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Dec 31, 2023
Myers Industries Q4 2023 Earnings Report
Announced Q4 and full year 2023 results, driven by self-help initiatives and Myers Business System, and initiated fiscal year 2024 outlook expecting improved profitability.
Key Takeaways
Myers Industries reported Q4 2023 net sales of $191.1 million, a decrease of 10.2% compared to the prior year period. GAAP net income per diluted share was $0.34, and adjusted earnings per diluted share were $0.29. The company's Material Handling segment delivered strong margins, while the Distribution segment was impacted by a sales organization realignment.
Net sales decreased by 10.2% to $191.1 million compared to Q4 2022.
Gross margin declined by 60 basis points to 30.0%.
GAAP net income per diluted share was $0.34, compared to $0.36 in Q4 2022.
Adjusted earnings per diluted share were $0.29, compared to $0.32 in Q4 2022.
Revenue by Segment
Forward Guidance
The Company provided the following outlook for fiscal 2024: •Net sales growth of 15% - 20% •Net income per diluted share in the range of $1.03 to $1.23* •Adjusted earnings per diluted share range of $1.30 to $1.45* •Capital expenditures to be in the range of $35 to $40 million •Effective tax rate to approximate 25%
Positive Outlook
- Net sales growth of 15% - 20%
- Net income per diluted share in the range of $1.03 to $1.23
- Adjusted earnings per diluted share range of $1.30 to $1.45
- Capital expenditures to be in the range of $35 to $40 million
- Effective tax rate to approximate 25%
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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