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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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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