Myers Industries Announces Fourth Quarter and Full Year 2024 Results

About this update from Myers Industries, Inc.

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Commits to Deliver Annualized Cost Savings, Primarily in SG&A, of $20 Million by Year-end 2025. ","length":288,"tagName":"p","attribs":{}},{"type":"text","content":" Board Authorizes a New $10 Million 2025 Share Repurchase Program Enabling Meaningful Capital Return to Shareholders while Investing in Growth ","length":141,"tagName":"p","attribs":{}},{"type":"text","content":" AKRON, Ohio, March 06, 2025 --( BUSINESS WIRE )--Myers Industries Inc. (NYSE: MYE), a leading manufacturer of products that protect the world from the ground up, today announced results for the fourth quarter and full year ended December 31, 2024.","length":244,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2024 Financial Highlights vs. Prior Year ","length":55,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net sales of $203.9 million compared with $191.1 million","length":56,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Gross margin of 32.3%, up 230 basis points","length":42,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP net income per diluted share of $0.11 compared with $0.34","length":62,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted earnings per diluted share of $0.19 compared with $0.29","length":64,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA of $27.5 million, compared to $21.8 million","length":59,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Additional debt paydown of $13 million in the fourth quarter","length":60,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":343,"olType":false},{"type":"text","content":" Full Year 2024 Financial Highlights vs. Prior Year ","length":50,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net sales of $836.3 million compared with $813.1 million","length":56,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Gross margin of 32.4%, up 50 basis points","length":41,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP net income per diluted share of $0.19 compared with $1.32","length":62,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted earnings per diluted share of $1.04 compared with $1.39","length":64,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA of $122.2 million, compared to $98.0 million","length":60,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Cash flow provided by operations of $79.3 million and free cash flow of $54.9 million","length":85,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Reduced total debt by $26 million since March 31, 2024 after the acquisition of Signature Systems","length":97,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":465,"olType":false},{"type":"text","content":"Myers Industries’ new President and CEO Aaron Schapper commented, "During my first two months with Myers, I have met with many members of our organization and have been impressed with and encouraged by their dedication and desire to drive improvement. There are tremendous opportunities here and I am confident that we will build a brighter future working together. To begin this journey, we are launching a process to refine our strategy to create value and deliver results. We are acting with a sense of urgency to ensure we deliver on our commitments and drive improved results. Going forward, we will prioritize high-value opportunities while implementing a strategic and disciplined cost optimization plan. I am excited about the opportunity we have at Myers to improve our businesses and position the Company for growth."","length":837,"tagName":"p"},{"type":"text","content":"Schapper added, "In closing 2024, we reported solid fourth quarter financial results with margin growth led by our Signature and Scepter brands, demonstrating the valuable assets we have within our portfolio. Building on these results, we are launching our 'Focused Transformation' program with a target to implement $20 million of annualized cost savings, primarily in SG&A, by year-end 2025. Equally important, we will conduct a comprehensive review of the Myers portfolio, focusing on where we can add the most value while highlighting the unique differentiators that set us apart from our peers. I look forward to sharing a more detailed plan for performance improvement soon."","length":703,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Myers also announced that the Board approved the 2025 Share Repurchase Program under which the Company is authorized to repurchase up to $10 million of common stock. The 2025 Share Repurchase Program replaces the Company’s previously authorized 2013 share repurchase program and becomes effective March 10. 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