Myers Industries(US:MYE)2025-10-30 20:06Financial Performance - Net sales for the quarter ended September 30, 2025 were $205.4 million, an increase of $0.4 million or 0.2% compared to the same quarter in 2024[131] - The Material Handling Segment net sales increased by $2.8 million or 1.9% for the quarter ended September 30, 2025, driven by higher volume[132] - The Distribution Segment net sales decreased by $2.4 million or 4.4% for the quarter ended September 30, 2025, primarily due to lower volume[133] - For the nine months ended September 30, 2025, total net sales were $621.8 million, a decrease of $10.6 million or 1.7% compared to the same period in 2024[142] - The Material Handling Segment net sales for the nine months ended September 30, 2025 increased by $0.9 million or 0.2%, supported by incremental sales from the acquisition of Signature[143] - The Distribution Segment net sales decreased by $11.3 million or 6.9% for the nine months ended September 30, 2025, primarily due to lower pricing and volume[144] Profitability - Gross profit for the quarter ended September 30, 2025 was $68.6 million, an increase of $3.4 million or 5.3% compared to the same quarter in 2024, with a gross margin of 33.4%[134] - Gross profit for the nine months ended September 30, 2025 was $208.3 million, an increase of $3.4 million or 1.7% compared to the same period in 2024, with a gross margin of 33.5%[145] - Income before income taxes increased significantly to $32.1 million for the nine months ended September 30, 2025, compared to $6.7 million in the same period in 2024[152] Expenses - Selling, general and administrative (SG&A) expenses for the quarter ended September 30, 2025 were $44.4 million, an increase of $5.9 million or 15.4% compared to the same period in 2024[135] - SG&A expenses for the nine months ended September 30, 2025 were $132.6 million, an increase of $2.8 million or 2.2% compared to the same period in 2024[146] Interest and Taxes - Net interest expense for the quarter ended September 30, 2025 was $7.5 million, a decrease of $0.6 million or 7.3% compared to the same quarter in 2024[140] - Net interest expense decreased by $0.9 million, or 4.0%, to $22.2 million for the nine months ended September 30, 2025, due to higher average outstanding borrowings[151] - The effective tax rate decreased to 26.4% for the nine months ended September 30, 2025, down from 56.4% in the prior year[152] Cash Flow - Net cash provided by operating activities was $64.2 million for the nine months ended September 30, 2025, up from $51.9 million in the prior year[154] - Net cash used for investing activities was $15.3 million for the nine months ended September 30, 2025, a significant decrease from $365.5 million in the same period in 2024[155] - Cash used by financing activities was $33.0 million for the nine months ended September 30, 2025, compared to cash provided of $313.0 million in the prior year[156] Financial Position - The Company had $48.0 million in cash and $244.7 million available under the Amended Loan Agreement as of September 30, 2025[153] - The Company was in compliance with all debt covenants as of September 30, 2025, with an interest coverage ratio of 4.04 and a net leverage ratio of 2.64[162] Impairment - The Company recorded a $22.0 million non-cash impairment charge for the full carrying value of goodwill in the rotational molding reporting unit during the nine months ended September 30, 2024[150]