Myers Industries, a manufacturer of polymer products for numerous markets including the RV industry, reported fourth quarter and full year 2023 results.
“Although our results were not what we originally planned to deliver in 2023, we remain encouraged by the resiliency of many of our business units despite continued cyclical headwinds in several of our key end markets. Demonstrating the strength of our diverse portfolio, 2023 marked a year of continued progress and still yielded one of the top years in the history of our company for adjusted earnings per share, adjusted EBITDA and revenue. Further, year over year operating cash flow generation increased by $13.6 million and free cash flow generation increased by $15.0 million, as we continue to benefit from early implementation of the Myers Business System to help drive operational excellence,” said Mike McGaugh, Myers Industries’ president and CEO.
Fourth Quarter 2023 Financial Highlights
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- Net sales of $191.1 million compared to $212.8 million in the prior year period.
- Gross margin of 30.0%, down 60 basis points versus the prior year period.
- GAAP net income per diluted share of $0.34 compared to $0.36 in the prior year period.
- Adjusted earnings per diluted share of $0.29 compared to $0.32 in the prior year period.
- Cash flow provided by operations was $15.4 million and free cash flow was $11.8 million.
Full Year 2023 Financial Highlights
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- Net sales of $813.1 million compared to $899.5 million in the prior year period.
- Gross margin of 31.9%, up 40 basis points versus the prior year period.
- GAAP net income per diluted share of $1.32 compared to $1.64 in the prior year period.
- Adjusted earnings per diluted share of $1.39 compared to $1.68 in the prior year period.
- Cash flow provided by operations was $86.2 million and free cash flow was $63.3 million.
- Subsequent to fiscal year end, closed on acquisition of Signature Systems, enhancing Myers’ long-term margin and EPS growth profiles.
“In closing 2023, our material handling segment delivered respectable fourth quarter financial results with continued strong margins in spite of demand headwinds in RV, marine and consumer end-markets. We continue to see results from our operational excellence and commercial excellence initiatives, what we call our self-help programs. As a result, when these cyclical end markets improve, we expect to benefit more than we have historically,” added McGaugh.
See Myers Industries’ full financial report and management commentary here.