MYE 8-K
Myers Industries Inc (MYE)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 3, 2023, Myers Industries, Inc. (the “Company”) issued a press release announcing earnings results for the second quarter ended June 30, 2023. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. In addition, a copy of the presentation which will be discussed during the Company’s earnings conference call at 8:30 a.m. Eastern Time on August 3, 2023, is available on the Investor Relations section of the Company’s website at www.myersindustries.com. Information about the Company’s earnings conference call can be found in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 and Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”), except as may be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
As described in “Item 2.02 Results of Operations and Financial Condition” above, on August 3, 2023, the Company issued a press release announcing earnings results for the second quarter ended June 30, 2023. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. In addition, a copy of the presentation which will be discussed during the Company’s earnings conference call at 8:30 a.m. Eastern Time on August 3, 2023, is available on the Investor Relations section of the Company’s website at www.myersindustries.com. Information about the Company’s earnings conference call can be found in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Myers Industries, Inc. |
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By: |
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/s/ Grant E. Fitz |
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Grant E. Fitz |
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Executive Vice President and Chief Financial Officer |
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Date: August 3, 2023 |
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Exhibit 99.1
Myers Industries Announces Second Quarter 2023 Results
Self-Help Initiatives Sustain Gross Margin Profile
Continuing to Invest in Growth and Capabilities, while Prudently Managing Costs
August 3, 2023, Akron, Ohio - Myers Industries, Inc. (NYSE: MYE), a leading manufacturer of a wide range of polymer and metal products and distributor for the tire, wheel, and under-vehicle service industry, today announced results for the second quarter ended June 30, 2023.
Second Quarter 2023 Financial Highlights
Myers Industries’ President and CEO Mike McGaugh said “I am pleased with our business’s ability to maintain gross margins and navigate a more complex operating environment during the second quarter while facing macro-economic and inflationary headwinds. Our self-help initiatives drove further margin expansion, allowing us to continue making capital investments in our plants and investments in our M&A and Commercial Excellence processes and capabilities. We are working to drive a more variable cost structure and we are well positioned to meet the demand when key markets recover. We also see strong demand for our agriculture and military products, and our e-commerce initiative has strong momentum. There are also very good dynamics for the tire market given the growth of electric vehicles, which bodes well for our Distribution segment, where we are refocusing our sales and sourcing structure, and integrating our Mohawk acquisition to enable us to better capture this market opportunity.
Recognizing softer demand in our RV and Marine end markets, we have taken meaningful cost reduction actions to mitigate bottom line impact. We adjusted operating costs to match production requirements and increased efficiencies, including deactivating one of our Roto Molding facilities. As we drive targeted cost containment initiatives in our businesses that serve the RV and Marine industries, we continue to evaluate consolidating opportunities and decreasing capacity where needed, while retaining an appropriate level of reserved capacity to activate when market conditions improve.
We are continuing to invest in our people and processes for future growth, while also working to better align our manufacturing and SG&A costs to match current market conditions. Given the current macro challenges, we have elected to lower our revenue guidance for the full year; however, due to our demonstrated ability to deliver operational improvements, price increases and self-help measures, we believe our earnings capability will be resilient and we are maintaining our adjusted EPS guidance.
We continue to maintain a strong balance sheet, supported by consistent free cash generation. We also continue to develop and evaluate a strong pipeline of potential acquisition opportunities, while exercising discipline in evaluating those opportunities, including walking away when the economics aren't right."
McGaugh concluded "We have the right strategy and the right team to continue to execute and further transform Myers into a high-growth, world class organization while delivering significant value to our stakeholders.”
1
Second Quarter 2023 Financial Summary
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Quarter Ended June 30, |
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(Dollars in thousands, except per share data) |
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2023 |
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2022 |
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% Inc |
Net sales |
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$208,453 |
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$233,156 |
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(10.6)% |
Gross profit |
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$68,410 |
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$74,716 |
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(8.4)% |
Gross margin |
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32.8% |
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32.0% |
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Operating income |
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$16,142 |
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$22,617 |
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(28.6)% |
Net income |
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$10,605 |
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$15,831 |
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(33.0)% |
Net income per diluted share |
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$0.29 |
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$0.43 |
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(32.6)% |
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Adjusted operating income |
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$19,027 |
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$23,618 |
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(19.4)% |
Adjusted net income |
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$12,928 |
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$16,581 |
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(22.0)% |
Adjusted earnings per diluted share |
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$0.35 |
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$0.45 |
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(22.2)% |
Adjusted EBITDA |
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$24,704 |
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$28,860 |
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(14.4)% |
Net sales were $208.5 million, a decrease of $24.7 million, or 10.6%, compared with $233.2 million for the second quarter of 2022. The decrease was the result of lower sales in the Material Handling segment, partially offset by higher sales in the Distribution segment largely from incremental sales of $9.3 million from the Mohawk Rubber acquisition. On an organic basis, the contribution from higher pricing in the Distribution segment was more than offset by lower volumes in both segments.
Gross profit decreased $6.3 million, or 8.4% to $68.4 million, as the contribution from lower raw material costs and the Mohawk Rubber acquisition was not enough to offset lower volumes. Gross margin expanded 80 basis points to 32.8% compared with 32.0% for the second quarter of 2022. Selling, general and administrative expenses were flat for the second quarter of 2023 compared to the same period last year. SG&A as a percentage of sales increased to 25.1%, compared with 22.4% in the same period last year. After removing the adjusting items, SG&A was down year over year by $1.7 million. SG&A also included $1.3 million of consulting expense that was used to increase and strengthen Myers capabilities as the company moves into the Horizon-2 strategy. Net income per diluted share was $0.29, compared with $0.43 for the second quarter of 2022. Adjusted earnings per diluted share were $0.35, compared with $0.45 for the second quarter of 2022.
Second Quarter 2023 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
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Net Sales |
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Op Income |
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Op Income Margin |
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Adj EBITDA |
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Adj EBITDA Margin |
Q2 2023 Results |
$143.3 |
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$24.8 |
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17.3% |
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$29.9 |
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20.8% |
Q2 2022 Results |
$173.1 |
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$28.0 |
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16.2% |
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$32.5 |
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18.8% |
$ Increase (decrease) vs prior year |
($29.8) |
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($3.2) |
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($2.7) |
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% Increase (decrease) vs prior year |
(17.2)% |
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(11.4)% |
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+110 bps |
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(8.2)% |
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+200 bps |
Items in this table may not recalculate due to rounding
Net sales for the Material Handling segment were $143.3 million, a decrease of $29.8 million, or 17.2%, compared with $173.1 million for the second quarter of 2022. Net sales decreased in the vehicle, industrial and consumer end markets, led by reduced demand for RV and marine products, as well as being impacted by the timing of food & beverage sales. Operating income decreased 11.4% to $24.8 million, compared with $28.0 million in the second quarter of 2022. Operating income margin improved to 17.3% compared with 16.2% for the second quarter of 2022. Adjusted EBITDA margin improved by 200 basis points, primarily attributed to self-help initiatives, partially dampened by a decrease in sales volume. Adjusted EBITDA decreased 8.2% to $29.9 million, compared with $32.5 million in the second quarter of 2022. Lower sales volume and pricing more than offset lower raw material costs and a favorable mix. SG&A expenses were lower year-over-year, primarily due to a decrease in legal fees and lower salaries.
2
Distribution
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Net Sales |
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Op Income |
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Op Income Margin |
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Adj EBITDA |
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Adj EBITDA Margin |
Q2 2023 Results |
$65.2 |
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$3.4 |
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5.2% |
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$4.7 |
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7.2% |
Q2 2022 Results |
$60.1 |
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$4.3 |
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7.1% |
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$4.9 |
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8.1% |
$ Increase (decrease) vs prior year |
$5.1 |
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($0.9) |
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($0.2) |
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% Increase (decrease) vs prior year |
8.5% |
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(20.4)% |
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-190 bps |
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(3.7)% |
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-90 bps |
Items in this table may not recalculate due to rounding
Net sales for the Distribution segment were $65.2 million, an increase of $5.1 million, or 8.5%, compared with $60.1 million for the second quarter of 2022. Excluding the incremental $9.3 million of net sales from the Mohawk Rubber acquisition, organic net sales decreased 6.9%. Operating income decreased $0.9 million to $3.4 million, compared with $4.3 million for the second quarter of 2022. Adjusted EBITDA decreased 3.7% to $4.7 million, compared with $4.9 million in the second quarter of 2022. The decrease in operating income and adjusted EBITDA was primarily due to an increase in product costs and higher SG&A expenses. The increase in SG&A expenses was primarily the result of the Mohawk Rubber acquisition and higher salaries. The Distribution segment's operating income margin was 5.2% compared with 7.1% for the second quarter of 2022. The Distribution segment’s adjusted EBITDA margin was 7.2%, compared with 8.1% for the second quarter of 2022. The Distribution Segment continues to integrate the Mohawk Rubber acquisition and is implementing pricing actions to counter cost inflation and improve margin.
Balance Sheet & Cash Flow
As of June 30, 2023, the Company’s cash on hand totaled $30.7 million. Total debt as of June 30, 2023 was $88.2 million.
For the second quarter of 2023, cash flow provided by operations was $22.9 million and free cash flow was $16.7 million, compared with cash flow provided by operations of $27.0 million and free cash flow of $21.1 million for the second quarter of 2022. The decrease in cash flow was driven primarily by lower earnings. Capital expenditures for the second quarter of 2023 were $6.1 million, compared with $5.9 million for the second quarter of 2022.
2023 Outlook
Based on current exchange rates, market outlook, and business forecast, the Company revised its outlook for fiscal 2023, and currently forecasts:
We will continue to monitor market conditions and provide updates as we progress throughout the year.
3
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Tuesday, August 3, 2023, at 8:30 a.m. EDT. The call is anticipated to last less than one hour and may be accessed using the following online participation registration link: https://www.netroadshow.com/events/login?show=95bfe4bb&confId=52763. 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 on the site shortly after the event. To listen to the telephone replay, callers should dial: (US Local) 1-929-458-6194 or (US Toll-Free) 1-866-813-9403.
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. 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. is a manufacturer of sustainable plastic and metal products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the United States. Visit www.myersindustries.com to learn more.
Caution on Forward-Looking Statements
Statements in this release include contains “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 inherent 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; 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; impacts from the novel coronavirus (“COVID-19”) pandemic; 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, 2022. 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.
Contact: Rich Pasela, Manager, Investor Relations and Treasury, 330-761-6284
M-INV
Source: Myers Industries, Inc.
4
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)
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Quarter Ended |
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Six Months Ended |
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June 30, 2023 |
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June 30, 2022 |
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June 30, 2023 |
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June 30, 2022 |
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Net sales |
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$ |
208,453 |
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$ |
233,156 |
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$ |
424,192 |
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$ |
458,642 |
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Cost of sales |
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140,043 |
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158,440 |
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284,717 |
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311,998 |
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Gross profit |
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68,410 |
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74,716 |
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139,475 |
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146,644 |
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Selling, general and administrative expenses |
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52,351 |
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52,320 |
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104,432 |
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100,310 |
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(Gain) loss on disposal of fixed assets |
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(83 |
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(221 |
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(56 |
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(688 |
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Operating income (loss) |
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16,142 |
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22,617 |
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35,099 |
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47,022 |
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Interest expense, net |
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1,790 |
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1,211 |
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3,436 |
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2,358 |
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Income (loss) before income taxes |
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14,352 |
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21,406 |
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31,663 |
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44,664 |
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Income tax expense (benefit) |
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3,747 |
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5,575 |
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8,082 |
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11,496 |
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Net income (loss) |
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$ |
10,605 |
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$ |
15,831 |
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$ |
23,581 |
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$ |
33,168 |
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Net income (loss) per common share: |
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Basic |
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$ |
0.29 |
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$ |
0.43 |
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$ |
0.64 |
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$ |
0.91 |
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Diluted |
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$ |
0.29 |
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$ |
0.43 |
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$ |
0.64 |
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$ |
0.91 |
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Weighted average common shares outstanding: |
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Basic |
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36,761,916 |
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36,397,547 |
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36,663,345 |
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36,338,907 |
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Diluted |
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36,892,177 |
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36,623,495 |
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36,874,084 |
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36,577,192 |
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5
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)
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June 30, 2023 |
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December 31, 2022 |
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Assets |
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Current Assets |
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Cash |
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$ |
30,692 |
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$ |
23,139 |
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Accounts receivable, net |
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116,771 |
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133,716 |
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Inventories, net |
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98,238 |
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93,351 |
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Other current assets |
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10,919 |
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7,001 |
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Total Current Assets |
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256,620 |
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257,207 |
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Property, plant, & equipment, net |
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106,635 |
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101,566 |
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Right of use asset - operating leases |
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27,518 |
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28,908 |
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Deferred income taxes |
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129 |
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129 |
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Other assets |
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151,808 |
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154,824 |
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Total Assets |
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$ |
542,710 |
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$ |
542,634 |
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Liabilities & Shareholders' Equity |
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Current Liabilities |
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Accounts payable |
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$ |
81,744 |
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$ |
73,536 |
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Accrued expenses |
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50,349 |
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57,531 |
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Operating lease liability - short-term |
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5,691 |
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6,177 |
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Finance lease liability - short-term |
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534 |
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518 |
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Long-term debt - current portion |
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25,989 |
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— |
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Total Current Liabilities |
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164,307 |
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137,762 |
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Long-term debt |
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52,986 |
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93,962 |
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Operating lease liability - long-term |
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21,982 |
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22,786 |
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Finance lease liability - long-term |
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8,645 |
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8,919 |
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Other liabilities |
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11,414 |
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15,270 |
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Deferred income taxes |
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8,954 |
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7,508 |
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Total Shareholders' Equity |
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274,422 |
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256,427 |
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Total Liabilities & Shareholders' Equity |
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$ |
542,710 |
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$ |
542,634 |
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6
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
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Quarter Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Cash Flows From Operating Activities |
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Net income |
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$ |
10,605 |
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$ |
15,831 |
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$ |
23,581 |
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$ |
33,168 |
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Adjustments to reconcile net income to net cash |
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Depreciation and amortization |
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5,677 |
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5,241 |
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11,295 |
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10,441 |
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Amortization of deferred financing costs |
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78 |
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121 |
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156 |
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242 |
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Non-cash stock-based compensation expense |
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2,488 |
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2,133 |
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4,392 |
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3,860 |
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Gain on disposal of fixed assets |
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(83 |
) |
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(221 |
) |
|
|
(56 |
) |
|
|
(688 |
) |
Other |
|
|
3,319 |
|
|
|
177 |
|
|
|
2,492 |
|
|
|
698 |
|
Cash flows provided by (used for) working capital |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
11,915 |
|
|
|
10,694 |
|
|
|
15,096 |
|
|
|
(21,200 |
) |
Inventories |
|
|
4,048 |
|
|
|
(1,279 |
) |
|
|
(4,730 |
) |
|
|
(7,259 |
) |
Prepaid expenses and other current assets |
|
|
(5,048 |
) |
|
|
(6,316 |
) |
|
|
(3,828 |
) |
|
|
(5,702 |
) |
Accounts payable and accrued expenses |
|
|
(10,147 |
) |
|
|
626 |
|
|
|
240 |
|
|
|
20,739 |
|
Net cash provided by (used for) operating activities |
|
|
22,852 |
|
|
|
27,007 |
|
|
|
48,638 |
|
|
|
34,299 |
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(6,125 |
) |
|
|
(5,883 |
) |
|
|
(15,216 |
) |
|
|
(10,943 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
(24,253 |
) |
|
|
(160 |
) |
|
|
(24,253 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
109 |
|
|
|
423 |
|
|
|
142 |
|
|
|
1,499 |
|
Net cash provided by (used for) investing activities |
|
|
(6,016 |
) |
|
|
(29,713 |
) |
|
|
(15,234 |
) |
|
|
(33,697 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net borrowings (repayments) from revolving credit facility |
|
|
(9,800 |
) |
|
|
11,500 |
|
|
|
(15,000 |
) |
|
|
13,000 |
|
Payments on finance lease |
|
|
(129 |
) |
|
|
(125 |
) |
|
|
(258 |
) |
|
|
(249 |
) |
Cash dividends paid |
|
|
(5,022 |
) |
|
|
(4,995 |
) |
|
|
(10,296 |
) |
|
|
(9,934 |
) |
Proceeds from issuance of common stock |
|
|
437 |
|
|
|
1,367 |
|
|
|
1,569 |
|
|
|
1,838 |
|
Shares withheld for employee taxes on equity awards |
|
|
(34 |
) |
|
|
(3 |
) |
|
|
(2,033 |
) |
|
|
(347 |
) |
Net cash provided by (used for) financing activities |
|
|
(14,548 |
) |
|
|
7,744 |
|
|
|
(26,018 |
) |
|
|
4,308 |
|
Foreign exchange rate effect on cash |
|
|
163 |
|
|
|
(180 |
) |
|
|
167 |
|
|
|
(131 |
) |
Net increase (decrease) in cash |
|
|
2,451 |
|
|
|
4,858 |
|
|
|
7,553 |
|
|
|
4,779 |
|
Beginning Cash |
|
|
28,241 |
|
|
|
17,576 |
|
|
|
23,139 |
|
|
|
17,655 |
|
Ending Cash |
|
$ |
30,692 |
|
|
$ |
22,434 |
|
|
$ |
30,692 |
|
|
$ |
22,434 |
|
7
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)
(Dollars in thousands)
|
|
Quarter Ended June 30, 2023 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
143,295 |
|
|
$ |
65,173 |
|
|
$ |
208,468 |
|
|
$ |
(15 |
) |
|
$ |
208,453 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,605 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,410 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
180 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,590 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
24,828 |
|
|
|
3,398 |
|
|
|
28,226 |
|
|
|
(12,084 |
) |
|
|
16,142 |
|
Operating income margin |
|
|
17.3 |
% |
|
|
5.2 |
% |
|
|
13.5 |
% |
|
n/a |
|
|
|
7.7 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
410 |
|
|
|
410 |
|
|
|
289 |
|
|
|
699 |
|
Add: Restructuring expenses and other adjustments |
|
|
275 |
|
|
|
— |
|
|
|
275 |
|
|
|
— |
|
|
|
275 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
111 |
|
|
|
111 |
|
|
|
— |
|
|
|
111 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,800 |
|
|
|
1,800 |
|
Adjusted operating income (loss)(1) |
|
|
25,103 |
|
|
|
3,919 |
|
|
|
29,022 |
|
|
|
(9,995 |
) |
|
|
19,027 |
|
Adjusted operating income margin |
|
|
17.5 |
% |
|
|
6.0 |
% |
|
|
13.9 |
% |
|
n/a |
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: Depreciation and amortization |
|
|
4,755 |
|
|
|
790 |
|
|
|
5,545 |
|
|
|
132 |
|
|
|
5,677 |
|
Adjusted EBITDA |
|
$ |
29,858 |
|
|
$ |
4,709 |
|
|
$ |
34,567 |
|
|
$ |
(9,863 |
) |
|
$ |
24,704 |
|
Adjusted EBITDA margin |
|
|
20.8 |
% |
|
|
7.2 |
% |
|
|
16.6 |
% |
|
n/a |
|
|
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Includes gross profit adjustments of $180 and SG&A adjustments of $2,705 |
|
|||||||||||||||||||
(2) Includes environmental charges of $1,900 net of probable insurance recoveries of $100 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended June 30, 2022 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
173,090 |
|
|
$ |
60,075 |
|
|
$ |
233,165 |
|
|
$ |
(9 |
) |
|
$ |
233,156 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,831 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,716 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,716 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
28,034 |
|
|
|
4,269 |
|
|
|
32,303 |
|
|
|
(9,686 |
) |
|
|
22,617 |
|
Operating income margin |
|
|
16.2 |
% |
|
|
7.1 |
% |
|
|
13.9 |
% |
|
n/a |
|
|
|
9.7 |
% |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
401 |
|
|
|
401 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
600 |
|
Adjusted operating income (loss)(1) |
|
|
28,034 |
|
|
|
4,269 |
|
|
|
32,303 |
|
|
|
(8,685 |
) |
|
|
23,618 |
|
Adjusted operating income margin |
|
|
16.2 |
% |
|
|
7.1 |
% |
|
|
13.9 |
% |
|
n/a |
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: Depreciation and amortization |
|
|
4,507 |
|
|
|
621 |
|
|
|
5,128 |
|
|
|
114 |
|
|
|
5,242 |
|
Adjusted EBITDA |
|
$ |
32,541 |
|
|
$ |
4,890 |
|
|
$ |
37,431 |
|
|
$ |
(8,571 |
) |
|
$ |
28,860 |
|
Adjusted EBITDA margin |
|
|
18.8 |
% |
|
|
8.1 |
% |
|
|
16.1 |
% |
|
n/a |
|
|
|
12.4 |
% |
|
|
|
|||||||||||||||||||
(1) Includes SG&A adjustments of $1,001 |
|
|||||||||||||||||||
(2) Includes environmental charges of $600 net of probable insurance recoveries of $0 |
|
|||||||||||||||||||
8
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)
(Dollars in thousands)
|
|
Six Months Ended June 30, 2023 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
295,857 |
|
|
$ |
128,358 |
|
|
$ |
424,215 |
|
|
$ |
(23 |
) |
|
$ |
424,192 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,581 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,475 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
282 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,757 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
50,179 |
|
|
|
5,635 |
|
|
|
55,814 |
|
|
|
(20,715 |
) |
|
|
35,099 |
|
Operating income margin |
|
|
17.0 |
% |
|
|
4.4 |
% |
|
|
13.2 |
% |
|
n/a |
|
|
|
8.3 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
410 |
|
|
|
410 |
|
|
|
289 |
|
|
|
699 |
|
Add: Restructuring expenses and other adjustments |
|
|
696 |
|
|
|
179 |
|
|
|
875 |
|
|
|
10 |
|
|
|
885 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
220 |
|
|
|
220 |
|
|
|
126 |
|
|
|
346 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,300 |
|
|
|
2,300 |
|
Adjusted operating income (loss)(1) |
|
|
50,875 |
|
|
|
6,444 |
|
|
|
57,319 |
|
|
|
(17,990 |
) |
|
|
39,329 |
|
Adjusted operating income margin |
|
|
17.2 |
% |
|
|
5.0 |
% |
|
|
13.5 |
% |
|
n/a |
|
|
|
9.3 |
% |
|
Add: Depreciation and amortization |
|
|
9,354 |
|
|
|
1,663 |
|
|
|
11,017 |
|
|
|
278 |
|
|
|
11,295 |
|
Adjusted EBITDA |
|
$ |
60,229 |
|
|
$ |
8,107 |
|
|
$ |
68,336 |
|
|
$ |
(17,712 |
) |
|
$ |
50,624 |
|
Adjusted EBITDA margin |
|
|
20.4 |
% |
|
|
6.3 |
% |
|
|
16.1 |
% |
|
n/a |
|
|
|
11.9 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of $282 and SG&A adjustments of $3,948 |
|
|||||||||||||||||||
(2) Includes environmental charges of $3,500 net of probable insurance recoveries of $1,200 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Six Months Ended June 30, 2022 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
349,726 |
|
|
$ |
108,936 |
|
|
$ |
458,662 |
|
|
$ |
(20 |
) |
|
$ |
458,642 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,168 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,644 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
390 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,034 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
59,254 |
|
|
|
7,570 |
|
|
|
66,824 |
|
|
|
(19,802 |
) |
|
|
47,022 |
|
Operating income margin |
|
|
16.9 |
% |
|
|
6.9 |
% |
|
|
14.6 |
% |
|
n/a |
|
|
|
10.3 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
390 |
|
|
|
— |
|
|
|
390 |
|
|
|
— |
|
|
|
390 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
476 |
|
|
|
476 |
|
Add: Loss on sale of assets |
|
|
261 |
|
|
|
— |
|
|
|
261 |
|
|
|
— |
|
|
|
261 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,300 |
|
|
|
1,300 |
|
Adjusted operating income (loss)(1) |
|
|
59,905 |
|
|
|
7,570 |
|
|
|
67,475 |
|
|
|
(18,026 |
) |
|
|
49,449 |
|
Adjusted operating income margin |
|
|
17.1 |
% |
|
|
6.9 |
% |
|
|
14.7 |
% |
|
n/a |
|
|
|
10.8 |
% |
|
Add: Depreciation and amortization |
|
|
9,023 |
|
|
|
1,179 |
|
|
|
10,202 |
|
|
|
239 |
|
|
|
10,441 |
|
Adjusted EBITDA |
|
$ |
68,928 |
|
|
$ |
8,749 |
|
|
$ |
77,677 |
|
|
$ |
(17,787 |
) |
|
$ |
59,890 |
|
Adjusted EBITDA margin |
|
|
19.7 |
% |
|
|
8.0 |
% |
|
|
16.9 |
% |
|
n/a |
|
|
|
13.1 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of $390 and SG&A adjustments of $2,037 |
|
|||||||||||||||||||
(2) Includes environmental charges of $1,300 net of probable insurance recoveries of $0 |
|
|||||||||||||||||||
9
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED)
(Dollars in thousands, except per share data)
|
|
Quarter Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
$ |
16,142 |
|
|
$ |
22,617 |
|
|
$ |
35,099 |
|
|
$ |
47,022 |
|
Executive severance costs |
|
|
699 |
|
|
|
— |
|
|
|
699 |
|
|
|
— |
|
Restructuring expenses and other adjustments |
|
|
275 |
|
|
|
— |
|
|
|
885 |
|
|
|
390 |
|
Acquisition and integration costs |
|
|
111 |
|
|
|
401 |
|
|
|
346 |
|
|
|
476 |
|
Loss on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
261 |
|
Environmental reserves, net |
|
|
1,800 |
|
|
|
600 |
|
|
|
2,300 |
|
|
|
1,300 |
|
Adjusted operating income (loss) |
|
$ |
19,027 |
|
|
$ |
23,618 |
|
|
$ |
39,329 |
|
|
$ |
49,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
10,605 |
|
|
$ |
15,831 |
|
|
$ |
23,581 |
|
|
$ |
33,168 |
|
Income tax expense (benefit) |
|
|
3,747 |
|
|
|
5,575 |
|
|
|
8,082 |
|
|
|
11,496 |
|
Interest expense, net |
|
|
1,790 |
|
|
|
1,211 |
|
|
|
3,436 |
|
|
|
2,358 |
|
Operating income (loss) |
|
|
16,142 |
|
|
|
22,617 |
|
|
|
35,099 |
|
|
|
47,022 |
|
Depreciation and amortization |
|
|
5,677 |
|
|
|
5,242 |
|
|
|
11,295 |
|
|
|
10,441 |
|
Executive severance costs |
|
|
699 |
|
|
|
— |
|
|
|
699 |
|
|
|
— |
|
Restructuring expenses and other adjustments |
|
|
275 |
|
|
|
— |
|
|
|
885 |
|
|
|
390 |
|
Acquisition and integration costs |
|
|
111 |
|
|
|
401 |
|
|
|
346 |
|
|
|
476 |
|
Loss on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
261 |
|
Environmental reserves, net |
|
|
1,800 |
|
|
|
600 |
|
|
|
2,300 |
|
|
|
1,300 |
|
Adjusted EBITDA |
|
$ |
24,704 |
|
|
$ |
28,860 |
|
|
$ |
50,624 |
|
|
$ |
59,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by (used for) operating activities |
|
$ |
22,852 |
|
|
$ |
27,007 |
|
|
$ |
48,638 |
|
|
$ |
34,299 |
|
Capital expenditures |
|
|
(6,125 |
) |
|
|
(5,883 |
) |
|
|
(15,216 |
) |
|
|
(10,943 |
) |
Free cash flow |
|
$ |
16,727 |
|
|
$ |
21,124 |
|
|
$ |
33,422 |
|
|
$ |
23,356 |
|
10
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER DILUTED SHARE (UNAUDITED)
(Dollars in thousands, except per share data)
|
|
Quarter Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
||||
Adjusted net income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
10,605 |
|
|
$ |
15,831 |
|
|
$ |
23,581 |
|
|
$ |
33,168 |
|
|
Income tax expense (benefit) |
|
|
3,747 |
|
|
|
5,575 |
|
|
|
8,082 |
|
|
|
11,496 |
|
|
Income (loss) before income taxes |
|
|
14,352 |
|
|
|
21,406 |
|
|
|
31,663 |
|
|
|
44,664 |
|
|
Executive severance costs |
|
|
699 |
|
|
|
— |
|
|
|
699 |
|
|
|
— |
|
|
Restructuring expenses and other adjustments |
|
|
275 |
|
|
|
— |
|
|
|
885 |
|
|
|
390 |
|
|
Acquisition and integration costs |
|
|
111 |
|
|
|
401 |
|
|
|
346 |
|
|
|
476 |
|
|
Loss on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
261 |
|
|
Environmental reserves, net |
|
|
1,800 |
|
|
|
600 |
|
|
|
2,300 |
|
|
|
1,300 |
|
|
Adjusted income (loss) before income taxes |
|
|
17,237 |
|
|
|
22,407 |
|
|
|
35,893 |
|
|
|
47,091 |
|
|
Income tax expense, as adjusted (1) |
|
|
(4,309 |
) |
|
|
(5,826 |
) |
|
|
(8,973 |
) |
|
|
(12,244 |
) |
|
Adjusted net income (loss) |
|
$ |
12,928 |
|
|
$ |
16,581 |
|
|
$ |
26,920 |
|
|
$ |
34,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted earnings per diluted share reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per common diluted share |
|
$ |
0.29 |
|
|
$ |
0.43 |
|
|
$ |
0.64 |
|
|
$ |
0.91 |
|
|
Executive severance costs |
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
Restructuring expenses and other adjustments |
|
|
0.00 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
Acquisition and integration costs |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
Loss on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
Environmental reserves, net |
|
|
0.05 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.04 |
|
|
Adjusted effective income tax rate impact |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.03 |
) |
|
Adjusted earnings per diluted share(2) |
|
$ |
0.35 |
|
|
$ |
0.45 |
|
|
$ |
0.73 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2023 is 25% and in 2022 is 26%. |
|||||||||||||||||
(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding for the respective period. |
|||||||||||||||||
11
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GUIDANCE FOR FULL YEAR ADJUSTED EARNINGS PER DILUTED SHARE
(UNAUDITED)
|
Full Year 2023 Guidance |
|
|||||
|
Low |
|
|
High |
|
||
GAAP diluted net income per common share |
$ |
1.41 |
|
|
$ |
1.73 |
|
Add: Executive severance costs |
|
0.02 |
|
|
|
0.02 |
|
Add: Net restructuring expenses and other adjustments |
|
0.10 |
|
|
|
0.07 |
|
Add: Acquisition and integration costs |
|
0.01 |
|
|
|
0.01 |
|
Add: Environmental reserves, net |
|
0.06 |
|
|
|
0.06 |
|
Less: Adjusted effective income tax rate impact (1) |
|
(0.05 |
) |
|
|
(0.04 |
) |
Adjusted earnings per diluted share (2) |
$ |
1.55 |
|
|
$ |
1.85 |
|
|
|
|
|
|
|
||
(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2023 is 25%. |
|
||||||
(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding. |
|
||||||
12