Increased Demand and Focused Execution Drive
Continued Strong Sales Growth
Sales Increased 32% on an Organic Basis, 58%
Including Elkhart Acquisition
Recent Acquisition of Trilogy Plastics and
Updated Corporate Brand Identity Reinforces “One Myers” Strategic
Vision
Myers Industries, Inc. (NYSE: MYE), a leading manufacturer of a
wide range of polymer products and distributor for the tire, wheel,
and under-vehicle service industry, today announced results for the
second quarter ended June 30, 2021.
Second Quarter 2021 Financial
Highlights
- Net sales increased $69.0 million, or 58.3% to $187.4 million,
including $30.9 million, or 26.1% from the Elkhart Plastics
acquisition, compared with $118.4 million for the second quarter of
2020
- Net income per diluted share was $0.30, compared with $0.23 for
the second quarter of 2020
- Adjusted earnings per diluted share was $0.29, compared with
$0.23 for the second quarter of 2020
- Cash flow from operations was $14.7 million and free cash flow
was $11.7 million, compared with $6.8 million and $3.7 million,
respectively, for the second quarter of 2020
Myers Industries’ President and CEO, Mike McGaugh, said, “The
team’s ability to strategically manage the dynamic macro
environment over the past few months is indicative of our overall
strong operational performance during the first half of 2021. We
continued to see increased demand from our core end-markets, which
led to higher volumes across our business. Despite strong volume
growth, our second quarter results were impacted by continued raw
material inflation, which did outpace our price increases. We’ve
continued to take incremental pricing actions to offset these
unprecedented increases in raw material costs.”
McGaugh added, “Additionally, we continue to make progress in
achieving our ‘One Myers’ strategic vision. Earlier this week, we
announced the acquisition of Trilogy Plastics which comes after the
successful integration of the Elkhart business over the last nine
months. We are very excited to welcome the Trilogy team to the
Myers family and are eager to move forward together as a leading
producer of high-quality molded plastic products. We believe this
combination will bring additional opportunities in the rotational
molding industry and allow us to continue to raise the standard of
commercial excellence and customer service within our
industry.”
McGaugh concluded, “We also recently unveiled our updated
corporate brand identity. This new visual identity is another
important step in our strategic transformation. We look forward to
continuing to advance our culture towards our ‘One Myers’
initiative while further driving our values of integrity, optimism,
customer focus and can-do spirit throughout our operations.”
Second Quarter 2021 Financial
Summary
Quarter Ended June 30,
2021
2020
Inc (Dec)
(Dollars in millions, except per
share data)
Net sales
$187.4
$118.4
58.3%
Operating income
$15.9
$12.3
29.5%
Adjusted operating income
$15.1
$12.3
23.2%
Adjusted operating income margin
8.1%
10.4%
-230 bps
Net income
$11.1
$8.4
32.3%
Adjusted net income
$10.4
$8.2
27.5%
Net income per diluted share
$0.30
$0.23
30.4%
Adjusted earnings per diluted share
$0.29
$0.23
26.1%
Net sales for the second quarter of 2021 were $187.4 million, an
increase of $69.0 million, or 58.3%, compared with $118.4 million
for the second quarter of 2020, driven by increases in both the
Material Handling and Distribution segments. Excluding the $30.9
million net sales impact from the Elkhart acquisition, organic net
sales increased 26% due to higher volume/mix, 5% due to favorable
price and 1% due to foreign currency exchange.
Gross profit increased $12.4 million, or 29.2% to $55.0 million,
primarily due to the increased contribution from volume/mix and the
Elkhart Plastics acquisition. Partially offsetting these
contributions were higher raw material costs, primarily resin,
which were not fully recovered by pricing actions and led to an
unfavorable price-to-cost relationship for the quarter. As a
result, gross margin was 29.4% compared with 36.0% for the second
quarter of 2020. Selling, general and administrative expenses
increased $9.8 million, or 32.3% to $40.1 million, reflecting the
Elkhart Plastics acquisition, higher salaries and incentive
compensation and an increase in legal fees, partially offset by
lower amortization expense. SG&A as a percentage of sales
declined to 21.4% in the second quarter, compared with 25.6% in the
same period last year. Net income per diluted share was $0.30,
compared with $0.23 for the second quarter of 2020. Adjusted
earnings per diluted share were $0.29, compared with $0.23 for the
second quarter of 2020.
Second Quarter 2021 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 2021 Results
$137.2
$17.9
$17.0
12.4%
Increase (decrease) vs prior year
69.7%
13.3%
7.7%
-710 bps
Net sales for the second quarter of 2021 were $137.2 million, an
increase of $56.4 million, or 69.7%, compared with $80.9 million
for the second quarter of 2020. Excluding the $30.9 million net
sales impact from the Elkhart acquisition, organic net sales
increased 24% due to higher volume/mix, 6% due to favorable price
and 2% due to foreign currency exchange. Sales increased in the
vehicle, industrial, food and beverage, and consumer end markets.
Operating income increased 13.3% to $17.9 million, compared with
$15.8 million in 2020. Adjusted operating income increased to $17.0
million, compared with $15.8 million in 2020. The increase was
primarily due to increased volume/mix and the Elkhart Plastics
acquisition. Partially offsetting these contributions were higher
raw material costs, primarily resin, which were not fully recovered
by pricing actions and led to an unfavorable price-to-cost
relationship for the quarter. Additionally, SG&A expenses were
higher year-over-year. The increase in SG&A expenses was
primarily due to the Elkhart Plastics acquisition, higher salaries
and incentive compensation costs, increased travel costs and higher
legal fees, partially offset by a decrease in amortization expense.
The Material Handling Segment’s adjusted operating income margin
was 12.4%, compared with 19.5% for the second quarter of 2020.
Distribution
Net Sales
Op Income
Adj Op Income
Adj Op Income Margin
Q2 2021 Results
$50.2
$4.2
$4.2
8.4%
Increase vs prior year
33.6%
157.6%
157.6%
+400 bps
Net sales for the second quarter of 2021 were $50.2 million, an
increase of $12.6 million, or 33.6%, compared with $37.5 million
for the second quarter of 2020. The increase was driven by higher
volume/mix across both equipment and supplies. Operating income
increased to $4.2 million, compared with $1.6 million in 2020. The
increase in operating income was largely due to contributions from
higher volume/mix, partially offset by higher incentive
compensation costs. The Distribution Segment’s adjusted operating
income margin was 8.4%, compared with 4.4% for the second quarter
of 2020.
2021 Outlook
The Company updated its outlook for fiscal 2021, and currently
forecasts:
- Net sales growth in the mid 40% range, with approximately half
due to the Elkhart and Trilogy acquisitions
- Diluted EPS in the range of $0.86 to $1.01; adjusted diluted
EPS in the range of $0.90 to $1.05
- Capital expenditures to approximate $15 to $18 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 Thursday, August 5, 2021, 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://www.incommglobalevents.com/viewer/13353/myers-industries-2021-second-quarter-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. Click on the Investor Relations tab to
access the webcast. 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. To access a replay of the event,
please use the following link:
https://www.incommglobalevents.com/replay/6525/myers-industries-2021-second-quarter-earnings-call/.
The access code is 253552.
Use of Non-GAAP Financial
Measures
The Company uses certain non-GAAP measures in this release.
Adjusted gross profit, adjusted gross profit margin, 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 polymer 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, 2020 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.
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, 2021
June 30, 2020
June 30, 2021
June 30, 2020
Net sales
$
187,369
$
118,394
$
361,798
$
240,644
Cost of sales
132,375
75,821
256,391
155,588
Gross profit
54,994
42,573
105,407
85,056
Selling, general and administrative
expenses
40,121
30,317
79,669
61,433
Gain on disposal of fixed assets
(996
)
—
(996
)
(7
)
Gain on sale of notes receivable
—
—
—
(11,924
)
Operating income (loss)
15,869
12,256
26,734
35,554
Interest expense, net
999
1,194
1,994
2,263
Income (loss) before income
taxes
14,870
11,062
24,740
33,291
Income tax expense (benefit)
3,795
2,694
6,360
8,197
Net income (loss)
$
11,075
$
8,368
$
18,380
$
25,094
Net income (loss) per common
share:
Basic
$
0.31
$
0.23
$
0.51
$
0.70
Diluted
$
0.30
$
0.23
$
0.51
$
0.70
Weighted average common shares
outstanding:
Basic
36,122,792
35,774,241
36,058,061
35,749,110
Diluted
36,336,448
35,920,465
36,296,003
35,899,521
MYERS INDUSTRIES, INC.
SALES AND EARNINGS BY SEGMENT
(UNAUDITED)
(Dollars in thousands)
Quarter Ended June 30,
Six Months Ended June
30,
2021
2020
% Change
2021
2020
% Change
Net sales
Material Handling
$
137,227
$
80,855
69.7
%
$
267,120
$
164,931
62.0
%
Distribution
50,156
37,541
33.6
%
$
94,706
$
75,736
25.0
%
Inter-company Sales
(14
)
(2
)
-
$
(28
)
$
(23
)
-
Total
$
187,369
$
118,394
58.3
%
$
361,798
$
240,644
50.3
%
Operating income (loss)
Material Handling
$
17,902
$
15,796
13.3
%
$
34,829
$
30,963
12.5
%
Distribution
4,214
1,636
157.6
%
5,652
3,486
62.1
%
Corporate
(6,247
)
(5,176
)
-
(13,747
)
1,105
-
Total
$
15,869
$
12,256
29.5
%
$
26,734
$
35,554
(24.8
)%
Adjusted operating income
(loss)
Material Handling
$
17,009
$
15,796
7.7
%
$
33,936
$
30,963
9.6
%
Distribution
4,214
1,636
157.6
%
6,179
3,503
76.4
%
Corporate
(6,123
)
(5,176
)
-
(13,162
)
(10,535
)
-
Total
$
15,100
$
12,256
23.2
%
$
26,953
$
23,931
12.6
%
Adjusted operating income
margin
Material Handling
12.4
%
19.5
%
12.7
%
18.8
%
Distribution
8.4
%
4.4
%
6.5
%
4.6
%
Corporate
n/a
n/a
n/a
n/a
Total
8.1
%
10.4
%
7.4
%
9.9
%
Adjusted EBITDA
Material Handling
$
21,727
$
20,926
3.8
%
$
43,173
$
41,123
5.0
%
Distribution
4,761
2,244
112.2
%
7,269
4,706
54.5
%
Corporate
(6,018
)
(5,077
)
-
(12,959
)
(10,336
)
-
Total
$
20,470
$
18,093
13.1
%
$
37,483
$
35,493
5.6
%
Adjusted EBITDA margin
Material Handling
15.8
%
25.9
%
16.2
%
24.9
%
Distribution
9.5
%
6.0
%
7.7
%
6.2
%
Corporate
n/a
n/a
n/a
n/a
Total
10.9
%
15.3
%
10.4
%
14.7
%
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
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
29.4
%
Operating income (loss)
17,902
4,214
22,116
(6,247
)
15,869
Add: Acquisition and integration costs
—
—
—
124
124
Add: Restructuring expenses and other
adjustments (1)
102
—
102
—
102
Less: Gain on sale of assets
(995
)
—
(995
)
—
(995
)
Adjusted operating income (loss)
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 adjustment of
$102
Quarter Ended June 30,
2020
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
80,855
$
37,541
$
118,396
$
(2
)
$
118,394
Gross profit
42,573
Gross margin
36.0
%
Operating income (loss)
15,796
1,636
17,432
(5,176
)
12,256
Operating income margin
19.5
%
4.4
%
14.7
%
n/a
10.4
%
Add: Depreciation and amortization
5,130
608
5,738
99
5,837
EBITDA
$
20,926
$
2,244
$
23,170
$
(5,077
)
$
18,093
EBITDA margin
25.9
%
6.0
%
19.6
%
n/a
15.3
%
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
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
29.2
%
Operating income (loss)
34,829
5,652
40,481
(13,747
)
26,734
Add: Severance costs
—
527
527
318
845
Add: Acquisition and integration costs
—
—
—
267
267
Add: Restructuring expenses and other
adjustments (1)
102
—
102
—
102
Less: Gain on sale of assets
(995
)
—
(995
)
—
(995
)
Adjusted Operating income (loss)
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 adjustment of
$102
Six Months Ended June 30,
2020
Material Handling
Distribution
Segment Total
Corporate & Other
Total
Net sales
$
164,931
$
75,736
$
240,667
$
(23
)
$
240,644
Gross profit
85,056
Gross margin
35.3
%
Operating income (loss)
30,963
3,486
34,449
1,105
35,554
Add: Restructuring expenses and other
adjustments
—
—
—
249
249
Add: Acquisition and integration costs
—
17
17
35
52
Less: Lawn and Garden sale of note/release
of lease guarantee liability
—
—
—
(11,924
)
(11,924
)
Adjusted operating income (loss)
30,963
3,503
34,466
(10,535
)
23,931
Adjusted operating income margin
18.8
%
4.6
%
14.3
%
n/a
9.9
%
Add: Depreciation and amortization
10,160
1,203
11,363
199
11,562
Adjusted EBITDA
$
41,123
$
4,706
$
45,829
$
(10,336
)
$
35,493
Adjusted EBITDA margin
24.9
%
6.2
%
19.0
%
n/a
14.7
%
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,
2021
2020
2021
2020
Operating income (loss)
$
15,869
$
12,256
$
26,734
$
35,554
Add: Severance costs
—
—
845
—
Add: Restructuring expenses and other
adjustments
102
—
102
249
Add: Acquisition and integration costs
124
—
267
52
Less: Gain on sale of assets
(995
)
—
(995
)
—
Less: Lawn and Garden sale of note/release
of lease guarantee liability
—
—
—
(11,924
)
Adjusted operating income (loss)
15,100
12,256
26,953
23,931
Less: Interest expense, net
(999
)
(1,194
)
(1,994
)
(2,263
)
Adjusted income (loss) before taxes
14,101
11,062
24,959
21,668
Less: Income tax expense(1)
(3,666
)
(2,876
)
(6,489
)
(5,634
)
Adjusted net income (loss)
$
10,435
$
8,186
$
18,470
$
16,034
Adjusted earnings per diluted share
$
0.29
$
0.23
$
0.51
$
0.45
(1) Income taxes are calculated using the
normalized effective tax rate for each year. The rate used in 2021
and 2020 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, 2021
December 31, 2020
Assets
Current Assets
Cash
$
13,543
$
28,301
Accounts receivable, net
98,610
83,701
Income tax receivable
—
1,049
Inventories, net
79,482
65,919
Prepaid expenses and other current
assets
9,576
4,760
Total Current Assets
201,211
183,730
Property, plant, & equipment, net
83,981
73,953
Right of use asset - operating leases
22,834
18,390
Deferred income taxes
84
84
Other assets
122,365
123,858
Total Assets
$
430,475
$
400,015
Liabilities & Shareholders'
Equity
Current Liabilities
Accounts payable
$
81,614
$
61,150
Accrued expenses
40,210
36,744
Operating lease liability - short-term
4,833
4,359
Finance lease liability - short-term
491
—
Long-term debt - current portion
—
39,994
Total Current Liabilities
127,148
142,247
Long-term debt
57,833
37,582
Operating lease liability - long-term
17,778
13,755
Finance lease liability - long-term
9,688
—
Other liabilities
14,174
14,373
Deferred income taxes
1,873
2,958
Total Shareholders' Equity
201,981
189,100
Total Liabilities & Shareholders'
Equity
$
430,475
$
400,015
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Six Months Ended June
30,
2021
2020
Cash Flows From Operating
Activities
Net income
$
18,380
$
25,094
Adjustments to reconcile net income to net
cash
provided by (used for) operating
activities
Depreciation
8,142
7,243
Amortization
2,610
4,518
Non-cash stock-based compensation
expense
1,829
1,346
Gain on disposal of fixed assets
(996
)
(7
)
Gain on sale of notes receivable
—
(11,924
)
Other
(702
)
407
Other long-term liabilities
(205
)
478
Cash flows provided by (used for) working
capital
Accounts receivable
(15,250
)
(9,672
)
Inventories
(13,411
)
(5,453
)
Prepaid expenses and other current
assets
(4,814
)
(2,926
)
Accounts payable and accrued expenses
25,718
2,681
Net cash provided by (used for) operating
activities
21,301
11,785
Cash Flows From Investing
Activities
Capital expenditures
(8,220
)
(5,589
)
Acquisition of business
(1,223
)
(691
)
Proceeds from sale of property, plant and
equipment
2,848
—
Proceeds from sale of notes receivable
—
1,200
Net cash provided by (used for) investing
activities
(6,595
)
(5,080
)
Cash Flows From Financing
Activities
Net borrowings from revolving credit
facility
19,900
—
Repayments of long-term debt
(40,000
)
—
Payments on finance lease
(161
)
—
Cash dividends paid
(9,809
)
(9,736
)
Proceeds from issuance of common stock
2,420
235
Shares withheld for employee taxes on
equity awards
(748
)
(362
)
Deferred financing fees
(1,095
)
—
Net cash provided by (used for) financing
activities
(29,493
)
(9,863
)
Foreign exchange rate effect on cash
29
(47
)
Net decrease in cash
(14,758
)
(3,205
)
Cash at January 1
28,301
75,527
Cash at June 30
$
13,543
$
72,322
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, 2021
June 30, 2020
Net cash provided by (used for) operating
activities
$
21,301
$
11,785
Capital expenditures
(8,220
)
(5,589
)
Free cash flow
$
13,081
$
6,196
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
YTD
YTD
Quarter
June 30, 2020
March 31, 2020
June 30, 2020
Net cash provided by (used for) operating
activities
$
11,785
-
$
5,027
=
$
6,758
Capital expenditures
(5,589
)
-
(2,490
)
=
(3,099
)
Free cash flow
$
6,196
-
$
2,537
=
$
3,659
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
ADJUSTED DILUTED EARNINGS PER
SHARE
(UNAUDITED)
Full Year 2021
Guidance
Low
High
GAAP diluted net income per common
share
$
0.86
$
1.01
Add: Net restructuring expenses and other
adjustments
0.02
0.02
Add: Acquisition and integration costs
0.02
0.02
Adjusted diluted earnings per share
$
0.90
$
1.05
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210805005112/en/
Monica Vinay Vice President, Investor Relations & Treasurer
(330) 761-6212
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