Myers Industries Q1 2022 Earnings Report
Key Takeaways
Myers Industries reported a strong first quarter in 2022, with net sales increasing by 29% to $225.5 million and adjusted EBITDA increasing by 82% to $31.0 million. The company's success is attributed to the execution of their 'One Myers' strategic vision, leading to double-digit top-line expansion and margin expansion. As a result, the company raised its outlook for 2022, including increasing its adjusted EPS range from $1.20 - $1.40 to $1.30 - $1.50.
Net sales increased 29% to $225.5 million compared to the first quarter of 2021.
Organic net sales increased 23% compared to the first quarter of 2021.
Adjusted EBITDA increased 82% to $31.0 million compared to the first quarter of 2021.
Net income per diluted share increased 135% to $0.47, compared with $0.20 for the first quarter of 2021
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Forward Guidance
The Company updated its outlook for fiscal 2022, and currently forecasts: •Net sales growth in the low to mid double-digit range with approximately one quarter of the increase due to the acquisition of Trilogy Plastics •Diluted EPS in the range of $1.28 to $1.48; adjusted diluted EPS in the range of $1.30 to $1.50 •Capital expenditures to be in the range of $25 to $28 million •Effective tax rate to approximate 26%
Positive Outlook
- Net sales growth in the low to mid double-digit range.
- Approximately one quarter of the increase due to the acquisition of Trilogy Plastics
- Diluted EPS in the range of $1.28 to $1.48
- Adjusted diluted EPS in the range of $1.30 to $1.50
- Capital expenditures to be in the range of $25 to $28 million
Challenges Ahead
- Effective tax rate to approximate 26%
- impacts from the COVID-19 pandemic on our business, conditions, customers and capital position
- the impact of COVID-19 on local, national and global economic conditions
- the effects of various governmental responses to the COVID-19 pandemic, raw material availability, increases in raw material costs, or other production costs
- impacts of price increases, risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives
Revenue & Expenses
Visualization of income flow from segment revenue to net income