Myers Industries Reports 2021 Third Quarter Results
11/04/2021 - 06:30 AM
Sales Increased 51% Including Acquisitions, 20% on an Organic Basis
AKRON, Ohio --(BUSINESS WIRE)--
Myers Industries, Inc. (NYSE: MYE), a leading manufacturer of a wide range of polymer products and distributor for the tire, wheel, and under-vehicle service industry, today announced results for the third quarter ended September 30, 2021 .
Third Quarter 2021 Financial Highlights
Net sales increased $67.8 million , or 51.3% to $200.1 million , including $40.8 million , or 30.9% from the Elkhart and Trilogy acquisitions, compared with $132.3 million for the third quarter of 2020
Net income per diluted share was $0.22 , compared with $0.24 for the third quarter of 2020
Adjusted earnings per diluted share was $0.23 , compared with $0.30 for the third quarter of 2020
Myers Industries’ President and CEO, Mike McGaugh said, “Demand across all of our core end markets remains strong and our team continues to execute at a high level, which helped us deliver double-digit top-line growth this quarter. While our revenue performance and competitive position continue to build momentum, we were not immune to the continued inflationary headwinds that are affecting the cost structures of many businesses across the globe. This resulted in margin compression in parts of our business due to increased raw material, labor, and supply chain costs. We are actively working to mitigate these challenges and will continue to adjust price as necessary and prioritize operating excellence initiatives in order to offset their impacts in the coming quarters. Additionally, to support robust sales trends and a growing pipeline, we chose to invest more heavily this period to ensure we maintain high service levels. When coupled with strong sales later in the quarter, higher raw material costs, and the timing of certain cash payments, these investments negatively impacted cash flow. We are confident in our ability to generate positive cash flow on an annual basis and expect to do so again this year.”
McGaugh added, “We are confident in the continued success of our ‘One Myers’ strategy and are pleased with the progress we have made. Since the launch of the strategy one year ago, we have executed and integrated the strategic acquisitions of both Elkhart and Trilogy, which bolstered the already leading rotational molding position of our Material Handling Segment. These strategic actions, combined with our focused expansion efforts across all of our businesses, generated double-digit sales growth in each of the last four quarters. We have also made considerable improvements to our supply chain capabilities and overall operating efficiency, all while continuing to cultivate a high-performance culture.”
McGaugh concluded, “Our ‘One Myers’ strategy positions us well for continued momentum in 2022. The operating discipline we’re developing as we navigate this challenging cost environment should put us in a strong position to drive long-term profitable growth. I look forward to continued momentum as we close out the year and believe our journey has just begun.”
Third Quarter 2021 Financial Summary
Quarter Ended September 30 ,
2021
2020
Inc (Dec)
(Dollars in millions, except per share data)
Net sales
$200.1
$132.3
51.3%
Operating income
$11.8
$13.1
(10.1)%
Adjusted operating income
$12.5
$15.6
(19.5)%
Adjusted operating income margin
6.3%
11.8%
-550 bps
Net income
$7.9
$8.7
(9.0)%
Adjusted net income
$8.5
$10.6
(20.1)%
Net income per diluted share
$0.22
$0.24
(8.3)%
Adjusted earnings per diluted share
$0.23
$0.30
(23.3)%
Net sales for the third quarter of 2021 were $200.1 million , an increase of $67.8 million , or 51.3% , compared with $132.3 million for the third quarter of 2020, driven by increases in both the Material Handling and Distribution segments. Excluding the incremental $40.8 million of net sales from the Elkhart and Trilogy acquisitions, organic net sales increased 20% , 7% due to higher volume/mix and 13% due to favorable price.
Gross profit increased $7.1 million , or 15.2% to $54.2 million , primarily due to the increased contribution from volume/mix and the Elkhart and Trilogy acquisitions. Partially offsetting these contributions were higher raw material costs, including a $1.6 million increase to the LIFO inventory reserve, and increased labor costs, which were not fully recovered by pricing actions and led to an unfavorable price-to-cost relationship for the quarter. As a result, gross margin was 27.1% compared with 35.6% for the third quarter of 2020. Selling, general and administrative expenses increased $8.6 million , or 25.4% to $42.5 million , reflecting the Elkhart and Trilogy acquisitions, higher salaries, benefits, and incentive compensation costs and increased professional fees. SG&A as a percentage of sales declined to 21.3% in the third quarter, compared with 25.7% in the same period last year. Net income per diluted share was $0.22 , compared with $0.24 for the third quarter of 2020. Adjusted earnings per diluted share were $0.23 , compared with $0.30 for the third quarter of 2020.
Third Quarter 2021 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
Net
Sales
Op
Income
Adj Op
Income
Adj Op
Income
Margin
Q3 2021 Results
$149.7
$15.1
$15.2
10.2%
Increase (decrease) vs prior year
72.5%
(3.4)%
(7.6)%
-880 bps
Net sales for the Material Handling Segment during the third quarter of 2021 were $149.7 million , an increase of $62.9 million , or 72.5% , compared with $86.8 million for the third quarter of 2020. Excluding the incremental $40.8 million of net sales from the Elkhart and Trilogy acquisitions, organic net sales increased 7% due to higher volume/mix, 18% due to favorable price and 1% due to foreign currency exchange. Organic net sales increased in the vehicle, industrial, and food and beverage end markets. Operating income decreased 3.4% to $15.1 million , compared with $15.6 million in 2020. Adjusted operating income decreased 7.6% to $15.2 million , compared with $16.5 million in 2020. Contributions from the increase in volume/mix during the quarter were more than offset by higher raw material costs, including a $1.0 million increase to the LIFO inventory reserve, and increased labor costs, which were not fully recovered by pricing actions and led to an unfavorable price-to-cost relationship for the quarter. Additionally, SG&A expenses were higher year-over-year. The increase in SG&A expenses was primarily due to the Elkhart and Trilogy acquisitions and higher salaries, benefits, and incentive compensation costs. The Material Handling Segment’s adjusted operating income margin was 10.2% , compared with 19.0% for the third quarter of 2020.
Distribution
Net
Sales
Op
Income
Adj Op
Income
Adj Op
Income
Margin
Q3 2021 Results
$50.4
$4.4
$4.4
8.7%
Increase (decrease) vs prior year
10.8%
(14.0)%
(14.0)%
-250 bps
Net sales for the Distribution Segment during the third quarter of 2021 were $50.4 million , an increase of $4.9 million , or 10.8% , compared with $45.5 million for the third quarter of 2020. The increase was driven by higher volume/mix across both equipment and supplies and pricing actions. Operating income decreased to $4.4 million , compared with $5.1 million in 2020. Contributions from higher volume/mix and pricing actions were more than offset by an increase in SG&A expenses year-over-year. The increase in SG&A expenses was primarily the result of higher salaries, benefits, and incentive compensation costs and increased selling expenses. The Distribution Segment’s adjusted operating income margin was 8.7% , compared with 11.2% for the third quarter of 2020.
Balance Sheet & Cash Flow
As of September 30, 2021 , the Company’s cash on hand totaled $14.8 million , compared to $28.3 million on December 31, 2020 . Total debt as of September 30, 2021 , was $121.4 million .
During the third quarter, cash flow used for operations was $7.8 million resulting in negative free cash flow of $13.8 million , compared with cash flow provided by operations of $19.5 million and free cash flow of $16.2 million for the third quarter of 2020. The decrease in free cash flow was primarily due to higher working capital, which was driven by increases in accounts receivable and inventory and a decrease in accounts payable, and higher capital expenditures. The Company expects working capital trends to turn favorable in the fourth quarter.
2021 Outlook
The Company updated its outlook for fiscal 2021, and currently forecasts:
Net sales growth in the mid-to-high 40% range, with slightly more than half of the increase due to the Elkhart and Trilogy acquisitions
Diluted EPS in the range of $0.86 to $1.01 ; adjusted diluted EPS in the range of $0.90 to $1.05
Capital expenditures to approximate $16 to $19 million
Effective tax rate to approximate 26%
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Thursday, November 4, 2021 , at 8:30 a.m. EDT . The call is anticipated to last less than one hour and may be accessed using the following online participation registration link: https://www.incommglobalevents.com/registration/q4inc/9083/myers-industries-2021-third-quarter-earnings-call/ . Upon registering, each participant will be provided with call details and a registrant ID that will be used to track call attendance. Reminders will also be sent to registered participants via email. The live webcast of the conference call can be accessed from the Investor Relations section of the Company's website at www.myersindustries.com . Webcast attendees will be in a listen-only mode. An archived replay of the call will also be available on the site shortly after the event. Investors can access a replay of the teleconference at (866) 813-9403; international callers use (226) 828-7578. The Access Code is 465029. The teleconference replay will be available through November 11, 2021 .
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. Adjusted gross profit, adjusted gross profit margin, adjusted operating income (loss), adjusted operating income margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin, adjusted income (loss) before taxes, adjusted net income, adjusted earnings per diluted share, and free cash flow are non-GAAP financial measures and are intended to serve as a supplement to results provided in accordance with accounting principles generally accepted in the United States . Myers Industries believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.
About Myers Industries
Myers Industries, Inc. is a manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the United States . Visit www.myersindustries.com to learn more.
Caution on Forward-Looking Statements
Statements in this release include “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed “forward-looking”. Words such as “will”, “expect”, “believe”, “project”, “plan”, “anticipate”, “intend”, “objective”, “outlook”, “target”, “goal”, “view” and similar expressions identify forward-looking statements. These statements are based on management's current views and assumptions of future events and financial performance and involve a number of risks and uncertainties, many outside of the Company's control that could cause actual results to materially differ from those expressed or implied. Risks and uncertainties include: impacts from the COVID-19 pandemic on our business, conditions, customers and capital position; the impact of COVID-19 on local, national and global economic conditions; the effects of various governmental responses to the COVID-19 pandemic, raw material availability, increases in raw material costs, or other production costs; impacts of price increases, risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company’s business segments; changes in trends and demands in the markets in which the Company competes; operational problems at our manufacturing facilities, or unexpected failures at those facilities; future economic and financial conditions in the United States and around the world; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; impact of the U.S. elections impacts on the regulatory landscape, capital markets, and responses to and management of the COVID-19 pandemic including further economic stimulus from the federal government; and other important factors detailed previously and from time to time in the Company’s filings with the Securities and Exchange Commission , including the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. Such reports are available on the Securities and Exchange Commission's public reference facilities and its website at www.sec.gov and on the Company's Investor Relations section of its website at www.myersindustries.com . Myers Industries undertakes no obligation to publicly update or revise any forward-looking statements contained herein. These statements speak only as of the date made.
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)
Quarter Ended
Nine Months Ended
September 30 ,
2021
September 30 ,
2020
September 30 ,
2021
September 30 ,
2020
Net sales
$
200,058
$
132,258
$
561,856
$
372,902
Cost of sales
145,860
85,191
402,251
240,779
Gross profit
54,198
47,067
159,605
132,123
Selling, general and administrative expenses
42,531
33,927
122,200
95,360
Gain on disposal of fixed assets
(150
)
—
(1,146
)
(7
)
Gain on sale of notes receivable
—
—
—
(11,924
)
Operating income (loss)
11,817
13,140
38,551
48,694
Interest expense, net
1,056
1,204
3,050
3,467
Income (loss) before income taxes
10,761
11,936
35,501
45,227
Income tax expense (benefit)
2,858
3,251
9,218
11,448
Net income (loss)
$
7,903
$
8,685
$
26,283
$
33,779
Net income (loss) per common share:
Basic
$
0.22
$
0.24
$
0.73
$
0.94
Diluted
$
0.22
$
0.24
$
0.72
$
0.94
Weighted average common shares outstanding:
Basic
36,195,560
35,796,247
36,103,894
35,764,822
Diluted
36,402,276
35,943,129
36,328,765
35,938,186
MYERS INDUSTRIES, INC.
SALES AND EARNINGS BY SEGMENT (UNAUDITED)
(Dollars in thousands)
Quarter Ended September 30 ,
Nine Months Ended September 30 ,
2021
2020
% Change
2021
2020
% Change
Net sales
Material Handling
$
149,664
$
86,769
72.5
%
$
416,784
$
251,700
65.6
%
Distribution
50,413
45,517
10.8
%
$
145,119
$
121,253
19.7
%
Inter-company Sales
(19
)
(28
)
-
$
(47
)
$
(51
)
-
Total
$
200,058
$
132,258
51.3
%
$
561,856
$
372,902
50.7
%
Operating income (loss)
Material Handling
$
15,066
$
15,593
(3.4
)%
$
49,895
$
46,556
7.2
%
Distribution
4,377
5,091
(14.0
)%
10,029
8,577
16.9
%
Corporate
(7,626
)
(7,544
)
-
(21,373
)
(6,439
)
-
Total
$
11,817
$
13,140
(10.1
)%
$
38,551
$
48,694
(20.8
)%
Adjusted operating income (loss)
Material Handling
$
15,242
$
16,498
(7.6
)%
$
49,178
$
47,461
3.6
%
Distribution
4,377
5,091
(14.0
)%
10,556
8,594
22.8
%
Corporate
(7,091
)
(6,032
)
-
(20,253
)
(16,567
)
-
Total
$
12,528
$
15,557
(19.5
)%
$
39,481
$
39,488
(0.0
)%
Adjusted operating income margin
Material Handling
10.2
%
19.0
%
11.8
%
18.9
%
Distribution
8.7
%
11.2
%
7.3
%
7.1
%
Corporate
n/a
n/a
n/a
n/a
Total
6.3
%
11.8
%
7.0
%
10.6
%
Adjusted EBITDA
Material Handling
$
19,379
$
19,888
(2.6
)%
$
62,552
$
61,011
2.5
%
Distribution
4,900
5,647
(13.2
)%
12,169
10,354
17.5
%
Corporate
(6,993
)
(5,933
)
-
(19,952
)
(16,270
)
-
Total
$
17,286
$
19,602
(11.8
)%
$
54,769
$
55,095
(0.6
)%
Adjusted EBITDA margin
Material Handling
12.9
%
22.9
%
15.0
%
24.2
%
Distribution
9.7
%
12.4
%
8.4
%
8.5
%
Corporate
n/a
n/a
n/a
n/a
Total
8.6
%
14.8
%
9.7
%
14.8
%
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)
(Dollars in thousands)
Quarter Ended September 30, 2021
Material
Handling
Distribution
Segment
Total
Corporate
& Other
Total
Net sales
$
149,664
$
50,413
$
200,077
$
(19
)
$
200,058
Gross profit
54,198
Add: Restructuring expenses and other adjustments
145
Adjusted gross profit
54,343
Gross margin as adjusted
27.2
%
Operating income (loss)
15,066
4,377
19,443
(7,626
)
11,817
Add: Acquisition and integration costs
31
—
31
535
566
Add: Restructuring expenses and other adjustments
145
—
145
—
145
Adjusted operating income (loss)(1)
15,242
4,377
19,619
(7,091
)
12,528
Adjusted operating income margin
10.2
%
8.7
%
9.8
%
n/a
6.3
%
Add: Depreciation and amortization
4,137
523
4,660
98
4,758
Adjusted EBITDA
$
19,379
$
4,900
$
24,279
$
(6,993
)
$
17,286
Adjusted EBITDA margin
12.9
%
9.7
%
12.1
%
n/a
8.6
%
(1) Includes gross profit adjustments of $176 and SG&A adjustments of $535
Quarter Ended September 30, 2020
Material
Handling
Distribution
Segment
Total
Corporate
& Other
Total
Net sales
$
86,769
$
45,517
$
132,286
$
(28
)
$
132,258
Gross profit
47,067
Gross margin
35.6
%
Operating income (loss)
15,593
5,091
20,684
(7,544
)
13,140
Add: Severance costs
905
—
905
1,512
2,417
Adjusted operating income (loss)(1)
16,498
5,091
21,589
(6,032
)
15,557
Adjusted operating income margin
19.0
%
11.2
%
16.3
%
n/a
11.8
%
Add: Depreciation and amortization
3,390
556
3,946
99
4,045
Adjusted EBITDA
$
19,888
$
5,647
$
25,535
$
(5,933
)
$
19,602
Adjusted EBITDA margin
22.9
%
12.4
%
19.3
%
n/a
14.8
%
(1) Includes SG&A adjustments of $2,417
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)
(Dollars in thousands)
Nine Months Ended September 30, 2021
Material
Handling
Distribution
Segment
Total
Corporate
& Other
Total
Net sales
$
416,784
$
145,119
$
561,903
$
(47
)
$
561,856
Gross profit
159,605
Add: Restructuring expenses and other adjustments
247
Adjusted gross profit
159,852
Gross margin as adjusted
28.5
%
Operating income (loss)
49,895
10,029
59,924
(21,373
)
38,551
Add: Severance costs
—
527
527
318
845
Add: Acquisition and integration costs
31
—
31
802
833
Add: Restructuring expenses and other adjustments
247
—
247
—
247
Less: Gain on sale of assets
(995
)
—
(995
)
—
(995
)
Adjusted operating income (loss)(1)
49,178
10,556
59,734
(20,253
)
39,481
Adjusted operating income margin
11.8
%
7.3
%
10.6
%
n/a
7.0
%
Add: Depreciation and amortization
13,374
1,613
14,987
301
15,288
Adjusted EBITDA
$
62,552
$
12,169
$
74,721
$
(19,952
)
$
54,769
Adjusted EBITDA margin
15.0
%
8.4
%
13.3
%
n/a
9.7
%
(1) Includes gross profit adjustments of $278 and SG&A adjustments of $651
Nine Months Ended September 30, 2020
Material
Handling
Distribution
Segment
Total
Corporate
& Other
Total
Net sales
$
251,700
$
121,253
$
372,953
$
(51
)
$
372,902
Gross profit
132,123
Gross margin
35.4
%
Operating income (loss)
46,556
8,577
55,133
(6,439
)
48,694
Add: Severance costs
905
—
905
1,512
2,417
Add: Restructuring expenses and other adjustments
—
—
—
249
249
Add: Acquisition and integration costs
—
17
17
35
52
Less: Lawn and Garden sale of note/release of lease guarantee liability
—
—
—
(11,924
)
(11,924
)
Adjusted operating income (loss)(1)
47,461
8,594
56,055
(16,567
)
39,488
Adjusted operating income margin
18.9
%
7.1
%
15.0
%
n/a
10.6
%
Add: Depreciation and amortization
13,550
1,760
15,310
297
15,607
Adjusted EBITDA
$
61,011
$
10,354
$
71,365
$
(16,270
)
$
55,095
Adjusted EBITDA margin
24.2
%
8.5
%
19.1
%
n/a
14.8
%
(1) Includes SG&A adjustments of $2,718
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
September 30 ,
Nine Months Ended
September 30 ,
2021
2020
2021
2020
Operating income (loss)
$
11,817
$
13,140
$
38,551
$
48,694
Add: Severance costs
—
2,417
845
2,417
Add: Restructuring expenses and other adjustments
145
—
247
249
Add: Acquisition and integration costs
566
—
833
52
Less: Gain on sale of assets
—
—
(995
)
—
Less: Lawn and Garden sale of note/release of lease guarantee liability
—
—
—
(11,924
)
Adjusted operating income (loss)
12,528
15,557
39,481
39,488
Less: Interest expense, net
(1,056
)
(1,204
)
(3,050
)
(3,467
)
Adjusted income (loss) before taxes
11,472
14,353
36,431
36,021
Less: Income tax expense(1)
(2,983
)
(3,732
)
(9,472
)
(9,365
)
Adjusted net income (loss)
$
8,489
$
10,621
$
26,959
$
26,656
Adjusted earnings per diluted share(2)
$
0.23
$
0.30
$
0.74
$
0.74
(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2021 and 2020 is 26% .
(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding for the respective period.
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)
September 30, 2021
December 31, 2020
Assets
Current Assets
Cash
$
14,829
$
28,301
Accounts receivable, net
116,150
83,701
Income tax receivable
—
1,049
Inventories, net
90,378
65,919
Prepaid expenses and other current assets
7,201
4,760
Total Current Assets
228,558
183,730
Property, plant, & equipment, net
90,496
73,953
Right of use asset - operating leases
30,532
18,390
Deferred income taxes
84
84
Other assets
145,123
123,858
Total Assets
$
494,793
$
400,015
Liabilities & Shareholders' Equity
Current Liabilities
Accounts payable
$
78,552
$
61,150
Accrued expenses
43,629
36,744
Operating lease liability - short-term
5,369
4,359
Finance lease liability - short-term
495
—
Long-term debt - current portion
—
39,994
Total Current Liabilities
128,045
142,247
Long-term debt
111,339
37,582
Operating lease liability - long-term
24,989
13,755
Finance lease liability - long-term
9,563
—
Other liabilities
12,523
14,373
Deferred income taxes
2,809
2,958
Total Shareholders' Equity
205,525
189,100
Total Liabilities & Shareholders' Equity
$
494,793
$
400,015
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Nine Months Ended September 30 ,
2021
2020
Cash Flows From Operating Activities
Net income
$
26,283
$
33,779
Adjustments to reconcile net income to net cash
provided by (used for) operating activities
Depreciation
11,524
10,400
Amortization
4,107
5,507
Non-cash stock-based compensation expense
2,601
2,763
Gain on disposal of fixed assets
(1,146
)
(7
)
Gain on sale of notes receivable
—
(11,924
)
Other
(2,096
)
2,382
Cash flows provided by (used for) working capital
Accounts receivable
(29,528
)
(14,266
)
Inventories
(21,827
)
(3,939
)
Prepaid expenses and other current assets
(2,378
)
(1,728
)
Accounts payable and accrued expenses
26,004
8,367
Net cash provided by (used for) operating activities
13,544
31,334
Cash Flows From Investing Activities
Capital expenditures
(14,264
)
(8,955
)
Acquisition of business
(35,473
)
(716
)
Proceeds from sale of property, plant, and equipment
3,051
—
Proceeds from sale of notes receivable
—
1,200
Net cash provided by (used for) investing activities
(46,686
)
(8,471
)
Cash Flows From Financing Activities
Net borrowings from revolving credit facility
73,400
—
Repayments of long-term debt
(40,000
)
—
Payments on finance lease
(281
)
—
Cash dividends paid
(14,701
)
(14,570
)
Proceeds from issuance of common stock
3,235
367
Shares withheld for employee taxes on equity awards
(853
)
(416
)
Deferred financing fees
(1,095
)
—
Net cash provided by (used for) financing activities
19,705
(14,619
)
Foreign exchange rate effect on cash
(35
)
(25
)
Net (decrease) increase in cash
(13,472
)
8,219
Cash at January 1
28,301
75,527
Cash at September 30
$
14,829
$
83,746
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
Quarter
September 30, 2021
June 30, 2021
September 30, 2021
Net cash provided by (used for) operating activities
$
13,544
-
$
21,301
=
$
(7,757
)
Capital expenditures
(14,264
)
-
(8,220
)
=
(6,044
)
Free cash flow
$
(720
)
-
$
13,081
=
$
(13,801
)
YTD
YTD
Quarter
September 30, 2020
June 30, 2020
September 30, 2020
Net cash provided by (used for) operating activities
$
31,334
-
$
11,785
=
$
19,549
Capital expenditures
(8,955
)
-
(5,589
)
=
(3,366
)
Free cash flow
$
22,379
-
$
6,196
=
$
16,183
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED DILUTED EARNINGS PER SHARE
(UNAUDITED)
Full Year 2021 Guidance
Low
High
GAAP diluted net income per common share
$
0.86
$
1.01
Add: Net restructuring expenses and other adjustments
0.02
0.02
Add: Acquisition and integration costs
0.02
0.02
Adjusted diluted earnings per share
$
0.90
$
1.05
M-INV
View source version on businesswire.com : https://www.businesswire.com/news/home/20211104005154/en/
Monica Vinay
Vice President, Investor Relations & Treasurer
(330) 761-6212
Source: Myers Industries, Inc.