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OFFON

MYERS INDUSTRIES, INC.

(MYE)
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Myers Industries : Reports 2021 First Quarter Results

05/06/2021 | 06:31am EDT

Sales increased 21% on an organic basis, 43% including Elkhart acquisition

Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer products and distributor for the tire, wheel, and under-vehicle service industry, today announced results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights

  • Net sales increased $52.2 million, or 42.7% to $174.4 million, including $27.1 million, or 22.2% from the Elkhart Plastics acquisition, compared with $122.3 million for the first quarter of 2020
  • Net income per diluted share was $0.20, compared with $0.47 for the first quarter of 2020, which included $0.24 from the sale of notes and release of lease guarantee liability related to the Company’s Lawn and Garden business sold in 2015
  • Adjusted earnings per diluted share was $0.22 in both the first quarter of 2021 and 2020
  • Cash flow from operations was $6.6 million and free cash flow was $1.4 million, compared with $5.0 million and $2.5 million, respectively, for the first quarter of 2020
  • Company announced two price increases during the first quarter in response to higher raw material costs

President and CEO, Mike McGaugh said, “Our strong start to 2021, combined with the successful implementation of two price increases, and a seamless onboarding of Elkhart Plastics, fortifies my optimism on our ability to create value for all of our stakeholders. The healthy demand across our core end-markets points to encouraging signs of a sustainable economic recovery. Strong demand was reflected as well in our recently acquired Elkhart Plastics business, which contributed $27 million to our top-line. I’m pleased with our team’s ability to quickly integrate the business, as well as with the progress we’re collectively realizing to identify both cost and growth synergies.

“As a result of our growing confidence around the strength of the economic recovery and our business momentum, we are raising our sales guidance and expect to be at the higher end of our earnings guidance for 2021. We are mitigating the impact of elevated raw material costs and will be diligent in taking action to protect and ultimately expand our margins, as evidenced by the two price increases announced over the last few months.

“I joined Myers just over a year ago and I’m extremely proud of the progress we’ve made in executing against our One Myers strategy. We’ve added new expertise and experience to our senior leadership team, optimized our corporate structure, and reinvested in our equipment and labor force to make Myers more efficient and more commercially focused. We also completed our first acquisition, which so far has exceeded our expectations and set the blueprint for future integrations. Our One Myers strategy has achieved early success and I look forward to updating our investors on our progress as we continue through 2021 and beyond. We’ve only just begun.”

First Quarter 2021 Financial Summary

 

 

Quarter Ended March 31,

 

 

2021

 

2020

 

% Inc

(Dec)

 

 

(Dollars in millions, except per share data)

 

 

 

 

 

 

 

Net sales

 

$174.4

 

$122.3

 

42.7%

 

 

 

 

 

 

 

Operating income

 

$10.9

 

$23.3

 

(53.4)%

Adjusted operating income

 

$11.9

 

$11.7

 

1.5%

 

 

 

 

 

 

 

Net income

 

$7.3

 

$16.7

 

(56.3)%

Adjusted net income

 

$8.0

 

$7.7

 

3.8%

 

 

 

 

 

 

 

Net income per diluted share

 

$0.20

 

$0.47

 

(57.4)%

Adjusted earnings per diluted share

 

$0.22

 

$0.22

 

0.0%

Net sales for the first quarter of 2021 were $174.4 million, an increase of $52.2 million, or 42.7%, compared with $122.3 million for the first quarter of 2020, driven by increases in both the Material Handling and Distribution Segments. Excluding the $27.1 million net sales impact from the Elkhart acquisition, organic net sales increased 20% due to higher volume/mix and 1% due to favorable pricing and foreign currency exchange.

Gross profit increased $7.9 million, or 18.7% to $50.4 million, primarily due to the increased contribution from sales volume and the Elkhart Plastics acquisition, which was partially offset by an unfavorable price to cost relationship, an unfavorable sales mix, and higher manufacturing costs during the quarter. Gross margin was 28.9% compared with 34.8% for the first quarter of 2020. Selling, general and administrative expenses increased $8.4 million, or 27.1% to $39.5 million, reflecting the Elkhart Plastics acquisition, higher incentive compensation costs, increased legal fees, and higher selling expenses. SG&A as a percentage of sales declined to 22.7% in the first quarter, compared with 25.5% in the same period last year. Net income per diluted share was $0.20, compared with $0.47 for the first quarter of 2020, which included $0.24 from the sale of notes and release of lease guarantee liability related to the Company’s Lawn and Garden business sold in 2015. Adjusted earnings per diluted share were $0.22, which was flat compared with the first quarter of 2020.

First 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

Q1 2021 Results

$129.9

 

$16.9

 

$16.9

 

13.0%

Increase (decrease) vs prior year

54.5%

 

11.6%

 

11.6%

 

-500 bps

Net sales for the first quarter of 2021 were $129.9 million, an increase of $45.8 million, or 54.5%, compared with $84.1 million for the first quarter of 2020. The increase was primarily due to the incremental $27.1 million of sales from the Elkhart Plastics acquisition completed in late 2020 and higher organic volume/mix. Sales increased in the food and beverage, vehicle, consumer, and industrial end markets. Operating income increased 11.6% to $16.9 million, compared with $15.2 million in 2020. Contributions from the higher volume and Elkhart Plastics acquisition were partially offset by an unfavorable price to cost relationship, an unfavorable sales mix, higher manufacturing expenses, higher incentive compensation costs, and increased legal fees. The Material Handling Segment’s adjusted operating income margin was 13%, compared with 18% for the first quarter of 2020.

Distribution

 

Net
Sales

 

Op
Income

 

Adj Op
Income

 

Adj Op
Income
Margin

Q1 2021 Results

$44.6

 

$1.4

 

$2.0

 

4.4%

Increase (decrease) vs prior year

16.6%

 

(22.3)%

 

5.2%

 

-50 bps

Net sales for the first quarter of 2021 were $44.6 million, an increase of $6.4 million, or 16.6%, compared with $38.2 million for the first quarter of 2020, driven by higher volume/mix. Volume was up primarily due to increased sales of both supplies and equipment. Operating income decreased to $1.4 million, compared with $1.9 million in 2020. Adjusted operating income increased to $2.0 million, compared with $1.9 million in 2020. The increase in adjusted operating income was due primarily to the higher sales volume, partially offset by an unfavorable sales mix, an unfavorable price to cost relationship, and higher incentive compensation costs. The Distribution Segment’s adjusted operating income margin was 4.4%, compared with 4.9% for the first quarter of 2020.

2021 Outlook

The Company updated and raised its net sales outlook for fiscal 2021 and currently forecasts:

  • Net sales growth in the high 30% range, including impact of the Elkhart Plastics acquisition
  • Diluted EPS in the range of $0.87 to $1.02; adjusted diluted EPS in the range of $0.90 to $1.05
  • Capital expenditures to approximate $15 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, May 6, 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: http://www.directeventreg.com/registration/event/5283649. 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 listen to the telephone replay, callers should dial: (US) 800-585-8367 or (Int’l) 416-621-4642. The Conference ID # is 5283649.

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

 

 

March 31, 2021

 

March 31, 2020

Net sales

 

$

174,429

 

 

$

122,250

 

Cost of sales

 

 

124,016

 

 

 

79,767

 

Gross profit

 

 

50,413

 

 

 

42,483

 

Selling, general and administrative expenses

 

 

39,548

 

 

 

31,116

 

Gain on disposal of fixed assets

 

 

 

 

 

(7

)

Gain on sale of notes receivable

 

 

 

 

 

(11,924

)

Operating income (loss)

 

 

10,865

 

 

 

23,298

 

Interest expense, net

 

 

995

 

 

 

1,069

 

Income (loss) before income taxes

 

 

9,870

 

 

 

22,229

 

Income tax expense (benefit)

 

 

2,565

 

 

 

5,503

 

Net income (loss)

 

$

7,305

 

 

$

16,726

 

Net income (loss) per common share:

 

 

 

 

 

 

Basic

 

$

0.20

 

 

$

0.47

 

Diluted

 

$

0.20

 

$

0.47

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

 

35,993,331

 

 

 

35,723,979

 

Diluted

 

 

36,290,831

 

 

 

35,828,428

 

MYERS INDUSTRIES, INC.

SALES AND EARNINGS BY SEGMENT (UNAUDITED)

(Dollars in thousands)

 

 

 

Quarter Ended March 31,

 

 

2021

 

2020

 

% Change

Net sales

 

 

 

 

 

 

 

 

 

Material Handling

 

$

129,893

 

 

$

84,076

 

 

 

54.5

%

Distribution

 

 

44,550

 

 

 

38,195

 

 

 

16.6

%

Inter-company Sales

 

 

(14

)

 

 

(21

)

 

 

-

 

Total

 

$

174,429

 

 

$

122,250

 

 

 

42.7

%

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

Material Handling

 

$

16,927

 

 

$

15,167

 

 

 

11.6

%

Distribution

 

 

1,438

 

 

 

1,850

 

 

 

(22.3

)%

Corporate

 

 

(7,500

)

 

 

6,281

 

 

 

-

 

Total

 

$

10,865

 

 

$

23,298

 

 

 

(53.4

)%

 

 

 

 

 

 

 

 

 

 

Adjusted operating income (loss)

 

 

 

 

 

 

 

 

 

Material Handling

 

$

16,927

 

 

$

15,167

 

 

 

11.6

%

Distribution

 

 

1,965

 

 

 

1,867

 

 

 

5.2

%

Corporate

 

 

(7,038

)

 

 

(5,359

)

 

 

-

 

Total

 

$

11,854

 

 

$

11,675

 

 

 

1.5

%

 

 

 

 

 

 

 

 

 

 

Adjusted operating income margin

 

 

 

 

 

 

 

 

 

Material Handling

 

 

13.0

%

 

 

18.0

%

 

 

 

Distribution

 

 

4.4

%

 

 

4.9

%

 

 

 

Corporate

 

n/a

 

 

n/a

 

 

 

 

Total

 

 

6.8

%

 

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

Material Handling

 

$

21,446

 

 

$

20,197

 

 

 

6.2

%

Distribution

 

 

2,508

 

 

 

2,463

 

 

 

1.8

%

Corporate

 

 

(6,939

)

 

 

(5,260

)

 

 

-

 

Total

 

$

17,015

 

 

$

17,400

 

 

 

(2.2

)%

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin

 

 

 

 

 

 

 

 

 

Material Handling

 

 

16.5

%

 

 

24.0

%

 

 

 

Distribution

 

 

5.6

%

 

 

6.4

%

 

 

 

Corporate

 

n/a

 

 

n/a

 

 

 

 

Total

 

 

9.8

%

 

 

14.2

%

 

 

 

MYERS INDUSTRIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)

(Dollars in thousands)

 

 

 

 

 

Quarter Ended March 31, 2021

 

 

Material
Handling

 

Distribution

 

Segment
Total

 

Corporate
& Other

 

Total

Net sales

 

$

129,893

 

 

$

44,550

 

 

$

174,443

 

 

$

(14

)

 

$

174,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,413

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

16,927

 

 

 

1,438

 

 

 

18,365

 

 

 

(7,500

)

 

 

10,865

 

Add: Severance costs

 

 

 

 

 

527

 

 

 

527

 

 

 

318

 

 

 

845

 

Add: Elkhart acquisition and integration costs

 

 

 

 

 

 

 

 

 

 

 

144

 

 

 

144

 

Adjusted operating income (loss)

 

 

16,927

 

 

 

1,965

 

 

 

18,892

 

 

 

(7,038

)

 

 

11,854

 

Adjusted operating income margin

 

 

13.0

%

 

 

4.4

%

 

 

10.8

%

 

n/a

 

 

 

6.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Depreciation and amortization

 

 

4,519

 

 

 

543

 

 

 

5,062

 

 

 

99

 

 

 

5,161

 

Adjusted EBITDA

 

$

21,446

 

 

$

2,508

 

 

$

23,954

 

 

$

(6,939

)

 

$

17,015

 

Adjusted EBITDA margin

 

 

16.5

%

 

 

5.6

%

 

 

13.7

%

 

n/a

 

 

 

9.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended March 31, 2020

 

 

Material
Handling

 

Distribution

 

Segment
Total

 

Corporate
& Other

 

Total

Net sales

 

$

84,076

 

 

$

38,195

 

 

$

122,271

 

 

$

(21

)

 

$

122,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,483

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

15,167

 

 

 

1,850

 

 

 

17,017

 

 

 

6,281

 

 

 

23,298

 

Add: Restructuring expenses and other adjustments

 

 

 

 

 

 

 

 

 

 

 

249

 

 

 

249

 

Add: Tuffy acquisition 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)

 

 

15,167

 

 

 

1,867

 

 

 

17,034

 

 

 

(5,359

)

 

 

11,675

 

Adjusted operating income margin

 

 

18.0

%

 

 

4.9

%

 

 

13.9

%

 

n/a

 

 

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Depreciation and amortization

 

 

5,030

 

 

 

596

 

 

 

5,626

 

 

 

99

 

 

 

5,725

 

Adjusted EBITDA

 

$

20,197

 

 

$

2,463

 

 

$

22,660

 

 

$

(5,260

)

 

$

17,400

 

Adjusted EBITDA margin

 

 

24.0

%

 

 

6.4

%

 

 

18.5

%

 

n/a

 

 

 

14.2

%

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 March 31,

 

 

2021

 

2020

Operating income (loss)

 

$

10,865

 

 

$

23,298

 

Add: Severance costs

 

 

845

 

 

 

 

Add: Restructuring expenses and other adjustments

 

 

 

 

 

249

 

Add: Tuffy acquisition costs

 

 

 

 

 

52

 

Add: Elkhart acquisition and integration costs

 

 

144

 

 

 

 

Less: Lawn and Garden sale of note/release of lease guarantee liability

 

 

 

 

 

(11,924

)

Adjusted operating income (loss)

 

 

11,854

 

 

 

11,675

 

Less: Interest expense, net

 

 

(995

)

 

 

(1,069

)

Adjusted income (loss) before taxes

 

 

10,859

 

 

 

10,606

 

Less: Income tax expense(1)

 

 

(2,823

)

 

 

(2,864

)

Adjusted net income (loss)

 

$

8,036

 

 

$

7,742

 

Adjusted earnings per diluted share

 

$

0.22

 

 

$

0.22

 

 

 

 

 

 

 

 

(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2021 is 26% and in 2020 is 27%.

(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)

 

 

 

 

 

 

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash

 

$

16,666

 

 

$

28,301

 

Accounts receivable, net

 

 

94,619

 

 

 

83,701

 

Income tax receivable

 

 

 

 

 

1,049

 

Inventories, net

 

 

69,848

 

 

 

65,919

 

Prepaid expenses and other current assets

 

 

9,614

 

 

 

4,760

 

Total Current Assets

 

 

190,747

 

 

 

183,730

 

Property, plant, & equipment, net

 

 

83,220

 

 

 

73,953

 

Right of use asset - operating leases

 

 

20,820

 

 

 

18,390

 

Deferred income taxes

 

 

84

 

 

 

84

 

Other assets

 

 

125,410

 

 

 

123,858

 

Total Assets

 

$

420,281

 

 

$

400,015

 

Liabilities & Shareholders' Equity

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

69,933

 

 

$

61,150

 

Accrued expenses

 

 

39,001

 

 

 

36,744

 

Operating lease liability - short-term

 

 

4,269

 

 

 

4,359

 

Finance lease liability - short-term

 

 

487

 

 

 

 

Long-term debt - current portion

 

 

 

 

 

39,994

 

Total Current Liabilities

 

 

113,690

 

 

 

142,247

 

Long-term debt

 

 

70,928

 

 

 

37,582

 

Operating lease liability - long-term

 

 

16,300

 

 

 

13,755

 

Finance lease liability - long-term

 

 

9,812

 

 

 

 

Other liabilities

 

 

14,303

 

 

 

14,373

 

Deferred income taxes

 

 

995

 

 

 

2,958

 

Total Shareholders' Equity

 

 

194,253

 

 

 

189,100

 

Total Liabilities & Shareholders' Equity

 

$

420,281

 

 

$

400,015

 

MYERS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

 

 

 

 

 

Three Months Ended March 31,

 

 

2021

 

2020

Cash Flows From Operating Activities

 

 

 

 

 

 

Net income

 

$

7,305

 

 

$

16,726

 

Adjustments to reconcile net income to net cash provided by (used for) operating activities

 

 

 

 

 

 

Depreciation

 

 

3,966

 

 

 

3,553

 

Amortization

 

 

1,295

 

 

 

2,271

 

Non-cash stock-based compensation expense

 

 

1,153

 

 

 

653

 

Gain on disposal of fixed assets

 

 

 

 

 

(7

)

Gain on sale of notes receivable

 

 

 

 

 

(11,924

)

Other

 

 

(1,288

)

 

 

241

 

Other long-term liabilities

 

 

8

 

 

 

(104

)

Cash flows provided by (used for) working capital

 

 

 

 

 

 

Accounts receivable

 

 

(10,901

)

 

 

(3,524

)

Inventories

 

 

(3,861

)

 

 

(5,209

)

Prepaid expenses and other current assets

 

 

(4,854

)

 

 

(218

)

Accounts payable and accrued expenses

 

 

13,765

 

 

 

2,569

 

Net cash provided by (used for) operating activities

 

 

6,588

 

 

 

5,027

 

Cash Flows From Investing Activities

 

 

 

 

 

 

Capital expenditures

 

 

(5,238

)

 

 

(2,490

)

Acquisition of business

 

 

(1,223

)

 

 

(691

)

Proceeds from sale of notes receivable

 

 

 

 

 

1,200

 

Net cash provided by (used for) investing activities

 

 

(6,461

)

 

 

(1,981

)

Cash Flows From Financing Activities

 

 

 

 

 

 

Net borrowings from revolving credit facility

 

 

33,000

 

 

 

 

Repayments of long-term debt

 

 

(40,000

)

 

 

 

Payments on finance lease

 

 

(40

)

 

 

 

Cash dividends paid

 

 

(4,906

)

 

 

(4,899

)

Proceeds from issuance of common stock

 

 

1,900

 

 

 

125

 

Shares withheld for employee taxes on equity awards

 

 

(663

)

 

 

(362

)

Deferred financing fees

 

 

(1,095

)

 

 

 

Net cash provided by (used for) financing activities

 

 

(11,804

)

 

 

(5,136

)

Foreign exchange rate effect on cash

 

 

42

 

 

 

(223

)

Net decrease in cash

 

 

(11,635

)

 

 

(2,313

)

Cash at January 1

 

 

28,301

 

 

 

75,527

 

Cash at March 31

 

$

16,666

 

 

$

73,214

 

MYERS INDUSTRIES, INC.

RECONCILIATION OF FREE CASH FLOW TO GAAP NET CASH PROVIDED BY

(USED FOR) OPERATING ACTIVITIES – CONTINUING OPERATIONS

(UNAUDITED)

(Dollars in thousands)

 

 

 

 

 

 

 

QTD

 

QTD

 

 

March 31, 2021

 

March 31, 2020

Net cash provided by (used for) operating activities

 

$

6,588

 

 

$

5,027

 

Capital expenditures

 

 

(5,238

)

 

 

(2,490

)

Free cash flow

 

$

1,350

 

 

$

2,537

 

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

$

0.87

 

$

1.02

Add: Restructuring expenses and other adjustments

 

0.02

 

 

0.02

Add: Acquisition and integration costs

 

0.01

 

 

0.01

Adjusted diluted earnings per share

$

0.90

 

$

1.05

 


ę Business Wire 2021
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Financials (USD)
Sales 2021 746 M - -
Net income 2021 - - -
Net Debt 2021 15,5 M - -
P/E ratio 2021 19,7x
Yield 2021 2,71%
Capitalization 720 M 720 M -
EV / Sales 2021 0,99x
EV / Sales 2022 0,90x
Nbr of Employees 2 400
Free-Float 84,1%
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Technical analysis trends MYERS INDUSTRIES, INC.
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TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 2
Last Close Price 19,91 $
Average target price 27,00 $
Spread / Average Target 35,6%
EPS Revisions
Managers and Directors
Michael P. McGaugh President, Chief Executive Officer & Director
Sonal P. Robinson Chief Financial Officer & Executive VP-Finance
Frederic Jack Liebau Chairman
Robert A. Stefanko Independent Director
Sarah R. Coffin Independent Director
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