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Mar 31, 2024
Myers Industries Q1 2024 Earnings Report
Myers Industries reported a decrease in net sales due to lower volumes in both the Material Handling and Distribution segments, but the newly acquired Signature Systems delivered strong results.
Key Takeaways
Myers Industries reported a decrease in net sales and earnings per share for the first quarter of 2024, impacted by weak demand in the Automotive Aftermarket and Vehicle end markets. The acquisition of Signature Systems contributed positively, and the company is implementing cost reduction measures to improve performance.
Net sales decreased by 4.0% to $207.1 million compared to the prior-year period.
GAAP net income per diluted share decreased to $0.09 compared to $0.35 in the prior-year period.
Adjusted earnings per diluted share decreased to $0.21 compared to $0.38 in the prior-year period.
The company is targeting $7 million to $9 million in annualized cost improvements in addition to the previously communicated $8 million in synergies projected as part of the Signature Systems acquisition.
Revenue by Segment
Forward Guidance
Incorporating the first quarter results, the Company forecasts that the outlook for net sales growth, net income per diluted share and adjusted earnings per diluted share will likely be at the low end of the previously communicated ranges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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