Myers Industries Q1 net sales down 4.3% to $215.7M; adj EPS $0.38 vs $0.50; reaffirms FY outlook

MYERS INDUSTRIES INC

2023-Q1 EPS reported $0.35 revenue$215,739,000

GAAP EPS $0.35 vs $0.47; adjusted EPS $0.38 vs $0.50; gross margin expanded 100 bps to 32.9%.
Material Handling segment sales fell 13.6% to $152.6M on consumer/RV weakness; Distribution up 29.3% to $63.2M, aided by Mohawk Rubber.
Operating cash flow $25.8M and free cash flow $16.7M, up sharply from $7.3M and $2.2M a year ago.
FY2023 guidance reaffirmed: GAAP EPS $1.50-$1.80, adjusted EPS $1.55-$1.85; capex $25-$30M.
Management cites self-help cost measures and 'Myers Business System' to offset demand headwinds in RV and consumer discretionary markets.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.7

MYERS INDUSTRIES INC reported the first quarter ended March 31, 2023 results: revenue $215.7 million, net income $12,976, EPS $0.35.

Period: the first quarter ended March 31, 2023
Revenue: $215.7 million
Net income: $12,976
EPS: $0.35
Result: reported results

Exact text from the filing

the tire, wheel, and under-vehicle service industry, today announced results for the first quarter ended March 31, 2023. First Quarter 2023 Financial Highlights • Net sales of $215.7 million compared to $225.5 million in the prior year period • Gross margin of 32.9%, up 100 basis points versus the prior year period • GAAP net income per diluted share of $0.35

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Source: SEC EDGAR

accession 0000950170-23-017438

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