Q3 2024 Myers Industries Inc Earnings Call Transcript
Key Points
- The acquisition of Signature Systems and strong performance from Scepter contributed to sales, gross margin, and adjusted EBITDA growth.
- Scepter sales increased by about 60% year-over-year, driven by military contracts and hurricane recovery efforts.
- The company is implementing cost-cutting initiatives expected to yield $15 million in annualized savings, in addition to previously announced savings plans.
- Myers Industries Inc (MYE) paid down $13 million in debt during the quarter, demonstrating a commitment to reducing leverage.
- The e-commerce channel is growing faster than the industry average, supporting future growth for Myers Industries Inc (MYE).
- Demand headwinds persist in several end markets, including recreational vehicles, marine, and automotive aftermarket.
- Reduced demand in the food and beverage end market as customers delay capital spending due to macroeconomic conditions.
- Operating income decreased to a loss of $4.8 million compared to $18.7 million in Q3 2023, primarily due to a $22 million non-cash goodwill impairment charge.
- Net sales for the distribution segment decreased by 16.8% year-over-year, driven by lower volume and pricing.
- The company reduced its full-year guidance for adjusted earnings per diluted share, reflecting softer demand in several end markets.
Hello and welcome to the Myers Industries Q3 2024 earnings call. My name is Elliot and I'll be coordinating your call today. (Operator Instructions)
And I have to hand over to Meghan Beringer, Director of Investor Relations. Please go ahead.
Thank you, Elliot. Good afternoon, everyone. And thank you for joining Myers conference call to review 2024 third-quarter results.
I'm Meghan Beringer, Senior Director of Investor Relations at Myers Industries. Joining me today is Dave Basque, our Interim Chief Executive Officer; and Grant Fitz, our Executive Vice President and Chief Financial Officer.
After the markets closed today, we issued a press release outlining our financial results for the third quarter of 2024. We have also posted a presentation to a company today's prepared remarks which is available under the investor relations tab at www.myersindustries.com. This call is being webcasted
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
