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Mar 31, 2021
Myers Industries Q1 2021 Earnings Report
Myers Industries reported a sales increase of 42.7% to $174.4 million, including a $27.1 million contribution from the Elkhart Plastics acquisition. Net income per diluted share was $0.20, while adjusted earnings per diluted share remained flat at $0.22.
Key Takeaways
Myers Industries reported strong first-quarter results, with net sales increasing by 42.7% to $174.4 million. The company's performance was driven by organic growth and the acquisition of Elkhart Plastics. Adjusted earnings per diluted share remained flat at $0.22.
Net sales increased by 42.7% to $174.4 million, including a $27.1 million contribution from the Elkhart Plastics acquisition.
Organic net sales increased 20% due to higher volume/mix and 1% due to favorable pricing and foreign currency exchange.
Net income per diluted share was $0.20, compared to $0.47 in the first quarter of 2020, which included $0.24 from the sale of notes and release of lease guarantee liability.
Adjusted earnings per diluted share were $0.22, flat compared to the first quarter of 2020.
Revenue by Segment
Forward Guidance
The Company updated and raised its net sales outlook for fiscal 2021 and currently forecasts net sales growth in the high 30% range, including impact of the Elkhart Plastics acquisition and Diluted EPS in the range of $0.87 to $1.02; adjusted diluted EPS in the range of $0.90 to $1.05
Positive Outlook
- Net sales growth in the high 30% range, including impact of the Elkhart Plastics acquisition
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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