Myers Industries Q3 2021 Earnings Report
Key Takeaways
Myers Industries reported a 51.3% increase in net sales to $200.1 million in the third quarter of 2021, driven by growth in both the Material Handling and Distribution segments. The company's performance was impacted by inflationary headwinds, resulting in margin compression due to increased raw material, labor, and supply chain costs.
Net sales increased by 51.3% to $200.1 million, including a $40.8 million contribution from Elkhart and Trilogy acquisitions.
Organic net sales increased by 20%, driven by higher volume/mix and favorable pricing.
Net income per diluted share was $0.22, compared to $0.24 in the third quarter of 2020.
Adjusted earnings per diluted share were $0.23, compared to $0.30 in the third quarter of 2020.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Forward Guidance
The Company updated its outlook for fiscal 2021, and currently forecasts net sales growth in the mid-to-high 40% range, with slightly more than half of the increase due to the Elkhart and Trilogy acquisitions. Diluted EPS is expected to be in the range of $0.86 to $1.01, and adjusted diluted EPS in the range of $0.90 to $1.05. Capital expenditures are projected to approximate $16 to $19 million, and the effective tax rate is expected to be approximately 26%.
Positive Outlook
- Net sales growth in the mid-to-high 40% range
- Slightly more than half of the increase due to the Elkhart and Trilogy acquisitions
- Diluted EPS in the range of $0.86 to $1.01
- Adjusted diluted EPS in the range of $0.90 to $1.05
- Effective tax rate to approximate 26%
Revenue & Expenses
Visualization of income flow from segment revenue to net income