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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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