Myers Industries, Inc. · NYSE:MYE
Myers Industries — Q2 2020 Earnings Presentation
16 slides from Myers Industries's earnings presentation, Jul 30, 2020
Slide 1: Myers Industries, Inc. Second Quarter 2020 Earnings Presentation
MYERS INDUSTRIES, INC. Second Quarter 2020 Earnings Presentation
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: Q2 2020 Operating Summary
Q2 2020 OPERATING SUMMARY Q2 2020 Highlights Strategic Priorities » Delivered higher than anticipated sales despite » Drive profitable growth in Material Handling Segment challenges and complexities resulting from Covid-19 » Disciplined, strategic M&A » Strong fuel container sales in consumer end ma
Slide 4: Q2 2020 Financial Summary
Q2 2020 FINANCIAL SUMMARY Operating Highlights GAAP Financial Highlights » Net sales down 11.8%, compared to Q2 2019 (In $ millions except EPS) Q2 '20 Q2 '19 vs PY » Material Handling down $15.0M (-15.7%) Net Sales $118.4 $134.3 -11.8% » Distribution down $0.9M (-2.2%) Gross Profit 42.6 46.9 -9.3% G
Slide 5: Q2 2020 Segment Results
Q2 2020 SEGMENT RESULTS Material Handling Segment » Net sales down 15.7% vs. Q2 2019 Material Handling Financial Highlights » Food and Beverage end market down double digits (In $ millions) Q2 '20 Q2 '19 vs PY » Consumer end market up double digits due to increased fuel container sales, which were b
Slide 6: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Q2 Highlights Total Debt ($M) and Debt to Adj. EBITDA » Free cash flow generation of $3.7M, compared with $9.4M last year » Working capital as a percentage of sales up due $77.0 $77.1 $77.2 $77.3 $77.4 to higher inventory and AR balances » Cash balance at end of Q2 was $7
Slide 7: 2020 Revenue Outlook
2020 REVENUE OUTLOOK 2020 2020 End 2019 % Previous Current Key Drivers to Outlook Market of Sales Outlook Outlook Low- Mid- Incremental fuel container sales driven by increased Consumer 14% single single end market demand following weak spring season last digits digits year and COVID-19 Mid- Mid- St
Slide 8: 2020 Fiscal Year Guidance
2020 FISCAL YEAR GUIDANCE » Net sales growth: ~ Down mid-to-high single digits (vs. down 10% previously) » D&A: ~ $21M » Net interest expense: ~ $4M » Effective tax rate (normalized): ~ 26% (vs. 27% previously) » Diluted share count: ~ 36M » Diluted EPS: Withdrawn » Adjusted diluted EPS: Withdrawn »
Slide 9: Appendix
APPENDIX
Slide 10: Reconciliation of Non-GAAP Financial Measures: Gross Profit, Operating Income and EBITDA (Q2 2020)
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Quarter Ended June 30, 2020 Material Segment Corporate & Handling Distribution Total Other Total GAAP Net sales $ 80,8
Slide 11: Reconciliation of Non-GAAP Financial Measures: Gross Profit, Operating Income and EBITDA (Q2 2019)
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Quarter Ended June 30, 2019 Material Segment Corporate & Handling Distribution Total Other Total GAAP Net sales $ 95,9
Slide 12: Reconciliation of Non-GAAP Measures: 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) Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 GAAP Operating income (loss) $
Slide 13: Reconciliation of Free Cash Flow to GAAP Operating 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) YTD YTD June 30, 2020 June 30, 2019 Net cash provided by (used for) operating activities
Slide 14: Reconciliation of Non-GAAP Measures: 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) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Income (loss) from continuing operations $ (21,137) $ 3,126 $ 6,643 $ 6
Slide 15: Reconciliation of Non-GAAP Measures: Working Capital
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES WORKING CAPITAL (UNAUDITED) (Dollars in thousands) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Net sales $135,219 $138,388 $139,115 $134,285 $125,480 $116,818 $122,250 $118,39
Slide 16: Myers Industries, Inc.
MYERS INDUSTRIES, INC.