Strong Execution Drives Record Top and Bottom
Line Results Reiterates Full Year Fiscal 2022 Revenue Outlook and
Raises Earnings Outlook
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 third quarter ended September 30, 2022.
Third Quarter 2022 Financial
Highlights
- Net sales increased 14% to $228.1 million, compared with $200.1
million for the third quarter of 2021
- On an organic basis, net sales increased 4% compared with the
third quarter of 2021
- Earnings per diluted share increased 68% to $0.37, compared
with $0.22 for the third quarter of 2021
- Adjusted earnings per diluted share increased 78% to $0.41,
compared with $0.23 for the third quarter of 2021
- Adjusted EBITDA increased 57% to $27.2 million, compared with
$17.3 million for the third quarter of 2021
- Cash flow provided by operations was $16.5 million and free
cash flow was $9.8 million, compared with cash flow used for
operations of $7.8 million and negative free cash flow of $13.8
million for the third quarter of 2021
Myers Industries' President and CEO Mike McGaugh said, "I'm
pleased to report a third consecutive quarter of record
performance, highlighted by solid top-line growth, consistent
execution by our team, and continued year-over-year margin
expansion. During the third quarter, we made further progress
against our 3-horizon strategy. We saw meaningful benefits from our
value-based pricing actions and sales and operations process
improvements, which mitigated most of the effects of ongoing
inflationary and macro-environmental headwinds. Our sustained
performance over several quarters, and across a variety of economic
conditions, supports our confidence that we can continue to
successfully execute on our transformation across future market and
economic cycles."
McGaugh continued, "Given the resilience of our business model
and another quarter of record results, we are raising our earnings
outlook for 2022. We are revising our adjusted EPS range from $1.40
- $1.60 to $1.50 - $1.70. Our net sales expectations remain the
same, with growth in the high teens range year-over-year. We are
near the successful completion of Horizon One of our strategy and
our strategic work to begin execution of Horizon Two is under way.
Within that next phase, we expect to broaden our focus around
plastic durable goods, as well as adjacencies with competitive
moats and large format products."
Third Quarter 2022 Financial
Summary
Quarter Ended September
30,
(Dollars in thousands, except per share
data)
2022
2021
% Inc (Dec)
Net sales
$228,065
$200,058
14.0%
Gross profit
$71,648
$54,198
32.2%
Gross margin
31.4%
27.1%
Operating income
$19,897
$11,817
68.4%
Net income:
Net income
$13,671
$7,903
73.0%
Net income per diluted share
$0.37
$0.22
68.2%
Adjusted operating income
$22,013
$12,528
75.7%
Adjusted net income:
Net income
$15,018
$8,489
76.9%
Net income per diluted share
$0.41
$0.23
78.3%
Adjusted EBITDA
$27,172
$17,286
57.2%
Net sales were $228.1 million, an increase of $28.0 million, or
14.0%, compared with $200.1 million for the third quarter of 2021,
driven by sales increases in both the Material Handling and
Distribution segments. Excluding the incremental $19.4 million of
net sales from the Trilogy Plastics and Mohawk Rubber acquisitions,
organic net sales increased 4.3%. Favorable pricing of 11% was
partially offset by a decrease in volume/mix of 6%.
Gross profit increased $17.5 million, or 32.2% to $71.6 million,
primarily due to the increased contribution from pricing actions
and the Mohawk Rubber and Trilogy Plastics acquisitions, partially
offset by a change in sales mix and lower volume. Gross margin was
31.4% compared with 27.1% for the third quarter of 2021. Selling,
general and administrative expenses increased $9.2 million, or
21.7% to $51.8 million due to cost inflation, the Mohawk Rubber and
Trilogy Plastics acquisitions, higher salaries, commissions and
incentive compensation costs and a charge for estimated
environmental liabilities. SG&A as a percentage of sales
increased to 22.7%, compared with 21.3% in the same period last
year. Net income per diluted share was $0.37, compared with $0.22
for the third quarter of 2021. Adjusted earnings per diluted share
were $0.41, compared with $0.23 for the third quarter of 2021.
Third 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
Q3 2022 Results
$155.7
$24.0
$24.2
15.6%
Q3 2021 Results
$149.7
$15.1
$15.2
10.2%
Increase (decrease) vs prior year
4.0%
59.0%
58.9%
+540 bps
Net sales for the Material Handling Segment were $155.7 million,
an increase of $6.0 million, or 4.0%, compared with $149.7 million
for the third quarter of 2021. Excluding the incremental $2.9
million of net sales from the Trilogy Plastics acquisition, organic
net sales increased 2.1%. Organic net sales increases in the food
and beverage and industrial markets were partially offset by lower
sales in the consumer and recreational vehicle markets. Operating
income increased 59.0% to $24.0 million, compared with $15.1
million in 2021. Adjusted operating income increased 58.9% to $24.2
million, compared with $15.2 million in 2021. Contributions from
pricing actions more than offset a change in sales mix and lower
volume. Additionally, SG&A expenses were higher year-over-year.
The increase in SG&A expenses was primarily due to cost
inflation, the Trilogy Plastics acquisition, higher salaries,
incentive compensation costs and variable selling expenses. The
Material Handling Segment’s adjusted operating income margin
increased 540 basis points to 15.6%, compared with 10.2% for the
third quarter of 2021.
Distribution
Net Sales
Op Income
Adj Op Income
Adj Op Income Margin
Q3 2022 Results
$72.4
$4.9
$5.2
7.1%
Q3 2021 Results
$50.4
$4.4
$4.4
8.7%
Increase vs prior year
43.6%
11.9%
18.1%
-160 bps
Net sales for the Distribution Segment were $72.4 million, an
increase of $22.0 million, or 43.6%, compared with $50.4 million
for the third quarter of 2021. Excluding the incremental $16.6
million of net sales from the Mohawk Rubber acquisition, organic
net sales increased 10.8%. Operating income increased 11.9% to $4.9
million, compared with $4.4 million in 2021. The contribution from
higher pricing and increased volume 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 cost inflation, the Mohawk Rubber acquisition and higher
variable selling and incentive compensation costs. The Distribution
Segment’s adjusted operating income margin was 7.1%, compared with
8.7% for the third quarter of 2021.
Balance Sheet & Cash
Flow
As of September 30, 2022, the Company’s cash on hand totaled
$20.4 million. Total debt as of September 30, 2022 was $107.5
million.
For the third quarter of 2022, cash flow provided by operations
was $16.5 million and free cash flow was $9.8 million, compared
with cash flow used for operations of $7.8 million and negative
free cash flow of $13.8 million for the third quarter of 2021. The
increase in cash flow was driven primarily by higher earnings.
Capital expenditures for the third quarter of 2022 were $6.7
million, compared with $6.0 million for the third 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 $1.39 to $1.59; adjusted diluted
EPS in the range of $1.50 to $1.70
- 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, October 27, 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://netroadshow.com/events/login?show=8517ab78&confid=43045.
Upon registering, each participant will receive access details 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, (Canada) 1-226-828-7578 or (all
other locations) +44-204-525-0658. The Access Code is 834780.
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
Nine Months Ended
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Net sales
$
228,065
$
200,058
$
686,707
$
561,856
Cost of sales
156,417
145,860
468,415
402,251
Gross profit
71,648
54,198
218,292
159,605
Selling, general and administrative
expenses
51,756
42,531
152,066
122,200
(Gain) loss on disposal of fixed
assets
(5
)
(150
)
(693
)
(1,146
)
Operating income (loss)
19,897
11,817
66,919
38,551
Interest expense, net
1,719
1,056
4,077
3,050
Income (loss) before income
taxes
18,178
10,761
62,842
35,501
Income tax expense (benefit)
4,507
2,858
16,003
9,218
Net income (loss)
$
13,671
$
7,903
$
46,839
$
26,283
Net income (loss) per common
share:
Basic
$
0.37
$
0.22
$
1.29
$
0.73
Diluted
$
0.37
$
0.22
$
1.28
$
0.72
Weighted average common shares
outstanding:
Basic
36,472,378
36,195,560
36,383,398
36,103,894
Diluted
36,717,153
36,402,276
36,678,955
36,328,765
MYERS INDUSTRIES, INC.
SALES AND EARNINGS BY SEGMENT
(UNAUDITED)
(Dollars in thousands)
Quarter Ended September
30,
Nine Months Ended September
30,
2022
2021
% Change
2022
2021
% Change
Net sales
Material Handling
$
155,658
$
149,664
4.0
%
$
505,384
$
416,784
21.3
%
Distribution
72,416
50,413
43.6
%
$
181,352
$
145,119
25.0
%
Inter-company Sales
(9
)
(19
)
-
$
(29
)
$
(47
)
-
Total
$
228,065
$
200,058
14.0
%
$
686,707
$
561,856
22.2
%
Operating income (loss)
Material Handling
$
23,962
$
15,066
59.0
%
$
83,216
$
49,895
66.8
%
Distribution
4,899
4,377
11.9
%
12,469
10,029
24.3
%
Corporate
(8,964
)
(7,626
)
-
(28,766
)
(21,373
)
-
Total
$
19,897
$
11,817
68.4
%
$
66,919
$
38,551
73.6
%
Adjusted operating income
(loss)
Material Handling
$
24,222
$
15,242
58.9
%
$
84,127
$
49,178
71.1
%
Distribution
5,170
4,377
18.1
%
12,740
10,556
20.7
%
Corporate
(7,379
)
(7,091
)
-
(25,405
)
(20,253
)
-
Total
$
22,013
$
12,528
75.7
%
$
71,462
$
39,481
81.0
%
Adjusted operating income
margin
Material Handling
15.6
%
10.2
%
16.6
%
11.8
%
Distribution
7.1
%
8.7
%
7.0
%
7.3
%
Corporate
n/a
n/a
n/a
n/a
Total
9.7
%
6.3
%
10.4
%
7.0
%
Adjusted EBITDA
Material Handling
$
28,437
$
19,379
46.7
%
$
97,366
$
62,552
55.7
%
Distribution
6,021
4,900
22.9
%
14,769
12,169
21.4
%
Corporate
(7,286
)
(6,993
)
-
(25,073
)
(19,952
)
-
Total
$
27,172
$
17,286
57.2
%
$
87,062
$
54,769
59.0
%
Adjusted EBITDA margin
Material Handling
18.3
%
12.9
%
19.3
%
15.0
%
Distribution
8.3
%
9.7
%
8.1
%
8.4
%
Corporate
n/a
n/a
n/a
n/a
Total
11.9
%
8.6
%
12.7
%
9.7
%
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
Quarter Ended September 30,
2022
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
155,658
$
72,416
$
228,074
$
(9
)
$
228,065
Gross profit
71,648
Add: Restructuring expenses and other
adjustments
260
Adjusted gross profit
71,908
Gross margin
31.5
%
Operating income (loss)
23,962
4,899
28,861
(8,964
)
19,897
Add: Acquisition and integration costs
—
271
271
85
356
Add: Restructuring expenses and other
adjustments
260
—
260
—
260
Add: Environmental charges
—
—
—
1,500
1,500
Adjusted operating income (loss)(1)
24,222
5,170
29,392
(7,379
)
22,013
Adjusted operating income margin
15.6
%
7.1
%
12.9
%
n/a
9.7
%
Add: Depreciation and amortization
4,215
851
5,066
93
5,159
Adjusted EBITDA
$
28,437
$
6,021
$
34,458
$
(7,286
)
$
27,172
Adjusted EBITDA margin
18.3
%
8.3
%
15.1
%
n/a
11.9
%
(1) Includes gross profit adjustments of
$260 and SG&A adjustments of $1,856
Quarter Ended September 30,
2021
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
149,664
$
50,413
$
200,077
$
(19
)
$
200,058
Gross profit
54,198
Add: Restructuring expenses and other
adjustments
145
Add: Acquisition and integration costs
31
Adjusted gross profit
54,374
Gross margin as adjusted
27.2
%
Operating income (loss)
15,066
4,377
19,443
(7,626
)
11,817
Add: Restructuring expenses and other
adjustments
145
—
145
—
145
Add: Acquisition and integration costs
31
—
31
535
566
Adjusted operating income (loss)(1)
15,242
4,377
19,619
(7,091
)
12,528
Adjusted operating income margin
10.2
%
8.7
%
9.8
%
n/a
6.3
%
Add: Depreciation and amortization
4,137
523
4,660
98
4,758
Adjusted EBITDA
$
19,379
$
4,900
$
24,279
$
(6,993
)
$
17,286
Adjusted EBITDA margin
12.9
%
9.7
%
12.1
%
n/a
8.6
%
(1) Includes gross profit adjustments of
$176 and SG&A adjustments of $535
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
Nine Months Ended September
30, 2022
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
505,384
$
181,352
$
686,736
$
(29
)
$
686,707
Gross profit
218,292
Add: Restructuring expenses and other
adjustments
650
Adjusted gross profit
218,942
Gross margin as adjusted
31.9
%
Operating income (loss)
83,216
12,469
95,685
(28,766
)
66,919
Add: Acquisition and integration costs
—
271
271
561
832
Add: Restructuring expenses and other
adjustments
650
—
650
—
650
Add: Loss on sale of assets
261
—
261
—
261
Add: Environmental charges
—
—
—
2,800
2,800
Adjusted operating income (loss)(1)
84,127
12,740
96,867
(25,405
)
71,462
Adjusted operating income margin
16.6
%
7.0
%
14.1
%
n/a
10.4
%
Add: Depreciation and amortization
13,239
2,029
15,268
332
15,600
Adjusted EBITDA
$
97,366
$
14,769
$
112,135
$
(25,073
)
$
87,062
Adjusted EBITDA margin
19.3
%
8.1
%
16.3
%
n/a
12.7
%
(1) Includes gross profit adjustments of
$650 and SG&A adjustments of $3,893
Nine Months Ended September
30, 2021
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
416,784
$
145,119
$
561,903
$
(47
)
$
561,856
Gross profit
159,605
Add: Restructuring expenses and other
adjustments
247
Add: Acquisition and integration costs
31
Adjusted gross profit
159,883
Gross margin as adjusted
28.5
%
Operating income (loss)
49,895
10,029
59,924
(21,373
)
38,551
Add: Severance costs
—
527
527
318
845
Add: Restructuring expenses and other
adjustments
247
—
247
—
247
Add: Acquisition and integration costs
31
—
31
802
833
Less: Gain on sale of assets
(995
)
—
(995
)
—
(995
)
Adjusted operating income (loss)(1)
49,178
10,556
59,734
(20,253
)
39,481
Adjusted operating income margin
11.8
%
7.3
%
10.6
%
n/a
7.0
%
Add: Depreciation and amortization
13,374
1,613
14,987
301
15,288
Adjusted EBITDA
$
62,552
$
12,169
$
74,721
$
(19,952
)
$
54,769
Adjusted EBITDA margin
15.0
%
8.4
%
13.3
%
n/a
9.7
%
(1) Includes gross profit adjustments of
$278 and SG&A adjustments of $651
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 September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Operating income (loss)
$
19,897
$
11,817
$
66,919
$
38,551
Add: Severance costs
—
—
—
845
Add: Restructuring expenses and other
adjustments
260
145
650
247
Add: Acquisition and integration costs
356
566
832
833
Add: Loss on sale of assets
—
—
261
—
Less: Gain on sale of assets
—
—
—
(995
)
Add: Environmental charges
1,500
—
2,800
—
Adjusted operating income (loss)
22,013
12,528
71,462
39,481
Less: Interest expense, net
(1,719
)
(1,056
)
(4,077
)
(3,050
)
Adjusted income (loss) before taxes
20,294
11,472
67,385
36,431
Less: Income tax expense(1)
(5,276
)
(2,983
)
(17,520
)
(9,472
)
Adjusted net income (loss)
$
15,018
$
8,489
$
49,865
$
26,959
Adjusted earnings per diluted share(2)
$
0.41
$
0.23
$
1.36
$
0.74
(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)
September 30, 2022
December 31, 2021
Assets
Current Assets
Cash
$
20,424
$
17,655
Accounts receivable, net
128,839
100,691
Income tax receivable
—
2,517
Inventories, net
108,158
93,551
Prepaid expenses and other current
assets
10,491
5,500
Total Current Assets
267,912
219,914
Property, plant, & equipment, net
97,898
92,049
Right of use asset - operating leases
29,809
29,285
Deferred income taxes
105
106
Other assets
154,000
143,195
Total Assets
$
549,724
$
484,549
Liabilities & Shareholders'
Equity
Current Liabilities
Accounts payable
$
97,131
$
81,690
Accrued expenses
49,528
44,969
Operating lease liability - short-term
6,155
5,341
Finance lease liability - short-term
513
500
Total Current Liabilities
153,327
132,500
Long-term debt
97,961
90,945
Operating lease liability - long-term
23,666
23,815
Finance lease liability - long-term
9,050
9,437
Other liabilities
13,691
13,086
Deferred income taxes
7,052
5,441
Total Shareholders' Equity
244,977
209,325
Total Liabilities & Shareholders'
Equity
$
549,724
$
484,549
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Nine Months Ended September
30,
2022
2021
Cash Flows From Operating
Activities
Net income
$
46,839
$
26,283
Adjustments to reconcile net income to net
cash provided by (used for) operating activities
Depreciation and amortization
15,963
15,631
Non-cash stock-based compensation
expense
5,168
2,601
Gain on disposal of fixed assets
(693
)
(1,146
)
Other
292
(2,096
)
Cash flows provided by (used for) working
capital
Accounts receivable
(18,751
)
(29,528
)
Inventories
(7,016
)
(21,827
)
Prepaid expenses and other current
assets
(4,912
)
(2,378
)
Accounts payable and accrued expenses
13,869
26,004
Net cash provided by (used for) operating
activities
50,759
13,544
Cash Flows From Investing
Activities
Capital expenditures
(17,615
)
(14,264
)
Acquisition of business, net of cash
acquired
(24,253
)
(35,473
)
Proceeds from sale of property, plant, and
equipment
1,525
3,051
Net cash provided by (used for) investing
activities
(40,343
)
(46,686
)
Cash Flows From Financing
Activities
Net borrowings from revolving credit
facility
7,000
73,400
Repayments of long-term debt
—
(40,000
)
Payments on finance lease
(374
)
(281
)
Cash dividends paid
(14,872
)
(14,701
)
Proceeds from issuance of common stock
2,059
3,235
Shares withheld for employee taxes on
equity awards
(450
)
(853
)
Deferred financing fees
(718
)
(1,095
)
Net cash provided by (used for) financing
activities
(7,355
)
19,705
Foreign exchange rate effect on cash
(292
)
(35
)
Net increase (decrease) in cash
2,769
(13,472
)
Cash at January 1
17,655
28,301
Cash at September 30
$
20,424
$
14,829
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
September 30, 2022
September 30, 2021
Net cash provided by (used for) operating
activities
$
50,759
$
13,544
Capital expenditures
(17,615
)
(14,264
)
Free cash flow
$
33,144
$
(720
)
YTD
YTD
Quarter
September 30, 2022
June 30, 2022
September 30, 2022
Net cash provided by (used for) operating
activities
$
50,759
-
$
34,299
=
$
16,460
Capital expenditures
(17,615
)
-
(10,943
)
=
(6,672
)
Free cash flow
$
33,144
-
$
23,356
=
$
9,788
YTD
YTD
Quarter
September 30, 2021
June 30, 2021
September 30, 2021
Net cash provided by (used for) operating
activities
$
13,544
-
$
21,301
=
$
(7,757
)
Capital expenditures
(14,264
)
-
(8,220
)
=
(6,044
)
Free cash flow
$
(720
)
-
$
13,081
=
$
(13,801
)
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
$
1.39
$
1.59
Add: Net restructuring expenses and other
adjustments
0.03
0.03
Add: Acquisition and integration costs
0.02
0.02
Add: Environmental charges
0.06
0.06
Adjusted diluted earnings per share
$
1.50
$
1.70
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221027005128/en/
Monica Vinay, Interim CFO and Vice President, Investor Relations
& Treasurer, (330) 761-6212
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