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Dec 31, 2024
Myers Industries Q4 2024 Earnings Report
Myers Industries reported a 6.7% increase in Q4 2024 revenue, led by Material Handling growth.
Key Takeaways
Myers Industries reported Q4 2024 revenue of $203.9 million, a 6.7% increase year-over-year. The Material Handling segment grew 20.3%, driven by the acquisition of Signature Systems, while the Distribution segment declined 20.2% due to lower volumes and pricing. Gross profit increased 15.1%, and gross margin expanded by 230 basis points to 32.3%. Adjusted EPS was $0.19, while net income declined due to higher SG&A expenses.
Q4 revenue grew 6.7% to $203.9 million, led by Material Handling segment growth.
Gross margin expanded by 230 basis points to 32.3%, driven by product mix and acquisitions.
Adjusted EBITDA increased 26.2% to $27.5 million.
Distribution segment revenue declined 20.2% due to lower demand and pricing.
Revenue by Segment
Forward Guidance
Myers Industries is undergoing a strategic transformation focused on cost optimization and improving operational efficiency. While formal guidance is temporarily suspended, the company expects margin improvements and continued growth in Material Handling.
Positive Outlook
- Material Handling segment expected to continue growth from Signature Systems acquisition.
- Company plans to implement $20 million in annualized cost savings by year-end 2025.
- Board approved a $10 million share repurchase program.
- Gross margin expected to benefit from product mix improvements.
- Strategic review of portfolio to focus on high-value opportunities.
Challenges Ahead
- Distribution segment faces ongoing volume and pricing challenges.
- Higher SG&A expenses expected due to cost optimization initiatives.
- Macroeconomic uncertainty may impact demand in key end markets.
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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