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Jun 30, 2024
Myers Industries Q2 2024 Earnings Report
Myers Industries reported strong second-quarter results driven by Signature Systems performance and cost reduction actions.
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
Revenue by Segment
Material Handling Revenue
CapyFin.comDistribution Revenue
CapyFin.com 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