1 - Earnings Call Presentation
2023-05-04 19:14
Our Long-Term Vision Continued execution of Horizons 1 & 2 + | --- | --- | --- | --- | --- | --- | |-----------|-----------------------------------------|-------|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------| | | Organic Growth | 2 | Strat ...
Myers Industries(MYE) - 2022 Q4 - Annual Report
2023-03-03 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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, 2022 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) (State or other jurisdiction of incorporatio ...
Myers Industries(MYE) - 2022 Q4 - Earnings Call Transcript
2023-03-01 16:33
Myers Industries, Inc. (NYSE:MYE) Q4 2022 Earnings Conference Call March 1, 2023 8:30 AM ET Company Participants Monica Vinay - Interim Chief Financial Officer and Vice President of Investor Relations and Treasurer Mike McGaugh - President and Chief Executive Officer Conference Call Participants Lance Vitanza - Cowen Steve Barger - KeyCorp Operator Hello, everyone, and welcome to the Myers Industries Fourth Quarter 2022 Earnings Call. My name is Bruno and I will be operating your call today. [Operator Instr ...