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Jun 30, 2020
Myers Industries Q2 2020 Earnings Report
Solid operational execution drove improved gross margin. The company provided a slightly improved 2020 revenue outlook.
Key Takeaways
Myers Industries reported second-quarter results with net sales of $118.4 million, a decrease of 11.8% compared to the previous year. The gross margin increased to 36% from 35% in the second quarter of 2019. GAAP income per diluted share from continuing operations was $0.23, compared to $0.18 for the second quarter of 2019.
GAAP income per diluted share from continuing operations was $0.23, compared with $0.18 for the second quarter of 2019
Adjusted income per diluted share from continuing operations was $0.23, compared with $0.27 for the second quarter of 2019
Net sales were $118.4 million, down 11.8% compared with $134.3 million for the second quarter of 2019
Gross margin increased to 36%, compared with 35% for the second quarter of 2019
Revenue by Segment
Forward Guidance
The Company has revised its outlook for 2020 revenue. For full-year total revenue, the Company now expects a percentage decline in the mid-to-high single digits, which is a slight improvement from its previous guidance of a 10% decline. The Company is maintaining its previous guidance that depreciation and amortization will be approximately $21 million, net interest expense will be approximately $4 million and capital expenditures will be approximately $15 million. The Company is updating its guidance for the effective tax rate to be approximately 26%, compared with a previous estimate of approximately 27%.
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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