Myers Industries Reports 2020 Fourth Quarter and Full Year Results
Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer products and distributor for the tire, wheel, and under-vehicle service industry, today announced results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter and Full Year 2020 Financial Highlights
- Fourth quarter and full year results include the acquisition of Elkhart Plastics completed in November 2020
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GAAP income per diluted share from continuing operations was
$0.08 for the fourth quarter and$1.02 for the full year, compared with$0.16 and$0.68 , respectively, for the fourth quarter and full year of 2019 -
Adjusted income per diluted share from continuing operations was
$0.11 for the fourth quarter and$0.85 for the full year, compared with$0.12 and$0.78 , respectively, for the fourth quarter and full year of 2019 -
Net sales for the fourth quarter increased
17.7% to$137.5 million , compared with$116.8 million for the fourth quarter of 2019; net sales for the full year decreased1.0% to$510.4 million , compared with$515.7 million for the full year of 2019 -
Gross profit margin was
29.0% for the fourth quarter and33.7% for the full year, compared with33.6% and33.2% , respectively for the fourth quarter and full year of 2019 -
Generated cash flow from continuing operations of
$46.5 million , and free cash flow of$33.1 million for the full year of 2020
“While our organization was not immune to the effects of the global pandemic in 2020, recovery momentum accelerated over the course of the year and culminated in strong fourth quarter top-line growth of
Mr. McGaugh continued, “We enter 2021 with strong top-line momentum, and a clear long-term vision to transform Myers into a high-growth, customer-centric innovator of engineered plastic solutions. Our ‘One Myers’ strategy remains focused on our four strategic pillars. These include: 1) driving organic growth through sales and commercial excellence, innovation, and eCommerce; 2) complementing our organic growth through bolt-on acquisitions within existing plastics technologies that can expand our opportunities in current and adjacent markets; 3) committing to operational excellence through additional self-help initiatives in purchasing, pricing and SG&A optimization; and 4) developing a high-performance mindset and culture. We have just begun our journey and we believe we have the right strategy to drive long-term value for all of our stakeholders.”
Fourth Quarter 2020 Financial Summary
Net sales for the fourth quarter of 2020, which included