Myers Industries Q2 2024 Earnings Report
Key Takeaways
Myers Industries announced its second quarter 2024 results, with net sales increasing to $220.2 million and adjusted EBITDA reaching $38.9 million. The company's performance was bolstered by the inclusion of Signature Systems, though it lowered its full-year adjusted earnings per share guidance to $1.05 - $1.20 due to demand pressures in select end markets.
Net sales increased to $220.2 million compared to $208.5 million in the prior-year period.
Adjusted EBITDA increased to $38.9 million compared to $24.7 million in the prior-year period.
GAAP gross margin increased by 150 basis points versus the prior-year period.
Adjusted earnings per diluted share increased to $0.39 compared to $0.35 in the prior-year period.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Forward Guidance
The Company is providing the following outlook for fiscal 2024: Net sales growth of 5% to 10%, Adjusted earnings per diluted share in the range of $1.05 to $1.20, Capital expenditures in the range of $30 million to $35 million.
Positive Outlook
- Net sales growth of 5% to 10%
- Adjusted earnings per diluted share in the range of $1.05 to $1.20
- Capital expenditures in the range of $30 million to $35 million
- Effective tax rate to approximate 26%
Revenue & Expenses
Visualization of income flow from segment revenue to net income