Reported Q: Q2 2024 Rev YoY: +5.7% EPS YoY: -3.5% Move: -1.24%
Myers Industries Inc
MYE
$20.71 -1.24%
Exchange NYSE Sector Consumer Cyclical Industry Packaging Containers
Q2 2024
Published: Aug 1, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for MYE

Reported

Report Date

Aug 1, 2024

Quarter Q2 2024

Revenue

220.24M

YoY: +5.7%

EPS

0.28

YoY: -3.5%

Market Move

-1.24%

Previous quarter: Q1 2024

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Earnings Highlights

  • Revenue of $220.24M up 5.7% year-over-year
  • EPS of $0.28 decreased by 3.5% from previous year
  • Gross margin of 34.4%
  • Net income of 10.28M
  • ""Our second quarter results were bolstered by the solid performance of our recently acquired Signature Systems business. This business is benefiting from worldwide investments in infrastructure and enabled Myers to outpace the demand headwinds in the recreational vehicle, marine and automotive aftermarket end-markets."" - Michael McGaugh
MYE
Company MYE

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Executive Summary

- Myers reported Q2 2024 net sales of $220.2 million, up 5.7% year over year, with Signature Systems contributing 15.2% of inorganic growth and an organic decline in key legacy end-markets. The result was a meaningful top-line expansion supported by a favorable mix and robust integration benefits from the acquired business.
- Adjusted EBITDA rose to $38.9 million, delivering an adjusted EBITDA margin of 17.7%โ€”a 580 basis point year-over-year enlargementโ€”driven principally by Signature Systemsโ€™ contribution and ongoing productivity programs. Management remains focused on cost-reduction actions (approx. $7โ€“9 million annualized by 2025) and $8 million in synergy realization from the Signature acquisition.
- Management signaled a measured but constructive outlook: full-year 2024 net sales growth of 5โ€“10%, adjusted diluted EPS of $1.05โ€“$1.20, and Capex in the $30โ€“$35 million range, with a targeted leverage below 2x within two years post-Signature close. While demand remains choppy in certain end-markets (RV, marine, automotive aftermarket), the company believes Horizon 2 with a focus on Storage Handling and Protection, Engineered Solutions and Automotive aftermarket, and Signature-driven infrastructure opportunities will support longer-term cash flow expansion and deleveraging.

Key Performance Indicators

Revenue
Increasing
220.24M
QoQ: 6.34% | YoY: 5.65%
Gross Profit
Increasing
75.72M
34.38% margin
QoQ: 17.45% | YoY: 10.68%
Operating Income
Increasing
24.06M
QoQ: 112.66% | YoY: 49.03%
Net Income
Decreasing
10.28M
QoQ: 193.43% | YoY: -3.07%
EPS
Decreasing
0.28
QoQ: 195.05% | YoY: -3.45%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 206.75 0.18 -0.2% View
Q4 2024 203.88 0.11 +6.7% View
Q3 2024 205.07 -0.29 +3.7% View
Q2 2024 220.24 0.28 +5.7% View
Q1 2024 207.10 0.09 -4.0% View