Myers Industries, Inc. · NYSE:MYE
Myers Industries — Q1 2020 Earnings Presentation
16 slides from Myers Industries's earnings presentation, May 6, 2020
Slide 1: First Quarter 2020 Earnings Presentation
MYERS INDUSTRIES, INC. First Quarter 2020 Earnings Presentation 21 54 91 142 184 230 56 67 73 Font Color Exhibit 99.2
Slide 2: Safe Harbor Statement & Non-GAAP Measures
Safe Harbor Statement & Non-GAAP Measures Statements in this presentation include “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including information regarding the Company’s financial outlook, future plans,
Slide 3: Q1 2020 Operating Summary
Q1 2020 Operating Summary Q1 2020 Highlights Immediate Priorities Ensuring the safety and well-being of our employees and their families, our communities, our customers, and our suppliers Meeting our customers needs by manufacturing and distributing the essential products they require Developing and
Slide 4: Q1 2020 Financial Summary
Q1 2020 Financial Summary Operating Highlights Net sales down 12.1%, compared to Q1 2019 Material Handling down $18.9M (-18.3%) Distribution up $2.0M (+5.6%) Adjusted gross profit margin expanded to 34.8% from 32.9% Favorable price-cost margin Adjusted op income down 4.4% to $11.7M, compared to $12.
Slide 5: Q1 2020 Segment Results
Material Handling Segment Net sales down 18.3% vs. Q1 2019 Food and Beverage end market down double digits due to lower seed box sales Consumer end market up mid teens due to increased fuel container sales which were boosted by COVID-19 Industrial end market down double digits due to a weak overall
Slide 6: Balance Sheet and Cash Flow
Working Capital as a % of TTM Sales Balance Sheet and Cash Flow Operating Cash Flow Free Cash Flow (FCF) 2.1% 1.7% 4.1% 3.8% 1.2x Q1 Highlights Free cash flow generation of $2.5M, compared to $2.4M last year Working capital as a percentage of sales up due to higher inventory and AR balances Cash bal
Slide 7: 2020 Revenue Outlook by End Market
End Market 2019 % of Sales 2020 Initial Outlook 2020 Updated Outlook Key Drivers to Outlook Consumer 14% Incremental fuel container sales from COVID-19 and increased end market demand following weak spring season last year Food & Beverage 13% Stronger seed box sales anticipated in Q4 following soft
Slide 8: 2020 Fiscal Year Guidance
2020 Fiscal Year Guidance Net sales growth:~ Down 10% (vs. up mid-single digits previously) D&A: ~ $21M Net interest expense:~ $4M Effective tax rate (normalized):~ 27% Diluted share count:~ 36M Diluted EPS:Withdrawn (vs. $1.05 - $1.15 previously) Adjusted diluted EPS: Withdrawn (vs. $0.85 - $0.95 p
Slide 9: Appendix
Appendix
Slide 10: Reconciliation: Gross Profit, Operating Income and EBITDA
Reconciliation of Non-GAAP Measures MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands)
Slide 11: Reconciliation: Gross Profit, Operating Income and EBITDA
Reconciliation of Non-GAAP Measures MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands)
Slide 12: Reconciliation: Income and Earnings Per Diluted Share
Reconciliation of Non-GAAP Measures MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INCOME AND EARNINGS PER DILUTED SHARE (UNAUDITED) (Dollars in thousands, except per share data)
Slide 13: Reconciliation of Free Cash Flow
Reconciliation of Non-GAAP Measures MYERS INDUSTRIES, INC. RECONCILIATION OF FREE CASH FLOW TO GAAP NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES – CONTINUING OPERATIONS (UNAUDITED) (Dollars in thousands)
Slide 14: Reconciliation: Adjusted EBITDA and Debt
Reconciliation of Non-GAAP Measures MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA AND DEBT (UNAUDITED) (Dollars in thousands)
Slide 15: Reconciliation: Working Capital
Reconciliation of Non-GAAP Measures MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES WORKING CAPITAL (UNAUDITED) (Dollars in thousands)
Slide 16: Slide 16