Myers Industries Inc., manufacturer of polymer and metal products and distributor for the tire, wheel and under-vehicle service industry, announced results for the first quarter ended March 31.
Q1 2024 financial highlights:
- Net sales of $207.1 million compared with $215.7 million in the prior-year period
- GAAP gross margin of 31%, down 190 basis points versus the prior-year period
- Adjusted gross margin of 32.7%, down 30 basis points versus the prior-year period
- GAAP net income per diluted share of $0.09 compared with $0.35 in the prior-year period
- Adjusted earnings per diluted share of $0.21 compared with $0.38 in the prior-year period
- Cash flow provided by operations was $20.3 million and free cash flow was $14.6 million
President and CEO Mike McGaugh said, “At our inaugural Investor Day, seven weeks ago, we presented a clear five-year roadmap for Myers Industries, outlining the company’s direction and the compelling opportunity for our stakeholders. We also addressed that some end markets were still facing near-term trough or trough-like conditions. This proved to be the case with our first quarter results, which saw weak demand in our Automotive Aftermarket and Vehicle (RV and marine) end markets. Demand in our Consumer and Food & Beverage end markets remains stable; however, first-quarter sales were impacted by a shift in orders from the first quarter to later quarters in 2024.”
McGaugh concluded, “We continue to be excited about the shareholder value creation opportunities for our company. We believe the Signature acquisition will continue to serve as a positive pivot point in the transformation of Myers. We also continue to have a cautious outlook for the near term due to demand weakness in the cyclical Vehicle and Consumer end markets. On balance, our strategy, as rolled out during Investor Day, explains how we will invest in and grow our differentiated business and how we will use cost reduction and efficiency to drive improvement in our less differentiated businesses.”
