Strong Performance and Benefits from Focused Transformation Initiatives Improved Financial Metrics
EPS From Continuing Operations and Adjusted EPS Grew 94.7% and 57.1% Year-over-year Respectively
Operating Income Margin and Adjusted EBITDA Margin Expanded 450 bps and 420 bps Year-over-year Respectively
Free Cash Flow of $23.9 Million, up 28.5% vs Fourth Quarter
Myers Tire Supply Reported as Discontinued Operations; Myers Now Reports as One Operating Segment
Myers Industries Inc. (NYSE:MYE), a leading manufacturer of Products that Protect™, today announced results for the first quarter ended March 31, 2026.
Myers Industries President and CEO Aaron Schapper commented, "We began 2026 on a positive trajectory, delivering improved earnings and strong cash flow as our teams performed well and we benefited from recent actions to improve margins. Our decision to sell Myers Tire Supply better positions us to focus on our mission of providing our customers with Products that Protect™. I am pleased with our performance and confident that we are well on our way to deliver consistent, reliable results and create sustainable shareholder value."
First Quarter 2026 Financial Summary
|
|
Quarter Ended March 31, |
||||||||
(Dollars in thousands, except per share data) |
|
2026 |
|
|
2025 |
|
|
% Inc
|
||
Net sales |
|
$ |
164,580 |
|
|
$ |
161,667 |
|
|
1.8% |
Gross profit |
|
$ |
56,545 |
|
|
$ |
50,219 |
|
|
12.6% |
Gross margin |
|
|
34.4 |
% |
|
|
31.1 |
% |
|
+330 bps |
Operating income |
|
$ |
24,852 |
|
|
$ |
17,201 |
|
|
44.5% |
Operating income margin |
|
|
15.1 |
% |
|
|
10.6 |
% |
|
+450 bps |
Income from continuing operations |
|
$ |
13,799 |
|
|
$ |
7,188 |
|
|
92.0% |
Income per diluted share from continuing operations |
|
$ |
0.37 |
|
|
$ |
0.19 |
|
|
94.7% |
|
|
|
|
|
|
|
|
|
||
Adjusted operating income |
|
$ |
25,905 |
|
|
$ |
18,418 |
|
|
40.7% |
Adjusted operating income margin |
|
|
15.7 |
% |
|
|
11.4 |
% |
|
+430 bps |
Adjusted income from continuing operations |
|
$ |
16,746 |
|
|
$ |
10,603 |
|
|
57.9% |
Adjusted income per diluted share from continuing operations |
|
$ |
0.44 |
|
|
$ |
0.28 |
|
|
57.1% |
Adjusted EBITDA |
|
$ |
35,070 |
|
|
$ |
27,608 |
|
|
27.0% |
Adjusted EBITDA margin |
|
|
21.3 |
% |
|
|
17.1 |
% |
|
+420 bps |
- Net sales increased 5% excluding the impact from our decision to exit approximately $5 million low-margin products with the idling of two rotational molding facilities in the fourth quarter of 2025. Infrastructure grew 26% and Consumer grew 14%, offset by soft Vehicle and Food & Beverage demand, down 14% and 12%, respectively.
- Gross profit and Operating income increased due to favorable mix, lower material costs, and lower manufacturing costs from our Focused Transformation program.
Balance Sheet & Cash Flow
- Total liquidity was $289.3 million, including $244.7 million of availability under the revolving credit facility and $44.6 million in cash on hand.
- Cash flow from operations was $26.7 million, free cash flow was $23.9 million, and capital expenditures were $2.8 million.
- Net debt as defined by the credit agreement was reduced by $18.3 million with a net leverage ratio of 2.2x.
Portfolio Transformation
The Company realigned its organizational structure into a single segment. With the change, the Company revised its financial presentation to improve peer comparability and incorporate shareholder input. To this end, the Company has:
- Elected to exclude intangible asset amortization from adjusted EPS calculation to better reflect current operating performance
- Reclassified shipping and handling costs into Cost of Sales effective January 1, 2026. Previously, the internal costs were included in operating expenses within SG&A and the external costs were included within Freight Out.
- Restated sales by end market for the past five quarters to exclude Myers Tire Supply:
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|||||
Industrial |
|
$ |
61,268 |
|
|
$ |
65,486 |
|
|
$ |
68,637 |
|
|
$ |
65,311 |
|
|
$ |
62,917 |
|
Infrastructure |
|
|
37,600 |
|
|
|
35,065 |
|
|
|
29,648 |
|
|
|
32,018 |
|
|
|
29,763 |
|
Vehicle |
|
|
23,337 |
|
|
|
18,427 |
|
|
|
22,714 |
|
|
|
25,423 |
|
|
|
27,034 |
|
Consumer |
|
|
23,747 |
|
|
|
12,913 |
|
|
|
20,174 |
|
|
|
26,121 |
|
|
|
20,823 |
|
Food and beverage |
|
|
18,628 |
|
|
|
23,228 |
|
|
|
17,301 |
|
|
|
14,359 |
|
|
|
21,130 |
|
Total net sales |
|
$ |
164,580 |
|
|
$ |
155,119 |
|
|
$ |
158,474 |
|
|
$ |
163,232 |
|
|
$ |
161,667 |
|
2026 End Market Outlook
The following table presents the Company's current 2026 outlook for each of its end markets.
End Markets (% of TTM Sales as of March 31, 2026) |
2026 Outlook* |
Industrial (41% of sales) Akro-Mils®, Buckhorn® & Jamco® containers, organizational bins, totes, carts and cabinets; Scepter® military ammunition containers; OEM parts for general industrial equipment |
Moderate growth |
Infrastructure (21% of sales) Signature Systems® ground protection matting for construction, industrial sites, and event venues |
Strong growth |
Vehicle (14% of sales) RV, marine, and automotive components |
Stable |
Consumer (13% of sales) Scepter® fuel containers; outdoor furniture and equipment |
Stable, affected by normal level of storm response |
Food & Beverage (11% of sales) Buckhorn® seed boxes, intermediate bulk containers, and Tuff Series bulk containers for agricultural and chemical customers |
Slightly down |
*Excludes impact from exiting low-margin products and idling two rotational molding facilities in Q4 2025 |
|
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Thursday, May 7, 2026, at 10:00 a.m. ET. The call is anticipated to last one hour and may be accessed using the online participation registration link. Upon registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast. To access the live webcast or a replay, visit the Company's website www.myersindustries.com and click on the Investor Relations tab. An archived replay of the call will also be available shortly after the event.
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. Adjusted gross profit, adjusted gross margin, adjusted operating income (loss), adjusted operating income margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted share (adjusted EPS), and free cash flow are non-GAAP financial measures and are intended to serve as a supplement to results provided in accordance with accounting principles generally accepted in the United States. Myers Industries believes that such information provides an additional measurement and consistent historical comparison of the Company's performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.
About Myers Industries
Myers Industries Inc., based in Akron, Ohio, is a leading manufacturer of sustainable plastic and metal Products that Protect™ the world from the ground up for Consumer, Vehicle, Food & Beverage, Industrial, and Infrastructure end markets. Myers Industries has a rich history that is built on strong brands and innovative products. Through years of continuous product development and strategic acquisitions, we have established ourselves as a leading diversified industrial company. We provide critical solutions to our customers, delivering exceptional value. Visit www.myersindustries.com to learn more.
Caution on Forward-Looking Statements
Statements in this release include "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including information regarding the Company's financial outlook, future plans, objectives, business prospects and anticipated financial performance. Forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or variations of these words, or similar expressions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, these statements inherently involve a wide range of uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. The Company's actual actions, results, and financial condition may differ materially from what is expressed or implied by the forward-looking statements.
Specific factors that could cause such a difference on our business, financial position, results of operations and/or liquidity include, without limitation, raw material availability, increases in raw material costs, or other production costs; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company's business segments; changes in trends and demands in the markets in which the Company competes; operational problems at our manufacturing facilities or unexpected failures at those facilities; future economic and financial conditions in the United States and around the world, including the impacts of U.S. and foreign tariff policies; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; unforeseen events, including natural disasters, unusual or severe weather events and patterns, public health crises, geopolitical crises, and other catastrophic events; our ability to successfully execute our announced intended divestiture of the Myers Tire Supply business; and other risks and uncertainties detailed from time to time in the Company's filings with the SEC, including without limitation, the risk factors disclosed in Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Given these factors, as well as other variables that may affect our operating results, readers should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, nor use historical trends to anticipate results or trends in future periods. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company expressly disclaims any obligation or intention to provide updates to the forward-looking statements and the estimates and assumptions associated with them.
M-INV
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Dollars in thousands, except share and per share data) |
||||||||
|
|
Quarter Ended |
|
|||||
|
|
March 31, 2026 |
|
|
March 31, 2025 |
|
||
Net sales |
|
$ |
164,580 |
|
|
$ |
161,667 |
|
Cost of sales |
|
|
108,035 |
|
|
|
111,448 |
|
Gross profit |
|
|
56,545 |
|
|
|
50,219 |
|
Selling, general and administrative expenses |
|
|
27,995 |
|
|
|
29,285 |
|
Depreciation and amortization |
|
|
3,698 |
|
|
|
3,752 |
|
(Gain) loss on disposal of fixed assets |
|
|
— |
|
|
|
(19 |
) |
Operating income (loss) |
|
|
24,852 |
|
|
|
17,201 |
|
Interest expense, net |
|
|
6,692 |
|
|
|
7,386 |
|
Income (loss) from continuing operations before income taxes |
|
|
18,160 |
|
|
|
9,815 |
|
Income tax expense (benefit) |
|
|
4,361 |
|
|
|
2,627 |
|
Income (loss) from continuing operations |
|
|
13,799 |
|
|
|
7,188 |
|
Income (loss) from discontinued operations, net of income tax |
|
|
(15,627 |
) |
|
|
(383 |
) |
Net income (loss) |
|
$ |
(1,828 |
) |
|
$ |
6,805 |
|
Income (loss) per common share from continuing operations: |
|
|
|
|
|
|
||
Basic |
|
$ |
0.37 |
|
|
$ |
0.19 |
|
Diluted |
|
$ |
0.37 |
|
|
$ |
0.19 |
|
Income (loss) per common share from discontinued operations: |
|
|
|
|
|
|
||
Basic |
|
$ |
(0.42 |
) |
|
$ |
(0.01 |
) |
Diluted |
|
$ |
(0.42 |
) |
|
$ |
(0.01 |
) |
Net income (loss) per common share: |
|
|
|
|
|
|
||
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.18 |
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.18 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
||
Basic |
|
|
37,409,060 |
|
|
|
37,298,967 |
|
Diluted |
|
|
37,707,504 |
|
|
|
37,414,010 |
|
|
|
|
|
|
|
|
||
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Dollars in thousands) |
||||||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
Assets |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash |
|
$ |
44,592 |
|
|
$ |
40,514 |
|
Trade accounts receivable, net |
|
|
106,968 |
|
|
|
95,435 |
|
Other accounts receivable, net |
|
|
9,153 |
|
|
|
12,195 |
|
Inventories, net |
|
|
65,346 |
|
|
|
67,559 |
|
Other current assets |
|
|
5,145 |
|
|
|
9,816 |
|
Assets held for sale - current |
|
|
68,828 |
|
|
|
55,940 |
|
Total Current Assets |
|
|
300,032 |
|
|
|
281,459 |
|
Property, plant, & equipment, net |
|
|
124,264 |
|
|
|
127,943 |
|
Right of use asset - operating leases |
|
|
20,971 |
|
|
|
22,199 |
|
Goodwill and intangible assets, net |
|
|
383,911 |
|
|
|
387,343 |
|
Other assets |
|
|
7,556 |
|
|
|
8,230 |
|
Assets held for sale |
|
|
— |
|
|
|
25,402 |
|
Total Assets |
|
$ |
836,734 |
|
|
$ |
852,576 |
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
64,464 |
|
|
$ |
51,270 |
|
Accrued expenses |
|
|
44,710 |
|
|
|
49,722 |
|
Operating lease liability - short-term |
|
|
6,077 |
|
|
|
5,974 |
|
Finance lease liability - short-term |
|
|
654 |
|
|
|
645 |
|
Long-term debt - current portion |
|
|
39,447 |
|
|
|
34,601 |
|
Liabilities held for sale - current |
|
|
26,905 |
|
|
|
26,801 |
|
Total Current Liabilities |
|
|
182,257 |
|
|
|
169,013 |
|
Long-term debt |
|
|
291,910 |
|
|
|
311,210 |
|
Operating lease liability - long-term |
|
|
14,870 |
|
|
|
16,130 |
|
Finance lease liability - long-term |
|
|
7,180 |
|
|
|
7,349 |
|
Other liabilities |
|
|
13,500 |
|
|
|
14,916 |
|
Deferred income taxes |
|
|
38,139 |
|
|
|
37,727 |
|
Liabilities held for sale |
|
|
— |
|
|
|
2,005 |
|
Total Shareholders' Equity |
|
|
288,878 |
|
|
|
294,226 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
836,734 |
|
|
$ |
852,576 |
|
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) |
|||||||||
|
|
Quarter Ended March 31, |
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
||
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
(1,828 |
) |
|
$ |
6,805 |
|
|
Income (loss) from discontinued operations, net of income taxes |
|
|
(15,627 |
) |
|
|
(383 |
) |
|
Income (loss) from continuing operations |
|
|
13,799 |
|
|
|
7,188 |
|
|
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
9,165 |
|
|
|
9,190 |
|
|
Amortization of deferred financing costs |
|
|
664 |
|
|
|
540 |
|
|
Non-cash stock-based compensation expense |
|
|
1,238 |
|
|
|
977 |
|
|
(Gain) loss on disposal of fixed assets |
|
|
— |
|
|
|
(19 |
) |
|
Other |
|
|
(2,507 |
) |
|
|
564 |
|
|
Cash flows provided by (used for) working capital |
|
|
|
|
|
|
|
||
Accounts receivable - trade and other, net |
|
|
(8,559 |
) |
|
|
(20,734 |
) |
|
Inventories |
|
|
2,072 |
|
|
|
(6,554 |
) |
|
Prepaid expenses and other current assets |
|
|
987 |
|
|
|
433 |
|
|
Accounts payable and accrued expenses |
|
|
9,861 |
|
|
|
18,691 |
|
|
Net cash provided by (used for) operating activities - continuing operations |
|
|
26,720 |
|
|
|
10,276 |
|
|
Net cash provided by (used for) operating activities - discontinued operations, net |
|
|
(516 |
) |
|
|
(145 |
) |
|
Net cash provided by (used for) operating activities |
|
|
26,204 |
|
|
|
10,131 |
|
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
||
Capital expenditures |
|
|
(2,774 |
) |
|
|
(8,048 |
) |
|
Proceeds from sale of property, plant, and equipment |
|
|
415 |
|
|
|
76 |
|
|
Net cash provided by (used for) investing activities - continuing operations |
|
|
(2,359 |
) |
|
|
(7,972 |
) |
|
Net cash provided by (used for) investing activities - discontinued operations, net |
|
|
(213 |
) |
|
|
(35 |
) |
|
Net cash provided by (used for) investing activities |
|
|
(2,572 |
) |
|
|
(8,007 |
) |
|
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
||
Net borrowings (repayments) on revolving credit facility |
|
|
— |
|
|
|
13,000 |
|
|
Repayments of Term Loan A |
|
|
(15,000 |
) |
|
|
(5,000 |
) |
|
Payments on finance lease |
|
|
(160 |
) |
|
|
(154 |
) |
|
Cash dividends paid |
|
|
(5,147 |
) |
|
|
(5,317 |
) |
|
Proceeds from issuance of common stock |
|
|
292 |
|
|
|
295 |
|
|
Shares withheld for employee taxes on equity awards |
|
|
(676 |
) |
|
|
(828 |
) |
|
Repurchase of common stock |
|
|
— |
|
|
|
(1,008 |
) |
|
Net cash provided by (used for) financing activities - continuing operations |
|
|
(20,691 |
) |
|
|
988 |
|
|
Net cash provided by (used for) financing activities - discontinued operations, net |
|
|
— |
|
|
|
— |
|
|
Net cash provided by (used for) financing activities |
|
|
(20,691 |
) |
|
|
988 |
|
|
Foreign exchange rate effect on cash |
|
|
408 |
|
|
|
(32 |
) |
|
Net increase (decrease) in cash - continuing operations |
|
|
4,078 |
|
|
|
3,260 |
|
|
Beginning Cash |
|
|
40,514 |
|
|
|
28,626 |
|
|
Ending Cash |
|
$ |
44,592 |
|
|
$ |
31,886 |
|
|
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED GROSS PROFIT, ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED) (Dollars in thousands) |
||||||||
|
|
Quarter Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Adjusted gross profit reconciliation: |
|
|
|
|
|
|
||
Gross profit |
|
$ |
56,545 |
|
|
$ |
50,219 |
|
Restructuring expenses and other adjustments |
|
|
636 |
|
|
|
108 |
|
Adjusted gross profit |
|
$ |
57,181 |
|
|
$ |
50,327 |
|
|
|
|
|
|
|
|
||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
||
Operating income (loss) |
|
$ |
24,852 |
|
|
$ |
17,201 |
|
Restructuring expenses and other adjustments |
|
|
653 |
|
|
|
1,217 |
|
Environmental reserves, net |
|
|
400 |
|
|
|
— |
|
Adjusted operating income (loss) |
|
$ |
25,905 |
|
|
$ |
18,418 |
|
|
|
|
|
|
|
|
||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
||
Income (loss) from continuing operations |
|
$ |
13,799 |
|
|
$ |
7,188 |
|
Income tax expense (benefit) |
|
|
4,361 |
|
|
|
2,627 |
|
Interest expense, net |
|
|
6,692 |
|
|
|
7,386 |
|
Operating income (loss) |
|
|
24,852 |
|
|
|
17,201 |
|
Depreciation and amortization |
|
|
9,165 |
|
|
|
9,190 |
|
Restructuring expenses and other adjustments |
|
|
653 |
|
|
|
1,217 |
|
Environmental reserves, net |
|
|
400 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
35,070 |
|
|
$ |
27,608 |
|
|
|
|
|
|
|
|
||
Free cash flow reconciliation: |
|
|
|
|
|
|
||
Net cash provided by (used for) operating activities - continuing operations |
|
$ |
26,720 |
|
|
$ |
10,276 |
|
Capital expenditures |
|
|
(2,774 |
) |
|
|
(8,048 |
) |
Free cash flow |
|
$ |
23,946 |
|
|
$ |
2,228 |
|
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS AND ADJUSTED INCOME (LOSS) PER DILUTED SHARE FROM CONTINUING OPERATIONS (UNAUDITED) (Dollars in thousands, except per share data) |
||||||||
|
|
Quarter Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Adjusted income (loss) from continuing operations reconciliation: |
|
|
|
|
|
|
||
Income (loss) from continuing operations |
|
$ |
13,799 |
|
|
$ |
7,188 |
|
Income tax expense (benefit) |
|
|
4,361 |
|
|
|
2,627 |
|
Income (loss) before income taxes |
|
|
18,160 |
|
|
|
9,815 |
|
Restructuring expenses and other adjustments |
|
|
653 |
|
|
|
1,217 |
|
Intangible amortization |
|
|
3,265 |
|
|
|
3,296 |
|
Environmental reserves, net |
|
|
400 |
|
|
|
— |
|
Adjusted income (loss) before income taxes |
|
|
22,478 |
|
|
|
14,328 |
|
Income tax expense, as adjusted (1) |
|
|
(5,732 |
) |
|
|
(3,725 |
) |
Adjusted income (loss) from continuing operations |
|
$ |
16,746 |
|
|
$ |
10,603 |
|
|
|
|
|
|
|
|
||
Adjusted income (loss) per diluted share from continuing operations reconciliation: |
|
|
|
|
|
|
||
Income (loss) per diluted share from continuing operations |
|
$ |
0.37 |
|
|
$ |
0.19 |
|
Restructuring expenses and other adjustments |
|
|
0.02 |
|
|
|
0.03 |
|
Intangible amortization |
|
|
0.09 |
|
|
|
0.09 |
|
Environmental reserves, net |
|
|
0.01 |
|
|
|
— |
|
Adjusted effective income tax rate impact |
|
|
(0.04 |
) |
|
|
(0.03 |
) |
Adjusted income (loss) per diluted share from continuing operations (2) |
|
$ |
0.44 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
||
Items in this table may not recalculate due to rounding |
|
|||||||
(1) Income taxes are calculated using the normalized effective tax rate for each period. The rate used in 2026 is 25.5% and in 2025 is 26.0%. |
||||||||
(2) Adjusted income (loss) per diluted share from continuing operations is calculated using the weighted average common shares outstanding for the respective period. |
||||||||
|
||||||||
MYERS INDUSTRIES, INC. FIVE QUARTER COMPARATIVE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Dollars in thousands, except per share data) |
||||||||||||||||||||
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|||||
Net sales |
|
$ |
164,580 |
|
|
$ |
155,119 |
|
|
$ |
158,474 |
|
|
$ |
163,232 |
|
|
$ |
161,667 |
|
Cost of sales |
|
|
108,035 |
|
|
|
106,403 |
|
|
|
109,217 |
|
|
|
112,179 |
|
|
|
111,448 |
|
Gross profit |
|
|
56,545 |
|
|
|
48,716 |
|
|
|
49,257 |
|
|
|
51,053 |
|
|
|
50,219 |
|
Selling, general and administrative expenses |
|
|
27,995 |
|
|
|
24,740 |
|
|
|
28,711 |
|
|
|
27,353 |
|
|
|
29,285 |
|
Depreciation and amortization |
|
|
3,698 |
|
|
|
3,746 |
|
|
|
3,716 |
|
|
|
3,756 |
|
|
|
3,752 |
|
(Gain) loss on disposal of fixed assets |
|
|
— |
|
|
|
505 |
|
|
|
112 |
|
|
|
105 |
|
|
|
(19 |
) |
Operating income (loss) |
|
|
24,852 |
|
|
|
19,725 |
|
|
|
16,718 |
|
|
|
19,839 |
|
|
|
17,201 |
|
Interest expense, net |
|
|
6,692 |
|
|
|
7,174 |
|
|
|
7,497 |
|
|
|
7,364 |
|
|
|
7,386 |
|
Income (loss) from continuing operations before income taxes |
|
|
18,160 |
|
|
|
12,551 |
|
|
|
9,221 |
|
|
|
12,475 |
|
|
|
9,815 |
|
Income tax expense (benefit) |
|
|
4,361 |
|
|
|
1,223 |
|
|
|
2,931 |
|
|
|
2,858 |
|
|
|
2,627 |
|
Income (loss) from continuing operations |
|
|
13,799 |
|
|
|
11,328 |
|
|
|
6,290 |
|
|
|
9,617 |
|
|
|
7,188 |
|
Income (loss) from discontinued operations, net of income tax |
|
|
(15,627 |
) |
|
|
2 |
|
|
|
798 |
|
|
|
88 |
|
|
|
(383 |
) |
Net income (loss) |
|
$ |
(1,828 |
) |
|
$ |
11,330 |
|
|
$ |
7,088 |
|
|
$ |
9,705 |
|
|
$ |
6,805 |
|
Income (loss) per common share from continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.37 |
|
|
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
0.26 |
|
|
$ |
0.19 |
|
Diluted |
|
$ |
0.37 |
|
|
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
0.26 |
|
|
$ |
0.19 |
|
Income (loss) per common share from discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
(0.42 |
) |
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
Diluted |
|
$ |
(0.42 |
) |
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.30 |
|
|
$ |
0.19 |
|
|
$ |
0.26 |
|
|
$ |
0.18 |
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.30 |
|
|
$ |
0.19 |
|
|
$ |
0.26 |
|
|
$ |
0.18 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
37,409,060 |
|
|
|
37,390,627 |
|
|
|
37,393,620 |
|
|
|
37,391,097 |
|
|
|
37,298,967 |
|
Diluted |
|
|
37,707,504 |
|
|
|
37,646,478 |
|
|
|
37,582,062 |
|
|
|
37,412,937 |
|
|
|
37,414,010 |
|
MYERS INDUSTRIES, INC. FIVE QUARTER COMPARATIVE RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED GROSS PROFIT, ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED) (Dollars in thousands) |
||||||||||||||||||||
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|||||
Adjusted gross profit reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
$ |
56,545 |
|
|
$ |
48,716 |
|
|
$ |
49,257 |
|
|
$ |
51,053 |
|
|
$ |
50,219 |
|
Restructuring expenses and other adjustments |
|
|
636 |
|
|
|
749 |
|
|
|
1,102 |
|
|
|
388 |
|
|
|
108 |
|
Adjusted gross profit |
|
$ |
57,181 |
|
|
$ |
49,465 |
|
|
$ |
50,359 |
|
|
$ |
51,441 |
|
|
$ |
50,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
$ |
24,852 |
|
|
$ |
19,725 |
|
|
$ |
16,718 |
|
|
$ |
19,839 |
|
|
$ |
17,201 |
|
Restructuring expenses and other adjustments |
|
|
653 |
|
|
|
1,499 |
|
|
|
3,147 |
|
|
|
2,290 |
|
|
|
1,217 |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
Environmental reserves, net |
|
|
400 |
|
|
|
200 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted operating income (loss) |
|
$ |
25,905 |
|
|
$ |
21,424 |
|
|
$ |
19,865 |
|
|
$ |
20,539 |
|
|
$ |
18,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) from continuing operations |
|
$ |
13,799 |
|
|
$ |
11,328 |
|
|
$ |
6,290 |
|
|
$ |
9,617 |
|
|
$ |
7,188 |
|
Income tax expense (benefit) |
|
|
4,361 |
|
|
|
1,223 |
|
|
|
2,931 |
|
|
|
2,858 |
|
|
|
2,627 |
|
Interest expense, net |
|
|
6,692 |
|
|
|
7,174 |
|
|
|
7,497 |
|
|
|
7,364 |
|
|
|
7,386 |
|
Operating income (loss) |
|
|
24,852 |
|
|
|
19,725 |
|
|
|
16,718 |
|
|
|
19,839 |
|
|
|
17,201 |
|
Depreciation and amortization |
|
|
9,165 |
|
|
|
9,149 |
|
|
|
9,087 |
|
|
|
9,375 |
|
|
|
9,190 |
|
Restructuring expenses and other adjustments |
|
|
653 |
|
|
|
1,499 |
|
|
|
3,147 |
|
|
|
2,290 |
|
|
|
1,217 |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
Environmental reserves, net |
|
|
400 |
|
|
|
200 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
35,070 |
|
|
$ |
30,573 |
|
|
$ |
28,952 |
|
|
$ |
29,914 |
|
|
$ |
27,608 |
|
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
March 31,
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
||||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by (used for) operating activities - continuing operations |
|
$ |
26,720 |
|
|
$ |
21,908 |
|
|
$ |
26,011 |
|
|
$ |
27,638 |
|
|
$ |
10,276 |
|
Capital expenditures |
|
|
(2,774 |
) |
|
|
(3,280 |
) |
|
|
(4,176 |
) |
|
|
(3,561 |
) |
|
|
(8,048 |
) |
Free cash flow |
|
$ |
23,946 |
|
|
$ |
18,628 |
|
|
$ |
21,835 |
|
|
$ |
24,077 |
|
|
$ |
2,228 |
|
MYERS INDUSTRIES, INC. FIVE QUARTER COMPARATIVE RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS AND ADJUSTED INCOME (LOSS) PER DILUTED SHARE FROM CONTINUING OPERATIONS (UNAUDITED) (Dollars in thousands, except per share data) |
||||||||||||||||||||
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|||||
Adjusted income (loss) from continuing operations reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) from continuing operations |
|
$ |
13,799 |
|
|
$ |
11,328 |
|
|
$ |
6,290 |
|
|
$ |
9,617 |
|
|
$ |
7,188 |
|
Income tax expense (benefit) |
|
|
4,361 |
|
|
|
1,223 |
|
|
|
2,931 |
|
|
|
2,858 |
|
|
|
2,627 |
|
Income (loss) before income taxes |
|
|
18,160 |
|
|
|
12,551 |
|
|
|
9,221 |
|
|
|
12,475 |
|
|
|
9,815 |
|
Restructuring expenses and other adjustments |
|
|
653 |
|
|
|
1,499 |
|
|
|
3,147 |
|
|
|
2,290 |
|
|
|
1,217 |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
Intangible amortization |
|
|
3,265 |
|
|
|
3,278 |
|
|
|
3,295 |
|
|
|
3,296 |
|
|
|
3,296 |
|
Environmental reserves, net |
|
|
400 |
|
|
|
200 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted income (loss) before income taxes |
|
|
22,478 |
|
|
|
17,528 |
|
|
|
15,663 |
|
|
|
16,471 |
|
|
|
14,328 |
|
Income tax expense, as adjusted (1) |
|
|
(5,732 |
) |
|
|
(4,238 |
) |
|
|
(4,072 |
) |
|
|
(4,282 |
) |
|
|
(3,725 |
) |
Adjusted income (loss) from continuing operations |
|
$ |
16,746 |
|
|
$ |
13,290 |
|
|
$ |
11,591 |
|
|
$ |
12,189 |
|
|
$ |
10,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted income (loss) per diluted share from continuing operations reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) per diluted share from continuing operations |
|
$ |
0.37 |
|
|
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
0.26 |
|
|
$ |
0.19 |
|
Restructuring expenses and other adjustments |
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.08 |
|
|
|
0.06 |
|
|
|
0.03 |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
Intangible amortization |
|
|
0.09 |
|
|
|
0.09 |
|
|
|
0.09 |
|
|
|
0.09 |
|
|
|
0.09 |
|
Environmental reserves, net |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted effective income tax rate impact |
|
|
(0.04 |
) |
|
|
(0.08 |
) |
|
|
(0.03 |
) |
|
|
(0.04 |
) |
|
|
(0.03 |
) |
Adjusted income (loss) per diluted share from continuing operations (2) |
|
$ |
0.44 |
|
|
$ |
0.35 |
|
|
$ |
0.31 |
|
|
$ |
0.33 |
|
|
$ |
0.28 |
|
Items in this table may not recalculate due to rounding (1) Income taxes are calculated using the normalized effective tax rate for each period. The rate used for the quarters ended March 31, 2026 and December 31, 2025 is 25.5% and the rate used for the quarters ended September 30, 2025, June 30, 2025 and March 31, 2025 is 26.0%. (2) Adjusted income (loss) per diluted share from continuing operations is calculated using the weighted average common shares outstanding for the respective period. |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20260507371963/en/
Meghan Beringer, Senior Director Investor Relations, 252-536-5651