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Dec 31, 2022
Myers Industries Q4 2022 Earnings Report
Myers Industries posted record results in each quarter with robust top- and bottom-line growth.
Key Takeaways
Myers Industries reported a 7% increase in net sales to $213 million and a 39% increase in adjusted EPS to $0.32 for the fourth quarter of 2022. The company's performance was driven by incremental sales from acquisitions and successful pricing actions.
Net sales increased by 7% compared to the prior year period, reaching $213 million.
GAAP EPS stood at $0.36, while adjusted EPS increased by 39% to $0.32.
Cash flow provided by operations was $22 million, with a free cash flow of $15 million.
The company's growth was supported by the Mohawk Rubber acquisition and pricing actions.
Myers Industries
Myers Industries
Myers Industries Revenue by Segment
Revenue by Segment
Material Handling Revenue
CapyFin.comDistribution Revenue
CapyFin.com Forward Guidance
The Company provided the following outlook for fiscal 2023: Net sales growth in the low-to-mid single digit range; Diluted EPS in the range of $1.51 to $1.81; adjusted diluted EPS in the range of $1.55 to $1.85; Capital expenditures in the range of $25 to $30 million; Effective tax rate to approximate 25%.
Positive Outlook
- Net sales growth in the low-to-mid single digit range
- Diluted EPS in the range of $1.51 to $1.81
- Adjusted diluted EPS in the range of $1.55 to $1.85
- Capital expenditures 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