Achieves Record Quarterly Results and Drives
Seventh Consecutive Quarter of Double-Digit Top-Line Expansion
Raises Full Year Fiscal 2022 Outlook for both
Revenue and Earnings
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, 2022.
Second Quarter 2022 Financial
Highlights
- Net sales increased 24% to $233.2 million, compared with $187.4
million for the second quarter of 2021
- On an organic basis, net sales increased 16% compared with the
second quarter of 2021
- Earnings per diluted share increased 43% to $0.43, compared
with $0.30 for the second quarter of 2021
- Adjusted earnings per diluted share increased 55% to $0.45,
compared with $0.29 for the second quarter of 2021
- Adjusted EBITDA increased 41% to $28.9 million, compared with
$20.5 million for the second quarter of 2021
- Cash flow provided by operations was $27.0 million and free
cash flow was $21.1 million, compared with cash flow provided by
operations of $14.7 million and free cash flow of $11.7 million for
the second quarter of 2021
Myers Industries President and CEO Mike McGaugh said, “I am
pleased to report this quarter’s record performance, highlighted by
our seventh consecutive quarter of double-digit top-line expansion.
Our results have been driven by consistent and meaningful progress
against our 3-horizon strategy, which has proven to be a successful
roadmap for Myers’ transformation. Our self-help initiatives,
value-based pricing actions, and contributions from our strategic
acquisitions have led to strong financial performance. During the
quarter, we continued to execute our strategy by acquiring an
additional rotational molding facility, expanding our capability
into the south-eastern U.S. In addition, we added to our
Distribution Segment by acquiring Mohawk Rubber, a leader in the
auto-aftermarket space. We believe that both of these acquisitions
will allow us to continue to improve our ability to provide
excellent service and value to our customers. Our sustained
performance over the past quarters provides additional proof points
of our ability to execute on our transformation.”
McGaugh concluded, “As a result of our second quarter results,
we are raising our top- and bottom-line outlook for 2022. Net sales
growth, including the Trilogy and Mohawk acquisitions, is expected
to be in the high teens range year over year and we are increasing
our adjusted EPS range from $1.30 - $1.50 to $1.40 - $1.60. We
continue to see improvements in our base business, and we believe
there is still substantial runway for continued earnings growth
over the long term. We are at an exciting time in Myers’
transformation into a world-class company that delivers world-class
financial performance. Our team, our morale, our momentum, have
never been better.”
Second Quarter 2022 Financial
Summary
Quarter Ended June 30,
(Dollars in thousands, except per share
data)
2022
2021
% Inc (Dec)
Net sales
$233,156
$187,369
24.4%
Gross profit
$74,716
$54,994
35.9%
Gross margin
32.0%
29.4%
Operating income
$22,617
$15,869
42.5%
Net income:
Net income
$15,831
$11,075
42.9%
Net income per diluted share
$0.43
$0.30
43.3%
Adjusted operating income
$23,618
$15,100
56.4%
Adjusted net income:
Net income
$16,581
$10,435
58.9%
Net income per diluted share
$0.45
$0.29
55.2%
Adjusted EBITDA
$28,860
$20,470
41.0%
Net sales were $233.2 million, an increase of $45.8 million, or
24.4%, compared with $187.4 million for the second quarter of 2021,
driven by strong sales in both the Material Handling and
Distribution segments. Excluding the incremental $16.3 million of
net sales from the Trilogy Plastics and Mohawk Rubber acquisitions,
organic net sales increased 16%. Favorable pricing of 17% was
partially offset by a decrease in volume/mix of 1%.
Gross profit increased $19.7 million, or 35.9% to $74.7 million,
primarily due to the increased contribution from pricing actions
and the Mohawk Rubber and Trilogy Plastics acquisitions. Partially
offsetting these contributions were increased labor costs and sales
mix. Gross margin was 32.0% compared with 29.4% for the second
quarter of 2021. Selling, general and administrative expenses
increased $12.2 million, or 30.4% to $52.3 million, reflecting the
Mohawk Rubber and Trilogy Plastics acquisitions, higher salaries,
benefits, and incentive compensation costs, increased freight and
other variable selling expenses, higher facility costs and
increased professional services fees. SG&A as a percentage of
sales increased to 22.4%, compared with 21.4% in the same period
last year, primarily due to inflation. Net income per diluted share
was $0.43, compared with $0.30 for the second quarter of 2021.
Adjusted earnings per diluted share were $0.45, compared with $0.29
for the second quarter of 2021.
Second Quarter 2022 Segment
Results
(Dollar amounts in the segment tables below are reported in
millions)
Material Handling
Net Sales
Op Income
Adj Op Income
Adj Op Income Margin
Q2 2022 Results
$173.1
$28.0
$28.0
16.2%
Q2 2021 Results
$137.2
$17.9
$17.0
12.4%
Increase (decrease) vs prior year
26.1%
56.6%
64.8%
+380 bps
Net sales for the Material Handling Segment were $173.1 million,
an increase of $35.9 million, or 26.1%, compared with $137.2
million for the second quarter of 2021. Excluding the incremental
$10.3 million of net sales from the Trilogy Plastics acquisition,
organic net sales increased 19%. Favorable price of 20% was
partially offset by a decline in volume/mix of 1%. Organic net
sales increased in the industrial, food and beverage, and vehicle
end markets. Operating income increased 56.6% to $28.0 million,
compared with $17.9 million in 2021. Adjusted operating income
increased 64.8% to $28.0 million, compared with $17.0 million in
2021. Contributions from pricing actions more than offset increased
labor costs and a change in sales mix. Additionally, SG&A
expenses were higher year-over-year. The increase in SG&A
expenses was primarily due to the Trilogy Plastics acquisition,
higher salaries, benefits and incentive compensation costs,
increased freight and other variable selling expenses, and higher
facility costs. The Material Handling Segment’s adjusted operating
income margin increased 380 basis points to 16.2%, compared with
12.4% for the second quarter of 2021.
Distribution
Net Sales
Op Income
Adj Op Income
Adj Op Income Margin
Q2 2022 Results
$60.1
$4.3
$4.3
7.1%
Q2 2021 Results
$50.2
$4.2
$4.2
8.4%
Increase vs prior year
19.8%
1.3%
1.3%
-130 bps
Net sales for the Distribution Segment were $60.1 million, an
increase of $9.9 million, or 19.8%, compared with $50.2 million for
the second quarter of 2021. Excluding the incremental $6.0 million
of net sales from the Mohawk Rubber acquisition, organic net sales
increased 8% due mostly to favorable price. Operating income
increased 1.3% to $4.3 million, compared with $4.2 million in 2021.
The contribution from higher pricing was partially offset by an
increase in product costs and higher SG&A expenses
year-over-year. The increase in SG&A expenses was primarily the
result of the Mohawk Rubber acquisition and higher variable selling
expenses. The Distribution Segment’s adjusted operating income
margin was 7.1%, compared with 8.4% for the second quarter of
2021.
Balance Sheet & Cash
Flow
As of June 30, 2022, the Company’s cash on hand totaled $22.4
million. Total debt as of June 30, 2022 was $113.6 million.
For the second quarter of 2022, cash flow provided by operations
was $27.0 million and free cash flow was $21.1 million, compared
with cash flow provided by operations of $14.7 million and free
cash flow of $11.7 million for the second quarter of 2021. The
increase in cash flow was driven by higher earnings, partially
offset by an increase in working capital. The increase in working
capital was primarily the result of the Trilogy Plastics and Mohawk
Rubber acquisitions, the effects of inflation, higher accounts
receivable balances driven by higher sales, and an increase in
inventory levels to mitigate supply chain disruptions and to better
serve our customers. Capital expenditures for the second quarter of
2022 were $5.9 million, compared with $3.0 million for the second
quarter of 2021.
2022 Outlook
Based on current exchange rates, market outlook, and business
forecast, the Company updated its outlook for fiscal 2022, and
currently forecasts:
- Net sales growth in the high teens range with approximately 45%
of the increase due to the acquisitions of Trilogy Plastics and
Mohawk Rubber
- Diluted EPS in the range of $1.33 to $1.53; adjusted diluted
EPS in the range of $1.40 to $1.60
- Capital expenditures to be in the range of $25 to $28
million
- Effective tax rate to approximate 26%
Conference Call Details
The Company will host an earnings conference call and webcast
for investors and analysts on Tuesday, August 2, 2022, 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://ige.netroadshow.com/registration/q4inc/11279/myers-industries-second-quarter-2022-earnings-call/.
Upon registering, each participant will be provided with call
details and a registrant ID that will be used to track call
attendance. Reminders will also be sent to registered participants
via email. The live webcast of the conference call can be accessed
from the Investor Relations section of the Company's website at
www.myersindustries.com. Webcast
attendees will be in a listen-only mode. An archived replay of the
call will also be available on the site shortly after the event.
Investors can access a replay of the teleconference at (866)
813-9403; international callers use +44-204-525-0658. The Access
Code is 118475. The teleconference replay will be available through
August 9, 2022.
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 income
(loss) before taxes, adjusted net income, adjusted earnings per
diluted share, 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 “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statement that is not of historical fact may be deemed
“forward-looking”. Words such as “will”, “expect”, “believe”,
“project”, “plan”, “anticipate”, “intend”, “objective”, “outlook”,
“target”, “goal”, “view” and similar expressions identify
forward-looking statements. These statements are based on
management's current views and assumptions of future events and
financial performance and involve a number of risks and
uncertainties, many outside of the Company's control that could
cause actual results to materially differ from those expressed or
implied. Risks and uncertainties include: impacts from the COVID-19
pandemic on our business, conditions, customers and capital
position; the impact of COVID-19 on local, national and global
economic conditions; the effects of various governmental responses
to the COVID-19 pandemic, raw material availability, increases in
raw material costs, or other production costs; impacts of price
increases, 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;
impact of the U.S. elections impacts on the regulatory landscape,
capital markets, and responses to and management of the COVID-19
pandemic including further economic stimulus from the federal
government; and other important factors detailed previously and
from time to time in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
10-K for the year ended December 31, 2021 and subsequent Quarterly
Reports on Form 10-Q. Such reports are available on the Securities
and Exchange Commission's public reference facilities and its
website at www.sec.gov and on the
Company's Investor Relations section of its website at www.myersindustries.com. Myers Industries
undertakes no obligation to publicly update or revise any
forward-looking statements contained herein. These statements speak
only as of the date made.
M-INV
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except
share and per share data)
Quarter Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Net sales
$
233,156
$
187,369
$
458,642
$
361,798
Cost of sales
158,440
132,375
311,998
256,391
Gross profit
74,716
54,994
146,644
105,407
Selling, general and administrative
expenses
52,320
40,121
100,310
79,669
(Gain) loss on disposal of fixed
assets
(221
)
(996
)
(688
)
(996
)
Operating income (loss)
22,617
15,869
47,022
26,734
Interest expense, net
1,211
999
2,358
1,994
Income (loss) before income
taxes
21,406
14,870
44,664
24,740
Income tax expense (benefit)
5,575
3,795
11,496
6,360
Net income (loss)
$
15,831
$
11,075
$
33,168
$
18,380
Net income (loss) per common
share:
Basic
$
0.43
$
0.31
$
0.91
$
0.51
Diluted
$
0.43
$
0.30
$
0.91
$
0.51
Weighted average common shares
outstanding:
Basic
36,397,547
36,122,792
36,338,907
36,058,061
Diluted
36,623,495
36,336,448
36,577,192
36,296,003
MYERS INDUSTRIES, INC.
SALES AND EARNINGS BY SEGMENT
(UNAUDITED)
(Dollars in thousands)
Quarter Ended June 30,
Six Months Ended June
30,
2022
2021
% Change
2022
2021
% Change
Net sales
Material Handling
$
173,090
$
137,227
26.1
%
$
349,726
$
267,120
30.9
%
Distribution
60,075
50,156
19.8
%
$
108,936
$
94,706
15.0
%
Inter-company Sales
(9
)
(14
)
-
$
(20
)
$
(28
)
-
Total
$
233,156
$
187,369
24.4
%
$
458,642
$
361,798
26.8
%
Operating income (loss)
Material Handling
$
28,034
$
17,902
56.6
%
$
59,254
$
34,829
70.1
%
Distribution
4,269
4,214
1.3
%
7,570
5,652
33.9
%
Corporate
(9,686
)
(6,247
)
-
(19,802
)
(13,747
)
-
Total
$
22,617
$
15,869
42.5
%
$
47,022
$
26,734
75.9
%
Adjusted operating income
(loss)
Material Handling
$
28,034
$
17,009
64.8
%
$
59,905
$
33,936
76.5
%
Distribution
4,269
4,214
1.3
%
7,570
6,179
22.5
%
Corporate
(8,685
)
(6,123
)
-
(18,026
)
(13,162
)
-
Total
$
23,618
$
15,100
56.4
%
$
49,449
$
26,953
83.5
%
Adjusted operating income
margin
Material Handling
16.2
%
12.4
%
17.1
%
12.7
%
Distribution
7.1
%
8.4
%
6.9
%
6.5
%
Corporate
n/a
n/a
n/a
n/a
Total
10.1
%
8.1
%
10.8
%
7.4
%
Adjusted EBITDA
Material Handling
$
32,541
$
21,727
49.8
%
$
68,928
$
43,173
59.7
%
Distribution
4,890
4,761
2.7
%
8,749
7,269
20.4
%
Corporate
(8,571
)
(6,018
)
-
(17,787
)
(12,959
)
-
Total
$
28,860
$
20,470
41.0
%
$
59,890
$
37,483
59.8
%
Adjusted EBITDA margin
Material Handling
18.8
%
15.8
%
19.7
%
16.2
%
Distribution
8.1
%
9.5
%
8.0
%
7.7
%
Corporate
n/a
n/a
n/a
n/a
Total
12.4
%
10.9
%
13.1
%
10.4
%
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
Quarter Ended June 30,
2022
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
173,090
$
60,075
$
233,165
$
(9
)
$
233,156
Gross profit
74,716
Gross margin
32.0
%
Operating income (loss)
28,034
4,269
32,303
(9,686
)
22,617
Add: Acquisition and integration costs
—
—
—
401
401
Add: Environmental charges
—
—
—
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
Quarter Ended June 30,
2021
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
137,227
$
50,156
$
187,383
$
(14
)
$
187,369
Gross profit
54,994
Add: Restructuring expenses and other
adjustments
102
Adjusted gross profit
55,096
Gross margin as adjusted
29.4
%
Operating income (loss)
17,902
4,214
22,116
(6,247
)
15,869
Add: Restructuring expenses and other
adjustments
102
—
102
—
102
Add: Acquisition and integration costs
—
—
—
124
124
Less: Gain on sale of assets
(995
)
—
(995
)
—
(995
)
Adjusted operating income (loss)(1)
17,009
4,214
21,223
(6,123
)
15,100
Adjusted operating income margin
12.4
%
8.4
%
11.3
%
n/a
8.1
%
Add: Depreciation and amortization
4,718
547
5,265
105
5,370
Adjusted EBITDA
$
21,727
$
4,761
$
26,488
$
(6,018
)
$
20,470
Adjusted EBITDA margin
15.8
%
9.5
%
14.1
%
n/a
10.9
%
(1) Includes gross profit adjustments of
$102 and SG&A adjustments of ($871)
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
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
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
Add: Acquisition and integration costs
—
—
—
476
476
Add: Restructuring expenses and other
adjustments
390
—
390
—
390
Add: Loss on sale of assets
261
—
261
—
261
Add: Environmental charges
—
—
—
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
Six Months Ended June 30,
2021
Material Handling
Distribution
Segment Total
Corporate Other
Total
Net sales
$
267,120
$
94,706
$
361,826
$
(28
)
$
361,798
Gross profit
105,407
Add: Restructuring expenses and other
adjustments
102
Adjusted gross profit
105,509
Gross margin as adjusted
29.2
%
Operating income (loss)
34,829
5,652
40,481
(13,747
)
26,734
Add: Severance costs
—
527
527
318
845
Add: Restructuring expenses and other
adjustments
102
—
102
—
102
Add: Acquisition and integration costs
—
—
—
267
267
Less: Gain on sale of assets
(995
)
—
(995
)
—
(995
)
Adjusted operating income (loss)(1)
33,936
6,179
40,115
(13,162
)
26,953
Adjusted operating income margin
12.7
%
6.5
%
11.1
%
n/a
7.4
%
Add: Depreciation and amortization
9,237
1,090
10,327
203
10,530
Adjusted EBITDA
$
43,173
$
7,269
$
50,442
$
(12,959
)
$
37,483
Adjusted EBITDA margin
16.2
%
7.7
%
13.9
%
n/a
10.4
%
(1) Includes gross profit adjustments of
$102 and SG&A adjustments of $117
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
INCOME AND EARNINGS PER
DILUTED SHARE (UNAUDITED)
(Dollars in thousands, except
per share data)
Quarter Ended June 30,
Six Months Ended June
30,
2022
2021
2022
2021
Operating income (loss)
$
22,617
$
15,869
$
47,022
$
26,734
Add: Severance costs
—
—
—
845
Add: Restructuring expenses and other
adjustments
—
102
390
102
Add: Acquisition and integration costs
401
124
476
267
Add: Loss on sale of assets
—
—
261
—
Less: Gain on sale of assets
—
(995
)
—
(995
)
Add: Environmental charges
600
—
1,300
—
Adjusted operating income (loss)
23,618
15,100
49,449
26,953
Less: Interest expense, net
(1,211
)
(999
)
(2,358
)
(1,994
)
Adjusted income (loss) before taxes
22,407
14,101
47,091
24,959
Less: Income tax expense(1)
(5,826
)
(3,666
)
(12,244
)
(6,489
)
Adjusted net income (loss)
$
16,581
$
10,435
$
34,847
$
18,470
Adjusted earnings per diluted share(2)
$
0.45
$
0.29
$
0.95
$
0.51
(1) Income taxes are calculated using the
normalized effective tax rate for each year. The rate used in 2022
and 2021 is 26%.
(2) Adjusted earnings per diluted share is
calculated using the weighted average common shares outstanding for
the respective period.
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)
June 30, 2022
December 31, 2021
Assets
Current Assets
Cash
$
22,434
$
17,655
Accounts receivable, net
132,002
100,691
Income tax receivable
—
2,517
Inventories, net
108,902
93,551
Prepaid expenses and other current
assets
11,301
5,500
Total Current Assets
274,639
219,914
Property, plant, & equipment, net
94,945
92,049
Right of use asset - operating leases
29,052
29,285
Deferred income taxes
106
106
Other assets
155,270
143,195
Total Assets
$
554,012
$
484,549
Liabilities & Shareholders'
Equity
Current Liabilities
Accounts payable
$
104,314
$
81,690
Accrued expenses
49,454
44,969
Operating lease liability - short-term
5,774
5,341
Finance lease liability - short-term
509
500
Total Current Liabilities
160,051
132,500
Long-term debt
103,956
90,945
Operating lease liability - long-term
23,242
23,815
Finance lease liability - long-term
9,179
9,437
Other liabilities
13,863
13,086
Deferred income taxes
6,463
5,441
Total Shareholders' Equity
237,258
209,325
Total Liabilities & Shareholders'
Equity
$
554,012
$
484,549
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Six Months Ended June
30,
2022
2021
Cash Flows From Operating
Activities
Net income
$
33,168
$
18,380
Adjustments to reconcile net income to net
cash provided by (used for) operating activities
Depreciation and amortization
10,683
10,752
Non-cash stock-based compensation
expense
3,860
1,829
Gain on disposal of fixed assets
(688
)
(996
)
Other
698
(907
)
Cash flows provided by (used for) working
capital
Accounts receivable
(21,200
)
(15,250
)
Inventories
(7,259
)
(13,411
)
Prepaid expenses and other current
assets
(5,702
)
(4,814
)
Accounts payable and accrued expenses
20,739
25,718
Net cash provided by (used for) operating
activities
34,299
21,301
Cash Flows From Investing
Activities
Capital expenditures
(10,943
)
(8,220
)
Acquisition of business, net of cash
acquired
(24,253
)
(1,223
)
Proceeds from sale of property, plant, and
equipment
1,499
2,848
Net cash provided by (used for) investing
activities
(33,697
)
(6,595
)
Cash Flows From Financing
Activities
Net borrowings from revolving credit
facility
13,000
19,900
Repayments of long-term debt
—
(40,000
)
Payments on finance lease
(249
)
(161
)
Cash dividends paid
(9,934
)
(9,809
)
Proceeds from issuance of common stock
1,838
2,420
Shares withheld for employee taxes on
equity awards
(347
)
(748
)
Deferred financing fees
—
(1,095
)
Net cash provided by (used for) financing
activities
4,308
(29,493
)
Foreign exchange rate effect on cash
(131
)
29
Net increase (decrease) in cash
4,779
(14,758
)
Cash at January 1
17,655
28,301
Cash at June 30
$
22,434
$
13,543
MYERS INDUSTRIES, INC.
RECONCILIATION OF FREE CASH
FLOW TO GAAP NET CASH PROVIDED BY
(USED FOR) OPERATING
ACTIVITIES – CONTINUING OPERATIONS
(UNAUDITED)
(Dollars in thousands)
YTD
YTD
June 30, 2022
June 30, 2021
Net cash provided by (used for) operating
activities
$
34,299
$
21,301
Capital expenditures
(10,943
)
(8,220
)
Free cash flow
$
23,356
$
13,081
YTD
YTD
Quarter
June 30, 2022
March 31, 2022
June 30, 2022
Net cash provided by (used for) operating
activities
$
34,299
-
$
7,292
=
$
27,007
Capital expenditures
(10,943
)
-
(5,060
)
=
(5,883
)
Free cash flow
$
23,356
-
$
2,232
=
$
21,124
YTD
YTD
Quarter
June 30, 2021
March 31, 2021
June 30, 2021
Net cash provided by (used for) operating
activities
$
21,301
-
$
6,588
=
$
14,713
Capital expenditures
(8,220
)
-
(5,238
)
=
(2,982
)
Free cash flow
$
13,081
-
$
1,350
=
$
11,731
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
ADJUSTED DILUTED EARNINGS PER
SHARE
(UNAUDITED)
Full Year 2022
Guidance
Low
High
GAAP diluted net income per common
share
$
1.33
$
1.53
Add: Net restructuring expenses and other
adjustments
0.02
0.02
Add: Acquisition and integration costs
0.02
0.02
Add: Environmental charges
0.03
0.03
Adjusted diluted earnings per share
$
1.40
$
1.60
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220802005303/en/
Monica Vinay, Vice President, Investor Relations &
Treasurer, (330) 761-6212
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