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Dec 31, 2020
Myers Industries Q4 2020 Earnings Report
Reported strong Q4 2020 results driven by organic growth and the Elkhart Plastics acquisition.
Key Takeaways
Myers Industries reported a strong fourth quarter with net sales increasing by 17.7% to $137.5 million compared to the previous year. This growth was fueled by an 8% organic increase and the inclusion of $11.8 million in sales from the Elkhart Plastics acquisition. GAAP EPS was $0.08 and adjusted EPS was $0.11.
Net sales increased by 17.7% to $137.5 million, including $11.8 million from the Elkhart acquisition.
Material Handling segment sales increased by 25.5% to $92.2 million.
Distribution segment sales increased by 4.4% to $45.3 million.
GAAP income per diluted share from continuing operations was $0.08, while adjusted income per diluted share was $0.11.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Revenue by Segment
Material Handling Revenue
CapyFin.comDistribution Revenue
CapyFin.com Forward Guidance
Myers Industries provided its outlook for fiscal year 2021, anticipating net sales growth in the mid to high 20% range, including the impact of the Elkhart acquisition, and diluted EPS in the range of $0.88 to $1.03, or adjusted diluted EPS in the range of $0.90 to $1.05.
Positive Outlook
- Net sales growth in the mid to high 20% range, including impact of the Elkhart acquisition
- Diluted EPS in the range of $0.88 to $1.03
- Adjusted diluted EPS in the range of $0.90 to $1.05
- Capital expenditures to approximately be $15 million
- Effective tax rate to approximately be 26%
Challenges Ahead
- Significant increases in raw material costs due to tightening supply on the Gulf coast
- Increased demand for critical raw materials within the industry
- Potential impacts from the COVID-19 pandemic on business conditions
- Risks associated with strategic growth initiatives
- Unanticipated downturn in customer relationships
Revenue & Expenses
Visualization of income flow from segment revenue to net income