Myers Industries Q3 net sales down 13.3%; lowers FY2023 adjusted EPS guidance to $1.35-$1.40

MYERS INDUSTRIES INC

2023-Q3 EPS reported $0.98 revenue$621,990,000

Net sales $197.8M (-13.3% YoY); GAAP EPS $0.34 vs $0.37; adjusted EPS $0.38 vs $0.41.
Material Handling segment sales down 14.9% to $132.5M; Distribution segment sales down 9.8% but op income up slightly.
Free cash flow $18.1M, up from $9.8M; total debt reduced to $69.3M.
FY2023 outlook: net sales decline mid-to-high single digits; adjusted EPS lowered to $1.35-$1.40 range.
Gross margin expanded 10 bps to 31.5% despite revenue headwinds, driven by cost initiatives.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.97

MYERS INDUSTRIES INC reported the third quarter ended September 30, 2023 results: revenue $197.8 million, net income $12,747 thousand, EPS $0.34.

Period: the third quarter ended September 30, 2023
Revenue: $197.8 million
Net income: $12,747 thousand
EPS: $0.34
Result: reported results

Exact text from the filing

tire, wheel, and under-vehicle service industry, today announced results for the third quarter ended September 30, 2023. Third Quarter 2023 Financial Highlights • Net sales of $197.8 million compared to $228.1 million in the prior year period • Gross margin of 31.5%, up 10 basis points versus the prior year period • GAAP net income per diluted share of $0.34 compared

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Source: SEC EDGAR

accession 0000950170-23-057103

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