Myers Industries Q3 2024 Earnings Report
Key Takeaways
Myers Industries reported net sales of $205.1 million, a 3.7% increase compared to the prior-year period. Adjusted EBITDA was $30.7 million, up from $25.6 million. The company is targeting an additional $15 million of annualized run rate cost savings by 2025 and revised its full-year adjusted earnings per share guidance to $0.92 - $1.02.
Net sales increased by 3.7% to $205.1 million, driven by the Signature Systems acquisition.
Adjusted EBITDA rose to $30.7 million, compared to $25.6 million in the prior year.
GAAP gross margin improved to 31.8%, up 30 basis points year-over-year.
Full-year adjusted earnings per share guidance revised to $0.92 - $1.02.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Forward Guidance
Myers Industries expects net sales growth of 0% to 5% and adjusted earnings per diluted share in the range of $0.92 to $1.02 for fiscal year 2024.
Positive Outlook
- Net sales growth of 0% to 5%
- Adjusted earnings per diluted share in the range of $0.92 to $1.02
- Capital expenditures in the range of $28 million to $32 million
- Effective tax rate to approximate 26%
- Focus on improving operations in the near-term
Challenges Ahead
- Ongoing demand headwinds within certain end markets expected for the remainder of 2024
- Net income per diluted share in the range of $0.11 to $0.21 compared to prior guidance of $0.76 to $0.91
- Broader macro-economic challenges in the RV and Marine and new headwinds in the Food and Beverage end markets.
- Lower volumes and pricing in both the Material Handling and Distribution segments
- Decrease in free cash flow was driven primarily by the timing of disbursements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income