Myers Industries Q2 sales down 10.6%; lowers FY revenue guidance, maintains adj EPS guidance

MYERS INDUSTRIES INC

2023-Q2 EPS reported $0.64 revenue$424,192,000

Net sales $208.5M, down 10.6% YoY; GAAP EPS $0.29 vs $0.43; adjusted EPS $0.35 vs $0.45.
Material Handling sales fell 17.2% on weaker RV/marine demand; Distribution sales up 8.5% aided by Mohawk acquisition.
Gross margin expanded 80 bps to 32.8% despite lower volumes; self-help initiatives cited.
Full-year revenue guidance lowered to mid-single-digit decline; adjusted EPS guidance maintained at $1.55-$1.85.
Deactivated a Roto Molding facility and took cost actions in response to softer end-market demand.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MYERS INDUSTRIES INC reported second quarter ended June 30, 2023 results: revenue $208.5 million, EPS $0.29. Guidance lowered.

Period: second quarter ended June 30, 2023
Revenue: $208.5 million
EPS: $0.29
Guidance: lowered
Result: reported results

Exact text from the filing

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 • Net sales of $208.5 million compared to $233.2 million in the prior year period • Gross margin of 32.8%, up 80 basis points versus the prior year period • GAAP net income per diluted share of $0.29 compared to $0.43 in the prior year period • Adjusted earnings per diluted share of $0.35 compared to $0.45 in the prior year period

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accession 0000950170-23-037548

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