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Jun 30, 2021
Myers Industries Q2 2021 Earnings Report
Reported strong sales growth driven by increased demand and focused execution.
Key Takeaways
Myers Industries reported a 58.3% increase in net sales to $187.4 million for the second quarter of 2021, driven by increased demand and the acquisition of Elkhart Plastics. Net income per diluted share increased to $0.30, and adjusted earnings per diluted share were $0.29. The company is making progress in achieving its 'One Myers' strategic vision with the acquisition of Trilogy Plastics and an updated corporate brand identity.
Net sales increased 58.3% to $187.4 million, including a 26.1% contribution from the Elkhart Plastics acquisition.
Organic net sales increased 26% due to higher volume/mix, 5% due to favorable price and 1% due to foreign currency exchange.
Net income per diluted share was $0.30, compared to $0.23 for the second quarter of 2020.
Adjusted earnings per diluted share was $0.29, compared to $0.23 for the second quarter of 2020.
Revenue by Segment
Forward Guidance
The Company updated its outlook for fiscal 2021, and currently forecasts: Net sales growth in the mid 40% range, with approximately half due to the Elkhart and Trilogy acquisitions and Diluted EPS in the range of $0.86 to $1.01; adjusted diluted EPS in the range of $0.90 to $1.05.
Positive Outlook
- Net sales growth in the mid 40% range
- Approximately half of net sales growth due to the Elkhart and Trilogy acquisitions
- Diluted EPS in the range of $0.86 to $1.01
- Adjusted diluted EPS in the range of $0.90 to $1.05
- Capital expenditures to approximate $15 to $18 million
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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