Loading...
•
Sep 30, 2024
Myers Industries Q3 2024 Earnings Report
Myers Industries reported improved gross margins and adjusted EBITDA driven by strong performance of Signature Systems, while facing ongoing demand headwinds in certain end markets and focusing on cost reduction.
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
Revenue by Segment
Material Handling Revenue
CapyFin.comDistribution Revenue
CapyFin.com 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