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Mar 31, 2022
Myers Industries Q1 2022 Earnings Report
Myers Industries reported a record earnings quarter driven by successful execution of its 3-Horizon strategy and raised its full year fiscal 2022 outlook.
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
Revenue by Segment
Material Handling Revenue
CapyFin.comDistribution Revenue
CapyFin.com 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