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Mar 31, 2023
Myers Industries Q1 2023 Earnings Report
Myers Industries experienced gross margin expansion through effective cost management and reiterated its full-year fiscal 2023 revenue and earnings outlook.
Key Takeaways
Myers Industries reported a decrease in net sales to $215.7 million compared to $225.5 million in the prior year period, but demonstrated strength through gross margin expansion to 32.9%. The company's cash flow generation increased, with cash flow from operations at $25.8 million and free cash flow at $16.7 million.
Net sales decreased to $215.7 million from $225.5 million year-over-year.
Gross margin increased to 32.9%, up 100 basis points from the prior year.
GAAP net income per diluted share was $0.35, compared to $0.47 in the prior year period.
Adjusted earnings per diluted share were $0.38, compared to $0.50 in the prior year period.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Revenue by Segment
Material Handling Revenue
CapyFin.comDistribution Revenue
CapyFin.com Forward Guidance
The Company reiterated its outlook for fiscal 2023, forecasting net sales growth in the low-to-mid single digit range and net income per diluted share in the range of $1.50 to $1.80; adjusted earnings per diluted share in the range of $1.55 to $1.85.
Positive Outlook
- Net sales growth in the low-to-mid single digit range
- Net income per diluted share in the range of $1.50 to $1.80
- Adjusted earnings per diluted share in the range of $1.55 to $1.85
- Capital expenditures to be in the range of $25 to $30 million
- Effective tax rate to approximate 25%
Revenue & Expenses
Visualization of income flow from segment revenue to net income