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Jun 30, 2022
Myers Industries Q2 2022 Earnings Report
Achieved record quarterly results and drove seventh consecutive quarter of double-digit top-line expansion.
Key Takeaways
Myers Industries reported a strong second quarter with net sales increasing by 24% to $233.2 million and adjusted EPS increasing by 55% to $0.45. The company's performance was driven by progress against its 3-horizon strategy, value-based pricing actions, and strategic acquisitions. As a result, Myers Industries is raising its full-year outlook for both revenue and earnings.
Net sales increased 24% to $233.2 million, compared with $187.4 million for the second quarter of 2021.
Earnings per diluted share increased 43% to $0.43, compared with $0.30 for the second quarter of 2021.
Adjusted earnings per diluted share increased 55% to $0.45, compared with $0.29 for the second quarter of 2021.
Adjusted EBITDA increased 41% to $28.9 million, compared with $20.5 million for the second quarter of 2021.
Revenue by Segment
Forward Guidance
Myers Industries updated its outlook for fiscal 2022, forecasting net sales growth in the high teens range and adjusted diluted EPS in the range of $1.40 to $1.60.
Positive Outlook
- Net sales growth in the high teens range.
- Approximately 45% of the increase due to the acquisitions of Trilogy Plastics and Mohawk Rubber.
- Diluted EPS in the range of $1.33 to $1.53.
- Adjusted diluted EPS in the range of $1.40 to $1.60.
- Capital expenditures to be in the range of $25 to $28 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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