Myers Industries, Inc. · NYSE:MYE
Myers Industries — Q4 2024 Earnings Presentation
24 slides from Myers Industries's earnings presentation, Mar 6, 2025
Slide 1: Q4 2024 Results
Q4 2024 Results Protecting the World from the Ground Up March 6, 2025 1
Slide 2: Today's Speakers
Today’s Speakers Aaron Schapper Grant Fitz Meghan Beringer President and Executive Vice President Senior Director, Chief Executive Officer and Chief Financial Officer Investor Relations 2
Slide 3: Safe Harbor Statement & Non-GAAP Measures
Safe Harbor Statement & Non-GAAP Measures Statements in this presentation contain “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 4: CEO Opening Comments
CEO Opening Comments Aaron Schapper President and Chief Executive Officer
Slide 5: Initial CEO Observations
Initial CEO Observations ▪ Myers has a long, proud history, with strong brands and Broad Industrial Experience to Elevate Myers Performance innovative products ▪ Previous Group President of Agriculture, Group ▪ Diversified industrial company built through years of product President of Infrastructure
Slide 6: Launching 'Focused Transformation'
Launching ‘Focused Transformation’ ▪ Establish a culture of execution and accountability to drive performance ▪ Create clear strategies to improve profitability of entire portfolio that includes: Our Core Values ▪ Action plans to accelerate growth and expand margins; address and correct underperform
Slide 7: Financial Results
Financial Results Grant Fitz Executive Vice President and Chief Financial Officer
Slide 8: Q4 Financial Performance
Q4 Financial Performance (In $ millions except EPS) Q4 2024 Q4 2023 % Change ▪ Net sales up on Signature acquisition and growth in Net Sales $203.9 $191.1 6.7% Infrastructure, Industrial, and Adj. Gross Profit $65.7 $57.5 14.4% Consumer, partially offset by Adj. Gross Margin 32.2% 30.1% +210 bps low
Slide 9: Q4 Segment Results
Q4 Segment Results Material Handling Distribution (In $ millions) Q4 2024 Q4 2023 % Change (In $ millions) Q4 2024 Q4 2023 % Change Net Sales $152.7 $126.9 20.3% Net Sales $51.2 $64.2 (20.2)% Adj. Op Income $25.9 $23.5 10.5% Adj. Op Income ($1.1) $0.5 (334.9)% Adj. Op Income Margin 17.0% 18.5% -150
Slide 10: 2024 Financial Performance
2024 Financial Performance (In $ millions except EPS) 2024 2023 % Change ▪ Growth in sales and margin largely due to Signature Net Sales $836.3 $813.1 2.9% acquisition and strong Adj. Gross Profit $279.3 $259.9 7.4% Consumer and Industrial Adj. Gross Margin 33.4% 32.0% +140 bps results Adj. Op Incom
Slide 11: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ▪ Generated free cash flow of $20.2M in Q4 and $54.9M for the year; capex remained below 3% of sales ▪ Working capital as a percentage of sales down 160 bps sequentially as we worked through seasonal inventory and were successful in reducing past due accounts receivables
Slide 12: Leveraging Cashflow Generation
Leveraging Cashflow Generation Capital Allocation Priorities ▪ Invest in MYE with $10M share buyback program ▪ Continue to focus on debt repayment to return to a net leverage ratio of 1.5x to 2.5x ▪ Maintain strong balance sheet with ample liquidity via cash on hand and revolving credit facility ▪ C
Slide 13: 2025 Outlook
2025 Outlook ▪ We continue to see balanced risks and opportunities for the business for both revenue and margin ▪ End market expectations: ▪ Infrastructure: Continued strong Signature growth driven by Infrastructure project spending, supported by material conversion from wood matting ▪ Industrial: M
Slide 14: CEO Summary Comments
CEO Summary Comments Aaron Schapper President and Chief Executive Officer
Slide 15: Appendix
Appendix
Slide 16: End Market Outlook
End Market Outlook End Market Key Products and Applications 2025 Outlook Consumer Scepter® fuel cans; outdoor furniture and equipment Stable, affected by hurricane responses Vehicle RV, marine, and automotive Stable to down Buckhorn® seed boxes, intermediate bulk containers, and Tuff Series bulk con
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Quarter Ended December 31, 2024 Material Corporate & Handling Distribution Segment Total Other Total Net s a l es $ 152,704 $ 51,225 $ 203,929 $ (53) $ 203,876 Net i ncome 4,297
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Quarter Ended December 31, 2023 Material Corporate & Handling Distribution Segment Total Other Total Net s a l es $ 126,918 $ 64,182 $ 191,100 $ (23) $ 191,077 Net i ncome 12,53
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Year Ended December 31, 2024 Material Corporate & Handling Distribution Segment Total Other Total Net s a l es $ 621,655 $ 214,768 $ 836,423 $ (142) $ 836,281 Net i ncome 7,201
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Year Ended December 31, 2023 Material Corporate & Handling Distribution Segment Total Other Total Net s a l es $ 555,259 $ 257,875 $ 813,134 $ (67) $ 813,067 Net i ncome 48,867
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED) (Dollars in thousands) Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Adjusted operating income (loss) reconciliation: Operating income (loss) $ 14,637 $ 18
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER DILUTED SHARE (UNAUDITED) (Dollars in thousands, except per share data) Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Adjusted net income (loss) reconciliation: Net income (loss) $ 4,
Slide 23: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures WORKING CAPITAL (UNAUDITED) (Dollars in thousands) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net sales $ 215,739 $ 208,453 $ 197,798 $ 191,077 $ 207,102 $ 220,236 $ 205,067 $ 203,876 TTM net sales $ 813,067 $ 804,430 $ 816,213 $ 823
Slide 24: Meghan Beringer, Senior Director, Investor Relations
Meghan Beringer Senior Director, Investor Relations Myers Industries, Inc. | 1293 S. Main Street, Akron, Ohio 44301 Tel: (252) 536-5641 | Email: mberinger@myersind.com www.myersind.com