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Jun 30, 2023
Myers Industries Q2 2023 Earnings Report
Myers Industries sustained gross margin profile through self-help initiatives, continued investing in growth and capabilities, and prudently managing costs.
Key Takeaways
Myers Industries reported net sales of $208.5 million, a decrease of 10.6% compared to the prior year period. However, the company maintained a strong gross margin of 32.8%, up 80 basis points versus the prior year period. Adjusted earnings per diluted share were $0.35, compared to $0.45 in the prior year period. The company is lowering revenue guidance for the full year, but maintaining adjusted EPS guidance due to operational improvements and self-help measures.
Net sales decreased by 10.6% to $208.5 million compared to the prior year period.
Gross margin increased by 80 basis points to 32.8% versus the prior year period.
GAAP net income per diluted share was $0.29 compared to $0.43 in the prior year period.
Adjusted earnings per diluted share were $0.35 compared to $0.45 in the prior year period.
Revenue by Segment
Forward Guidance
The Company revised its outlook for fiscal 2023, and currently forecasts: Net sales decline in the mid single digit range. Net income per diluted share in the range of $1.41 to $1.73. Maintain adjusted earnings per diluted share 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%.
Positive Outlook
- Net income per diluted share in the range of $1.41 to $1.73
- Maintain adjusted earnings per diluted share 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%
Challenges Ahead
- Net sales decline in the mid single digit range
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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