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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.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Revenue by Segment
Material Handling Revenue
CapyFin.comDistribution Revenue
CapyFin.com 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