Myers Industries Q3 2022 Earnings Report
Key Takeaways
Myers Industries reported a strong third quarter with a 14% increase in net sales to $228.1 million and a 68% increase in earnings per diluted share to $0.37. Adjusted EPS increased 78% to $0.41, and adjusted EBITDA increased 57% to $27.2 million. The company is raising its earnings outlook for 2022.
Net sales increased 14% to $228.1 million compared to Q3 2021.
Earnings per diluted share increased 68% to $0.37 compared to Q3 2021.
Adjusted EBITDA increased 57% to $27.2 million compared to Q3 2021.
The company is raising its earnings outlook for 2022, revising the adjusted EPS range from $1.40 - $1.60 to $1.50 - $1.70.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Forward Guidance
The Company updated its outlook for fiscal 2022, and currently forecasts: •Net sales growth in the high teens range with approximately 45% of the increase due to the acquisitions of Trilogy Plastics and Mohawk Rubber Net sales growth in the high teens range with approximately 45% of the increase due to the acquisitions of Trilogy Plastics and Mohawk Rubber •Diluted EPS in the range of $1.39 to $1.59; adjusted diluted EPS in the range of $1.50 to $1.70 Diluted EPS in the range of $1.39 to $1.59; adjusted diluted EPS in the range of $1.50 to $1.70 •Capital expenditures to be in the range of $25 to $28 million Capital expenditures to be in the range of $25 to $28 million •Effective tax rate to approximate 26% Effective tax rate to approximate 26%
Positive Outlook
- Net sales growth in the high teens range with approximately 45% of the increase due to the acquisitions of Trilogy Plastics and Mohawk Rubber
- Diluted EPS in the range of $1.39 to $1.59
- Adjusted diluted EPS in the range of $1.50 to $1.70
- Capital expenditures to be in the range of $25 to $28 million
- Effective tax rate to approximate 26%
Revenue & Expenses
Visualization of income flow from segment revenue to net income