Higher Year-Over-Year Gross Profit Driven by Signature and Scepter Revenue Growth
Significant Free Cash Flow Improvement Year-Over-Year
KeyBanc Selected as Partner to Sell Myers Tire Supply
Myers Industries Inc. (NYSE: MYE), a leading manufacturer of products that protect the world from the ground up, today announced results for the third quarter ended September 30, 2025.
Myers Industries President and CEO Aaron Schapper commented, “I am encouraged by the higher gross profit and free cash flow this quarter, indicating Myers' ability to generate value from our core businesses and strengthen operations. We achieved growth in gross profit due to favorable product mix. Infrastructure and Industrial growth was offset by continued softness in Vehicle and Automotive Aftermarket. Scepter's Industrial sales growth more than compensated for the lower weather-driven fuel container sales in the Consumer end market. We made significant improvements in free cash flow, generating $21.5 million during the quarter compared to $10.1 million in the third quarter of 2024. With the idling of two rotational molding production facilities, we have identified $19 million in structural cost reductions, and we remain on track to deliver annualized cost savings of $20 million, primarily in SG&A, by the end of 2025."
Third Quarter 2025 Financial Summary
|
|
Quarter Ended September 30, |
|
|||||||||
(Dollars in thousands, except per share data) |
|
2025 |
|
|
2024 |
|
|
% Inc
|
|
|||
Net sales |
|
$ |
205,435 |
|
|
$ |
205,067 |
|
|
|
0.2 |
% |
Gross profit |
|
$ |
68,570 |
|
|
$ |
65,130 |
|
|
|
5.3 |
% |
Gross margin |
|
|
33.4 |
% |
|
|
31.8 |
% |
|
|
|
|
Operating income (loss) |
|
$ |
17,689 |
|
|
$ |
(4,764 |
) |
|
NM |
|
|
Net income (loss) |
|
$ |
7,088 |
|
|
$ |
(10,878 |
) |
|
NM |
|
|
Net income (loss) per diluted share |
|
$ |
0.19 |
|
|
$ |
(0.29 |
) |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted operating income |
|
$ |
20,907 |
|
|
$ |
20,539 |
|
|
|
1.8 |
% |
Adjusted net income |
|
$ |
9,924 |
|
|
$ |
9,212 |
|
|
|
7.7 |
% |
Adjusted earnings per diluted share |
|
$ |
0.26 |
|
|
$ |
0.25 |
|
|
|
4.0 |
% |
Adjusted EBITDA |
|
$ |
30,595 |
|
|
$ |
30,735 |
|
|
|
(0.5 |
)% |
-
Net sales: Increased due to higher demand in the Infrastructure and Industrial end markets, particularly military products. This was offset by lower demand in the Automotive Aftermarket, Consumer and Vehicle end markets.
- Gross profit and Operating income: Increased due to higher volume, favorable mix, favorable cost productivity and lower material cost.
Third Quarter 2025 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
|
Net Sales |
|
Op Income |
|
Op Income
|
|
Adj EBITDA |
|
Adj EBITDA
|
Q3 2025 Results |
$153.5 |
|
$26.6 |
|
17.3% |
|
$36.8 |
|
24.0% |
Q3 2024 Results |
$150.7 |
|
$0.9 |
|
0.6% |
|
$33.5 |
|
22.2% |
$ Increase (decrease) vs prior year |
$2.8 |
|
$25.7 |
|
|
|
$3.4 |
|
|
% Increase (decrease) vs prior year |
1.9% |
|
NM |
|
+1,670 bps |
|
10.0% |
|
+180 bps |
Items in this table may not recalculate due to rounding |
- Operating income: Increased primarily due to a $22 million non-cash charge for goodwill impairment taken in the third quarter of 2024. Excluding this item, operating income would have improved by $3.7 million.
- Adjusted EBITDA: Increased due to higher volume and favorable material costs, partially offset by lower pricing.
Distribution
|
Net Sales |
|
Op Income |
|
Op Income
|
|
Adj EBITDA |
|
Adj EBITDA
|
Q3 2025 Results |
$52.0 |
|
$0.8 |
|
1.6% |
|
$1.6 |
|
3.2% |
Q3 2024 Results |
$54.4 |
|
$2.1 |
|
3.9% |
|
$3.2 |
|
5.8% |
$ Increase (decrease) vs prior year |
($2.4) |
|
($1.3) |
|
|
|
($1.5) |
|
|
% Increase (decrease) vs prior year |
(4.4)% |
|
(60.6)% |
|
-230 bps |
|
(48.2)% |
|
-260 bps |
Items in this table may not recalculate due to rounding |
- Operating income and Adjusted EBITDA: Decreased due to lower volume, partially offset by favorable SG&A.
Balance Sheet & Cash Flow
- Total liquidity of $292.7 million, including $244.7 million of availability under the revolving credit facility and $48.0 million in cash on hand.
- Cash flow from operations was $25.8 million. Free cash flow was $21.5 million, up $11.4 million versus prior year, due to improvements in working capital. Capital expenditures were $4.2 million.
- Total debt was reduced by $10.0 million with a net leverage ratio of 2.6x.
- Repurchased $0.5 million shares in the third quarter with $8.0 million remaining under the 2025 Share Repurchase Program.
Sale Process Initiated for Myers Tire Supply Business
As a result of the Strategic Review announced in the second quarter of this year, the Company has now initiated a sale process to divest the business. The company has partnered with KeyBanc to act as financial advisor for this process.
2025 End Market Outlook
The following table presents the Company’s current 2025 outlook for each of its end markets. The 2025 outlook is updated from the outlook provided on July 31, 2025.
End Markets (TTM Sales as of September 30, 2025) |
2025 Outlook |
Industrial (30% 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 (14% of sales) Signature Systems™ ground protection matting for construction, industrial sites, and event venues |
Strong growth |
Vehicle (12% of sales) RV, marine, and automotive components |
Down |
Consumer (11% of sales) Scepter® fuel containers; outdoor furniture and equipment |
Down, affected by absence of U.S. landed storms |
Food & Beverage (8% of sales) Buckhorn® seed boxes, intermediate bulk containers, and Tuff Series bulk containers for agricultural and chemical customers |
Stable |
Automotive Aftermarket Distribution (25% of sales) Distribution sales to tire service aftermarket |
Down |
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Thursday, October 30, 2025, at 8:30 a.m. ET. 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/LE9zwo4BXUEngAbx5H8AnNUHwe2NmdCRXTY. 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: (U.S. Local) 1-929-458-6194 or (U.S. Toll-Free) 1-866-813-9403 and use access code 135145.
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, Infrastructure, and Automotive Aftermarket 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, 2024. 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 |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
||||
Net sales |
|
$ |
205,435 |
|
|
$ |
205,067 |
|
|
$ |
621,768 |
|
|
$ |
632,405 |
|
Cost of sales |
|
|
136,865 |
|
|
|
139,937 |
|
|
|
413,458 |
|
|
|
427,489 |
|
Gross profit |
|
|
68,570 |
|
|
|
65,130 |
|
|
|
208,310 |
|
|
|
204,916 |
|
Selling, general and administrative expenses |
|
|
44,426 |
|
|
|
38,486 |
|
|
|
132,551 |
|
|
|
129,747 |
|
Depreciation and amortization |
|
|
4,318 |
|
|
|
4,868 |
|
|
|
13,225 |
|
|
|
13,615 |
|
Freight out |
|
|
2,512 |
|
|
|
4,332 |
|
|
|
8,117 |
|
|
|
9,442 |
|
(Gain) loss on disposal of fixed assets |
|
|
(375 |
) |
|
|
192 |
|
|
|
99 |
|
|
|
253 |
|
Impairment charges |
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Operating income (loss) |
|
|
17,689 |
|
|
|
(4,764 |
) |
|
|
54,318 |
|
|
|
29,843 |
|
Interest expense, net |
|
|
7,497 |
|
|
|
8,091 |
|
|
|
22,247 |
|
|
|
23,176 |
|
Income (loss) before income taxes |
|
|
10,192 |
|
|
|
(12,855 |
) |
|
|
32,071 |
|
|
|
6,667 |
|
Income tax expense (benefit) |
|
|
3,104 |
|
|
|
(1,977 |
) |
|
|
8,473 |
|
|
|
3,763 |
|
Net income (loss) |
|
$ |
7,088 |
|
|
$ |
(10,878 |
) |
|
$ |
23,598 |
|
|
$ |
2,904 |
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.19 |
|
|
$ |
(0.29 |
) |
|
$ |
0.63 |
|
|
$ |
0.08 |
|
Diluted |
|
$ |
0.19 |
|
|
$ |
(0.29 |
) |
|
$ |
0.63 |
|
|
$ |
0.08 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
37,393,620 |
|
|
|
37,220,456 |
|
|
|
37,361,228 |
|
|
|
37,102,761 |
|
Diluted |
|
|
37,582,062 |
|
|
|
37,220,456 |
|
|
|
37,504,164 |
|
|
|
37,250,512 |
|
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Dollars in thousands) |
||||||||
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
||
Assets |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash |
|
$ |
47,965 |
|
|
$ |
32,222 |
|
Trade accounts receivable, net |
|
|
123,271 |
|
|
|
109,372 |
|
Other accounts receivable, net |
|
|
6,138 |
|
|
|
12,654 |
|
Inventories, net |
|
|
99,633 |
|
|
|
97,001 |
|
Other current assets |
|
|
9,787 |
|
|
|
8,058 |
|
Total Current Assets |
|
|
286,794 |
|
|
|
259,307 |
|
Property, plant, & equipment, net |
|
|
131,484 |
|
|
|
137,564 |
|
Right of use asset - operating leases |
|
|
26,429 |
|
|
|
30,561 |
|
Goodwill and intangible assets, net |
|
|
410,877 |
|
|
|
421,853 |
|
Deferred income taxes |
|
|
205 |
|
|
|
205 |
|
Other assets |
|
|
8,282 |
|
|
|
11,325 |
|
Total Assets |
|
$ |
864,071 |
|
|
$ |
860,815 |
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
81,569 |
|
|
$ |
71,049 |
|
Accrued expenses |
|
|
53,312 |
|
|
|
49,196 |
|
Operating lease liability - short-term |
|
|
6,699 |
|
|
|
6,597 |
|
Finance lease liability - short-term |
|
|
639 |
|
|
|
621 |
|
Long-term debt - current portion |
|
|
29,528 |
|
|
|
19,649 |
|
Total Current Liabilities |
|
|
171,747 |
|
|
|
147,112 |
|
Long-term debt |
|
|
331,698 |
|
|
|
355,310 |
|
Operating lease liability - long-term |
|
|
19,701 |
|
|
|
23,700 |
|
Finance lease liability - long-term |
|
|
7,512 |
|
|
|
7,994 |
|
Other liabilities |
|
|
15,048 |
|
|
|
15,303 |
|
Deferred income taxes |
|
|
31,742 |
|
|
|
33,884 |
|
Total Shareholders' Equity |
|
|
286,623 |
|
|
|
277,512 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
864,071 |
|
|
$ |
860,815 |
|
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) |
||||||||||||||||
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
7,088 |
|
|
$ |
(10,878 |
) |
|
$ |
23,598 |
|
|
$ |
2,904 |
|
Adjustments to reconcile net income (loss) to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
9,688 |
|
|
|
10,196 |
|
|
|
29,652 |
|
|
|
28,760 |
|
Amortization of deferred financing costs |
|
|
541 |
|
|
|
543 |
|
|
|
1,621 |
|
|
|
1,318 |
|
Amortization of acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
Non-cash stock-based compensation expense |
|
|
950 |
|
|
|
190 |
|
|
|
2,700 |
|
|
|
737 |
|
(Gain) loss on disposal of fixed assets |
|
|
(375 |
) |
|
|
192 |
|
|
|
99 |
|
|
|
253 |
|
Impairment charges |
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Other |
|
|
(162 |
) |
|
|
386 |
|
|
|
(2,831 |
) |
|
|
550 |
|
Cash flows provided by (used for) working capital |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable - trade and other, net |
|
|
(9,570 |
) |
|
|
7,434 |
|
|
|
(2,127 |
) |
|
|
15,646 |
|
Inventories |
|
|
2,154 |
|
|
|
574 |
|
|
|
(2,296 |
) |
|
|
(1,385 |
) |
Prepaid expenses and other current assets |
|
|
3,601 |
|
|
|
2,975 |
|
|
|
(1,723 |
) |
|
|
(1,668 |
) |
Accounts payable and accrued expenses |
|
|
11,843 |
|
|
|
(16,301 |
) |
|
|
15,507 |
|
|
|
(21,644 |
) |
Net cash provided by (used for) operating activities |
|
|
25,758 |
|
|
|
17,327 |
|
|
|
64,200 |
|
|
|
51,944 |
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(4,245 |
) |
|
|
(7,178 |
) |
|
|
(15,935 |
) |
|
|
(17,302 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(348,312 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
500 |
|
|
|
28 |
|
|
|
661 |
|
|
|
112 |
|
Net cash provided by (used for) investing activities |
|
|
(3,745 |
) |
|
|
(7,150 |
) |
|
|
(15,274 |
) |
|
|
(365,502 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net borrowings (repayments) from revolving credit facility |
|
|
(5,000 |
) |
|
|
(8,000 |
) |
|
|
— |
|
|
|
(15,000 |
) |
Proceeds from Term Loan A |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400,000 |
|
Repayments of Term Loan A |
|
|
(5,000 |
) |
|
|
(5,000 |
) |
|
|
(15,000 |
) |
|
|
(10,000 |
) |
Repayments of senior unsecured notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(38,000 |
) |
Payments on finance lease |
|
|
(155 |
) |
|
|
(150 |
) |
|
|
(464 |
) |
|
|
(442 |
) |
Cash dividends paid |
|
|
(5,056 |
) |
|
|
(5,025 |
) |
|
|
(15,439 |
) |
|
|
(15,392 |
) |
Proceeds from issuance of common stock |
|
|
293 |
|
|
|
295 |
|
|
|
866 |
|
|
|
3,053 |
|
Shares withheld for employee taxes on equity awards |
|
|
(44 |
) |
|
|
(53 |
) |
|
|
(929 |
) |
|
|
(2,027 |
) |
Repurchase of common stock |
|
|
(506 |
) |
|
|
— |
|
|
|
(2,021 |
) |
|
|
— |
|
Deferred financing fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,172 |
) |
Net cash provided by (used for) financing activities |
|
|
(15,468 |
) |
|
|
(17,933 |
) |
|
|
(32,987 |
) |
|
|
313,020 |
|
Foreign exchange rate effect on cash |
|
|
130 |
|
|
|
121 |
|
|
|
(196 |
) |
|
|
(42 |
) |
Net increase (decrease) in cash |
|
|
6,675 |
|
|
|
(7,635 |
) |
|
|
15,743 |
|
|
|
(580 |
) |
Beginning Cash |
|
|
41,290 |
|
|
|
37,345 |
|
|
|
32,222 |
|
|
|
30,290 |
|
Ending Cash |
|
$ |
47,965 |
|
|
$ |
29,710 |
|
|
$ |
47,965 |
|
|
$ |
29,710 |
|
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) |
||||||||||||||||||||
|
|
Quarter Ended September 30, 2025 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
153,540 |
|
|
$ |
51,967 |
|
|
$ |
205,507 |
|
|
$ |
(72 |
) |
|
$ |
205,435 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,088 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,570 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,102 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,672 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
26,573 |
|
|
|
840 |
|
|
|
27,413 |
|
|
|
(9,724 |
) |
|
|
17,689 |
|
Operating income margin |
|
|
17.3 |
% |
|
|
1.6 |
% |
|
|
13.3 |
% |
|
n/a |
|
|
|
8.6 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
1,472 |
|
|
|
71 |
|
|
|
1,543 |
|
|
|
1,675 |
|
|
|
3,218 |
|
Adjusted operating income (loss)(1) |
|
|
28,045 |
|
|
|
911 |
|
|
|
28,956 |
|
|
|
(8,049 |
) |
|
|
20,907 |
|
Adjusted operating income margin |
|
|
18.3 |
% |
|
|
1.8 |
% |
|
|
14.1 |
% |
|
n/a |
|
|
|
10.2 |
% |
|
Add: Depreciation and amortization |
|
|
8,769 |
|
|
|
732 |
|
|
|
9,501 |
|
|
|
187 |
|
|
|
9,688 |
|
Adjusted EBITDA |
|
$ |
36,814 |
|
|
$ |
1,643 |
|
|
$ |
38,457 |
|
|
$ |
(7,862 |
) |
|
$ |
30,595 |
|
Adjusted EBITDA margin |
|
|
24.0 |
% |
|
|
3.2 |
% |
|
|
18.7 |
% |
|
n/a |
|
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Includes gross profit adjustments of $1,102 and SG&A adjustments of $2,116 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended September 30, 2024 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
150,718 |
|
|
$ |
54,384 |
|
|
$ |
205,102 |
|
|
$ |
(35 |
) |
|
$ |
205,067 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,878 |
) |
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-5.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,130 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,211 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,341 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
886 |
|
|
|
2,131 |
|
|
|
3,017 |
|
|
|
(7,781 |
) |
|
|
(4,764 |
) |
Operating income margin |
|
|
0.6 |
% |
|
|
3.9 |
% |
|
|
1.5 |
% |
|
n/a |
|
|
|
-2.3 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
1,405 |
|
Add: Restructuring expenses and other adjustments |
|
|
1,396 |
|
|
|
220 |
|
|
|
1,616 |
|
|
|
417 |
|
|
|
2,033 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
349 |
|
|
|
349 |
|
Add: Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Less: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(500 |
) |
|
|
(500 |
) |
Adjusted operating income (loss)(1) |
|
|
24,298 |
|
|
|
2,351 |
|
|
|
26,649 |
|
|
|
(6,110 |
) |
|
|
20,539 |
|
Adjusted operating income margin |
|
|
16.1 |
% |
|
|
4.3 |
% |
|
|
13.0 |
% |
|
n/a |
|
|
|
10.0 |
% |
|
Add: Depreciation and amortization |
|
|
9,158 |
|
|
|
823 |
|
|
|
9,981 |
|
|
|
215 |
|
|
|
10,196 |
|
Adjusted EBITDA |
|
$ |
33,456 |
|
|
$ |
3,174 |
|
|
$ |
36,630 |
|
|
$ |
(5,895 |
) |
|
$ |
30,735 |
|
Adjusted EBITDA margin |
|
|
22.2 |
% |
|
|
5.8 |
% |
|
|
17.9 |
% |
|
n/a |
|
|
|
15.0 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of $1,211, impairment charges of $22,016 and SG&A adjustments of $2,076 |
|
|||||||||||||||||||
(2) Includes environmental charges of $200 net of probable insurance recoveries of $700 |
|
|||||||||||||||||||
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) |
||||||||||||||||||||
|
|
Nine Months Ended September 30, 2025 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
469,839 |
|
|
$ |
152,202 |
|
|
$ |
622,041 |
|
|
$ |
(273 |
) |
|
$ |
621,768 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,598 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
208,310 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,598 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209,908 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
83,426 |
|
|
|
(878 |
) |
|
|
82,548 |
|
|
|
(28,230 |
) |
|
|
54,318 |
|
Operating income margin |
|
|
17.8 |
% |
|
|
-0.6 |
% |
|
|
13.3 |
% |
|
n/a |
|
|
|
8.7 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
2,631 |
|
|
|
3,051 |
|
|
|
5,682 |
|
|
|
3,981 |
|
|
|
9,663 |
|
Add: Pension termination |
|
|
1,585 |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
|
|
1,585 |
|
Less: Recovery of purchased credit deteriorated assets |
|
|
(3,175 |
) |
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
|
|
(3,175 |
) |
Adjusted operating income (loss)(1) |
|
|
84,467 |
|
|
|
2,173 |
|
|
|
86,640 |
|
|
|
(24,249 |
) |
|
|
62,391 |
|
Adjusted operating income margin |
|
|
18.0 |
% |
|
|
1.4 |
% |
|
|
13.9 |
% |
|
n/a |
|
|
|
10.0 |
% |
|
Add: Depreciation and amortization |
|
|
26,644 |
|
|
|
2,368 |
|
|
|
29,012 |
|
|
|
640 |
|
|
|
29,652 |
|
Adjusted EBITDA |
|
$ |
111,111 |
|
|
$ |
4,541 |
|
|
$ |
115,652 |
|
|
$ |
(23,609 |
) |
|
$ |
92,043 |
|
Adjusted EBITDA margin |
|
|
23.6 |
% |
|
|
3.0 |
% |
|
|
18.6 |
% |
|
n/a |
|
|
|
14.8 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of $1,598 and SG&A adjustments of $6,475 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Nine Months Ended September 30, 2024 |
|
|||||||||||||||||
|
|
Material
|
|
|
Distribution |
|
|
Segment
|
|
|
Corporate &
|
|
|
Total |
|
|||||
Net sales |
|
$ |
468,951 |
|
|
$ |
163,543 |
|
|
$ |
632,494 |
|
|
$ |
(89 |
) |
|
$ |
632,405 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,904 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
204,916 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,163 |
|
||||
Add: Acquisition-related inventory step-up |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,457 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
213,536 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
51,843 |
|
|
|
4,915 |
|
|
|
56,758 |
|
|
|
(26,915 |
) |
|
|
29,843 |
|
Operating income margin |
|
|
11.1 |
% |
|
|
3.0 |
% |
|
|
9.0 |
% |
|
n/a |
|
|
|
4.7 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
1,405 |
|
Add: Restructuring expenses and other adjustments |
|
|
3,860 |
|
|
|
975 |
|
|
|
4,835 |
|
|
|
417 |
|
|
|
5,252 |
|
Add: Acquisition and integration costs |
|
|
305 |
|
|
|
— |
|
|
|
305 |
|
|
|
4,132 |
|
|
|
4,437 |
|
Add: Acquisition-related inventory step-up |
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
Add: Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Less: Insurance recovery of legal fees |
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
Less: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(700 |
) |
|
|
(700 |
) |
Adjusted operating income (loss)(1) |
|
|
81,779 |
|
|
|
5,890 |
|
|
|
87,669 |
|
|
|
(21,661 |
) |
|
|
66,008 |
|
Adjusted operating income margin |
|
|
17.4 |
% |
|
|
3.6 |
% |
|
|
13.9 |
% |
|
n/a |
|
|
|
10.4 |
% |
|
Add: Depreciation and amortization |
|
|
25,706 |
|
|
|
2,426 |
|
|
|
28,132 |
|
|
|
628 |
|
|
|
28,760 |
|
Adjusted EBITDA |
|
$ |
107,485 |
|
|
$ |
8,316 |
|
|
$ |
115,801 |
|
|
$ |
(21,033 |
) |
|
$ |
94,768 |
|
Adjusted EBITDA margin |
|
|
22.9 |
% |
|
|
5.1 |
% |
|
|
18.3 |
% |
|
n/a |
|
|
|
15.0 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of $8,620, impairment charges of $22,016 and SG&A adjustments of $5,529 |
|
|||||||||||||||||||
(2) Includes environmental charges of $1,000 net of probable insurance recoveries of $1,700 |
|
|||||||||||||||||||
MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED) (Dollars in thousands) |
||||||||||||||||
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
$ |
17,689 |
|
|
$ |
(4,764 |
) |
|
$ |
54,318 |
|
|
$ |
29,843 |
|
Restructuring expenses and other adjustments |
|
|
3,218 |
|
|
|
2,033 |
|
|
|
9,663 |
|
|
|
5,252 |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
Acquisition and integration costs |
|
|
— |
|
|
|
349 |
|
|
|
— |
|
|
|
4,437 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
Executive severance costs |
|
|
— |
|
|
|
1,405 |
|
|
|
— |
|
|
|
1,405 |
|
Environmental reserves, net |
|
|
— |
|
|
|
(500 |
) |
|
|
— |
|
|
|
(700 |
) |
Adjusted operating income (loss) |
|
$ |
20,907 |
|
|
$ |
20,539 |
|
|
$ |
62,391 |
|
|
$ |
66,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
7,088 |
|
|
$ |
(10,878 |
) |
|
$ |
23,598 |
|
|
$ |
2,904 |
|
Income tax expense (benefit) |
|
|
3,104 |
|
|
|
(1,977 |
) |
|
|
8,473 |
|
|
|
3,763 |
|
Interest expense, net |
|
|
7,497 |
|
|
|
8,091 |
|
|
|
22,247 |
|
|
|
23,176 |
|
Operating income (loss) |
|
|
17,689 |
|
|
|
(4,764 |
) |
|
|
54,318 |
|
|
|
29,843 |
|
Depreciation and amortization |
|
|
9,688 |
|
|
|
10,196 |
|
|
|
29,652 |
|
|
|
28,760 |
|
Restructuring expenses and other adjustments |
|
|
3,218 |
|
|
|
2,033 |
|
|
|
9,663 |
|
|
|
5,252 |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
Acquisition and integration costs |
|
|
— |
|
|
|
349 |
|
|
|
— |
|
|
|
4,437 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
Executive severance costs |
|
|
— |
|
|
|
1,405 |
|
|
|
— |
|
|
|
1,405 |
|
Environmental reserves, net |
|
|
— |
|
|
|
(500 |
) |
|
|
— |
|
|
|
(700 |
) |
Adjusted EBITDA |
|
$ |
30,595 |
|
|
$ |
30,735 |
|
|
$ |
92,043 |
|
|
$ |
94,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by (used for) operating activities |
|
$ |
25,758 |
|
|
$ |
17,327 |
|
|
$ |
64,200 |
|
|
$ |
51,944 |
|
Capital expenditures |
|
|
(4,245 |
) |
|
|
(7,178 |
) |
|
|
(15,935 |
) |
|
|
(17,302 |
) |
Free cash flow |
|
$ |
21,513 |
|
|
$ |
10,149 |
|
|
$ |
48,265 |
|
|
$ |
34,642 |
|
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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
||||
Adjusted net income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
7,088 |
|
|
$ |
(10,878 |
) |
|
$ |
23,598 |
|
|
$ |
2,904 |
|
|
Income tax expense (benefit) |
|
|
3,104 |
|
|
|
(1,977 |
) |
|
|
8,473 |
|
|
|
3,763 |
|
|
Income (loss) before income taxes |
|
|
10,192 |
|
|
|
(12,855 |
) |
|
|
32,071 |
|
|
|
6,667 |
|
|
Restructuring expenses and other adjustments |
|
|
3,218 |
|
|
|
2,033 |
|
|
|
9,663 |
|
|
|
5,252 |
|
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
|
Acquisition and integration costs |
|
|
— |
|
|
|
349 |
|
|
|
— |
|
|
|
4,437 |
|
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
|
Impairment charges |
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
Executive severance costs |
|
|
— |
|
|
|
1,405 |
|
|
|
— |
|
|
|
1,405 |
|
|
Environmental reserves, net |
|
|
— |
|
|
|
(500 |
) |
|
|
— |
|
|
|
(700 |
) |
|
Adjusted income (loss) before income taxes |
|
|
13,410 |
|
|
|
12,448 |
|
|
|
40,144 |
|
|
|
42,832 |
|
|
Income tax expense, as adjusted (1) |
|
|
(3,486 |
) |
|
|
(3,236 |
) |
|
|
(10,437 |
) |
|
|
(11,136 |
) |
|
Adjusted net income (loss) |
|
$ |
9,924 |
|
|
$ |
9,212 |
|
|
$ |
29,707 |
|
|
$ |
31,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted earnings per diluted share reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per common diluted share |
|
$ |
0.19 |
|
|
$ |
(0.29 |
) |
|
$ |
0.63 |
|
|
$ |
0.08 |
|
|
Restructuring expenses and other adjustments |
|
|
0.09 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.14 |
|
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
Acquisition and integration costs |
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.12 |
|
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
|
Impairment charges |
|
|
— |
|
|
|
0.59 |
|
|
|
— |
|
|
|
0.59 |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
Executive severance costs |
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
|
Environmental reserves, net |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
Adjusted effective income tax rate impact |
|
|
(0.01 |
) |
|
|
(0.14 |
) |
|
|
(0.05 |
) |
|
|
(0.20 |
) |
|
Adjusted earnings per diluted share(2) |
|
$ |
0.26 |
|
|
$ |
0.25 |
|
|
$ |
0.79 |
|
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Items in this table may not recalculate due to rounding |
|
|
|||||||||||||||
(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2025 is 26% and in 2024 is 26%. |
|||||||||||||||||
(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding for the respective period. |
|||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20251030204428/en/
Contacts
Meghan Beringer, Senior Director Investor Relations, 252-536-5651