Myers Industries Q3 2023 Earnings Report
Key Takeaways
Myers Industries reported a decrease in net sales by 13.3% to $197.8 million, but expanded gross margin by 10 basis points to 31.5%. GAAP net income per diluted share was $0.34, while adjusted earnings per diluted share were $0.38. The company generated $18.1 million in free cash flow and reduced debt.
Net sales decreased by 13.3% year-over-year to $197.8 million.
Gross margin increased by 10 basis points year-over-year to 31.5%.
GAAP net income per diluted share was $0.34, compared to $0.37 in the prior year period.
Free cash flow was $18.1 million for the quarter.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Forward Guidance
The Company revised its outlook for fiscal 2023, and currently forecasts: Net sales decline in the mid to high single digit range, Net income per diluted share in the range of $1.20 to $1.28, lowered adjusted earnings per diluted share range of $1.35 to $1.40, Capital expenditures to be in the range of $25 to $30 million and Effective tax rate to approximate 25%.
Positive Outlook
- Net sales decline in the mid to high single digit range
- Net income per diluted share in the range of $1.20 to $1.28
- Lowered adjusted earnings per diluted share range of $1.35 to $1.40
- Capital expenditures to be in the range of $25 to $30 million
- Effective tax rate to approximate 25%
Revenue & Expenses
Visualization of income flow from segment revenue to net income