[8-K] MYERS INDUSTRIES INC Reports Material Event
Rhea-AI Filing Summary
Myers Industries reported sharply stronger earnings for fourth-quarter and full-year 2025, driven by margin expansion and cost savings despite essentially flat sales. Q4 2025 net sales were $203.974 million, roughly unchanged year-over-year, but diluted EPS rose to $0.30 from $0.11, with adjusted EPS up to $0.31 from $0.19. Operating income increased 38.3% and net income grew 163.7% as gross margin improved to 33.2%.
For 2025, net sales edged down 1.3% to $825.742 million, but net income jumped to $34.928 million from $7.201 million, and diluted EPS rose to $0.93 from $0.19. Adjusted EPS increased to $1.10 from $1.04 and adjusted EBITDA reached $124.170 million. Free cash flow was $67.2 million in 2025, up 23% year-over-year, while total debt was reduced by $31.0 million, ending with a net leverage ratio of 2.4x and total liquidity of $289.8 million.
Material Handling led performance with higher margins and adjusted EBITDA growth, supported by the company’s Focused Transformation program and $20 million in annualized cost reductions. The Distribution segment remained weak for the full year. Myers continues portfolio realignment, including a planned divestiture of Myers Tire Supply, and expects that business to qualify for discontinued operations accounting beginning in the first quarter of 2026. Management’s 2026 outlook calls for strong growth in Infrastructure, moderate growth in Industrial, stable Vehicle and Consumer markets, and slightly down Food & Beverage.
Positive
- None.
Negative
- None.
Insights
Margins, cash flow and deleveraging improved markedly in 2025.
Myers Industries converted modest revenue pressure into much stronger profitability. In 2025, net sales slipped 1.3% to
Margin expansion reflects lower material costs, favorable mix, and benefits from the Focused Transformation program, which delivered
Cash generation and balance sheet trends also improved. Free cash flow was
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
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(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, and Zip Code)
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Registrant’s Telephone Number, Including Area Code
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 5, 2026, Myers Industries, Inc. (the “Company”) issued a press release announcing earnings results for the fourth quarter ended December 31, 2025. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. In addition, a copy of the presentation which will be discussed during the Company’s earnings conference call at 8:30 a.m. Eastern Time on March 5, 2026, is available on the Investor Relations section of the Company’s website at www.myersindustries.com. Information about the Company’s earnings conference call can be found in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 and Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”), except as may be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
As described in “Item 2.02 Results of Operations and Financial Condition” above, on March 5, 2026, the Company issued a press release announcing earnings results for the fourth quarter ended December 31, 2025. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. In addition, a copy of the presentation which will be discussed during the Company’s earnings conference call at 8:30 a.m. Eastern Time on March 5, 2026, is available on the Investor Relations section of the Company’s website at www.myersindustries.com. Information about the Company’s earnings conference call can be found in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description |
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99.1 |
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Press Release, dated March 5, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Myers Industries, Inc. |
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By: |
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/s/ Samantha Rutty |
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Samantha Rutty |
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Executive Vice President and Chief Financial Officer |
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Date: March 5, 2026 |
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Exhibit 99.1
Myers Industries Announces 2025 Fourth Quarter and Full Year Results
Fourth Quarter EPS Improved 173% and Adjusted EPS Improved 63% Year-over-year
Material Handling Drives Year-over-year Margin Expansion
Strong Free Cash Flow of $67M in 2025, Up 23% Year-over-year
Annualized Costs Reduced by $20M in 2025, primarily in SG&A, Achieving our Commitment
Meaningful Progress in 2025 on Focused Transformation that Delivers Consistent, Reliable Results and Creates Sustainable Shareholder Value
March 5, 2026, Akron, Ohio - 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, 2025.
Myers Industries President and CEO Aaron Schapper commented, “2025 was a great year for Myers as the team performed well and we made significant progress on Focused Transformation. As part of our portfolio realignment, we are focusing on our core businesses that protect from the ground up, while progressing with the sale of Myers Tire Supply. We streamlined our manufacturing operations to rationalize capacity and improved our cost structure, delivering on our commitment to reduce annualized costs by $20 million. We improved free cash flow, further strengthened our balance sheet, and continued to deliver on debt and leverage reduction. We enter 2026 with momentum and confidence and are on the right track to deliver consistent, reliable results and create sustainable shareholder value."
Fourth Quarter 2025 Financial Summary
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Quarter Ended December 31, |
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(Dollars in thousands, except per share data) |
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2025 |
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2024 |
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% Inc |
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Net sales |
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$ |
203,974 |
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$ |
203,876 |
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0.0 |
% |
Gross profit |
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$ |
67,744 |
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$ |
65,889 |
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2.8 |
% |
Gross margin |
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33.2 |
% |
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32.3 |
% |
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Operating income |
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$ |
20,238 |
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$ |
14,637 |
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38.3 |
% |
Net income |
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$ |
11,330 |
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$ |
4,297 |
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163.7 |
% |
Net income per diluted share |
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$ |
0.30 |
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$ |
0.11 |
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172.7 |
% |
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Adjusted operating income |
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$ |
22,502 |
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$ |
17,637 |
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27.6 |
% |
Adjusted net income |
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$ |
11,620 |
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$ |
7,308 |
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59.0 |
% |
Adjusted earnings per diluted share |
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$ |
0.31 |
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$ |
0.19 |
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63.2 |
% |
Adjusted EBITDA |
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$ |
32,127 |
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$ |
27,470 |
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17.0 |
% |
1
Fourth Quarter 2025 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
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Net Sales |
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Op Income |
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Op Income Margin |
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Adj EBITDA |
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Adj EBITDA Margin |
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Q4 2025 Results |
$152.3 |
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$28.9 |
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19.0% |
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$39.0 |
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25.6% |
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Q4 2024 Results |
$152.7 |
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$25.9 |
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17.0% |
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$34.7 |
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22.7% |
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$ Increase (decrease) vs prior year |
($0.4) |
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$3.0 |
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$4.3 |
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% Increase (decrease) vs prior year |
(0.3)% |
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11.6% |
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+200 |
bps |
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12.3% |
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+290 |
bps |
Items in this table may not recalculate due to rounding
Distribution
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Net Sales |
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Op Income |
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Op Income Margin |
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Adj EBITDA |
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Adj EBITDA Margin |
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Q4 2025 Results |
$51.7 |
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($0.1) |
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-0.1% |
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$0.5 |
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1.0% |
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Q4 2024 Results |
$51.2 |
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($1.6) |
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-3.0% |
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($0.3) |
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-0.6% |
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$ Increase (decrease) vs prior year |
$0.5 |
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$1.5 |
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$0.8 |
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% Increase (decrease) vs prior year |
0.9% |
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96.1% |
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+290 |
bps |
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277.2% |
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+160 |
bps |
Items in this table may not recalculate due to rounding
Full Year 2025 Financial Summary
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Year Ended December 31, |
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(Dollars in thousands, except per share data) |
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2025 |
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2024 |
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% Inc |
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Net sales |
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$ |
825,742 |
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$ |
836,281 |
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(1.3 |
)% |
Gross profit |
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$ |
276,054 |
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$ |
270,805 |
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1.9 |
% |
Gross margin |
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33.4 |
% |
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32.4 |
% |
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Operating income |
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$ |
74,556 |
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$ |
44,480 |
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67.6 |
% |
Net income |
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$ |
34,928 |
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$ |
7,201 |
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385.0 |
% |
Net income per diluted share |
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$ |
0.93 |
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$ |
0.19 |
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389.5 |
% |
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Adjusted operating income |
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$ |
84,893 |
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$ |
83,645 |
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1.5 |
% |
Adjusted net income |
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$ |
41,327 |
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$ |
39,004 |
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6.0 |
% |
Adjusted earnings per diluted share |
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$ |
1.10 |
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$ |
1.04 |
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5.8 |
% |
Adjusted EBITDA |
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$ |
124,170 |
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$ |
122,238 |
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1.6 |
% |
2
Full Year 2025 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
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Net Sales |
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Op Income |
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Op Income Margin |
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Adj EBITDA |
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Adj EBITDA Margin |
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Full Year 2025 Results |
$622.1 |
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$112.4 |
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18.1% |
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$150.1 |
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24.1% |
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Full Year 2024 Results |
$621.7 |
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$77.8 |
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12.5% |
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$142.2 |
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22.9% |
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$ Increase (decrease) vs prior year |
$0.5 |
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$34.6 |
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$7.9 |
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% Increase (decrease) vs prior year |
0.1% |
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44.5% |
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+560 |
bps |
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5.6% |
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+120 |
bps |
Items in this table may not recalculate due to rounding
Distribution
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Net Sales |
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Op Income |
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Op Income Margin |
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Adj EBITDA |
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Adj EBITDA Margin |
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Full Year 2025 Results |
$203.9 |
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($0.9) |
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-0.5% |
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$5.1 |
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2.5% |
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Full Year 2024 Results |
$214.8 |
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$3.4 |
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1.6% |
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$8.0 |
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3.7% |
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$ Increase (decrease) vs prior year |
($10.9) |
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($4.3) |
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($2.9) |
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% Increase (decrease) vs prior year |
(5.1)% |
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(127.9)% |
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-210 |
bps |
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(36.6)% |
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-120 |
bps |
Items in this table may not recalculate due to rounding
Balance Sheet & Cash Flow
Portfolio Transformation
The transformation of the Company continues to be on track, including the previously announced process to divest Myers Tire Supply (MTS) to create a more focused portfolio to better deliver shareholder value. MTS is expected to qualify for discontinued operations accounting treatment beginning in the first quarter reporting period of 2026.
3
2026 End Market Outlook
The following table presents the Company’s current 2026 outlook for each of its end markets. Due to the planned divestment of Myers Tire Supply, the Company is not providing an outlook for Automotive Aftermarket.
End Markets (TTM Sales of Material Handling Segment as of December 31, 2025) |
2026 Outlook* |
Industrial (41% of sales) Akro-Mils®, Buckhorn® & Jamco® containers, organizational bins, totes, carts and cabinets; Scepter® military ammunition containers; OEM parts for general industrial equipment |
Moderate growth |
Infrastructure (19% of sales) Signature Systems® ground protection matting for construction, industrial sites, and event venues |
Strong growth |
Vehicle (15% of sales) RV, marine, and automotive components |
Stable |
Consumer (13% of sales) Scepter® fuel containers; outdoor furniture and equipment |
Stable, affected by normal level of storm response |
Food & Beverage (12% of sales) Buckhorn® seed boxes, intermediate bulk containers, and Tuff Series bulk containers for agricultural and chemical customers |
Slightly down |
*Excludes impact from exiting low-margin products and idling two rotational molding facilities in Q4 2025
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Thursday, March 5, 2026, at 8:30 a.m. ET. The call is anticipated to last one hour and may be accessed using the following online participation registration link: https://events.q4inc.com/analyst/316740658?pwd=hRjcz32B. Upon registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast. To access the live webcast or a replay, visit the Company's website www.myersindustries.com and click on the Investor Relations tab. An archived replay of the call will also be available on the site shortly after the event. An archive of the webcast will be available for replay following the meeting using the following link: https://events.q4inc.com/attendee/316740658
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. Adjusted gross profit, adjusted gross margin, adjusted operating income (loss), adjusted operating income margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted share (adjusted EPS), 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., based in Akron, Ohio, is a leading manufacturer of sustainable plastic and metal products that protect the world from the ground up for Consumer, Vehicle, Food & Beverage, Industrial, Infrastructure, and Automotive Aftermarket end markets. Myers Industries has a rich history that is built on strong brands and innovative products. Through years of continuous product development and strategic acquisitions, we have established ourselves as a leading diversified industrial company. We provide critical solutions to our customers, delivering exceptional value. Visit www.myersindustries.com to learn more.
4
Caution on Forward-Looking Statements
Statements in this release 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, objectives, business prospects and anticipated financial performance. Forward-looking statements can be identified by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” or variations of these words, or similar expressions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, these statements inherently involve a wide range of uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. The Company’s actual actions, results, and financial condition may differ materially from what is expressed or implied by the forward-looking statements.
Specific factors that could cause such a difference on our business, financial position, results of operations and/or liquidity include, without limitation, raw material availability, increases in raw material costs, or other production costs; 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, including the impacts of U.S. and foreign tariff policies; 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; unforeseen events, including natural disasters, unusual or severe weather events and patterns, public health crises, geopolitical crises, and other catastrophic events; our ability to successfully execute our announced intended divestiture of the Myers Tire Supply business; and other risks and uncertainties detailed from time to time in the Company’s filings with the SEC, including without limitation, the risk factors disclosed in Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Given these factors, as well as other variables that may affect our operating results, readers should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, nor use historical trends to anticipate results or trends in future periods. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company expressly disclaims any obligation or intention to provide updates to the forward-looking statements and the estimates and assumptions associated with them.
Contact: Meghan Beringer, Senior Director Investor Relations, 252-536-5651
M-INV
Source: Myers Industries, Inc.
5
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)
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Quarter Ended |
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Year Ended |
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December 31, 2025 |
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December 31, 2024 |
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December 31, 2025 |
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December 31, 2024 |
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Net sales |
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$ |
203,974 |
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$ |
203,876 |
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$ |
825,742 |
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$ |
836,281 |
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Cost of sales |
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136,230 |
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137,987 |
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549,688 |
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565,476 |
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Gross profit |
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67,744 |
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65,889 |
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276,054 |
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270,805 |
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Selling, general and administrative expenses |
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39,850 |
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44,281 |
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172,401 |
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174,028 |
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Depreciation and amortization |
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4,222 |
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4,462 |
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17,447 |
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18,077 |
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Freight out |
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2,929 |
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2,561 |
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11,046 |
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12,003 |
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(Gain) loss on disposal of fixed assets |
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505 |
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(52 |
) |
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604 |
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201 |
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Impairment charges |
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— |
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— |
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— |
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22,016 |
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Operating income (loss) |
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20,238 |
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14,637 |
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74,556 |
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44,480 |
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Interest expense, net |
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7,174 |
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7,761 |
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29,421 |
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30,937 |
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Income (loss) before income taxes |
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13,064 |
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6,876 |
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45,135 |
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13,543 |
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Income tax expense (benefit) |
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1,734 |
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2,579 |
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10,207 |
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|
|
6,342 |
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Net income (loss) |
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$ |
11,330 |
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$ |
4,297 |
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$ |
34,928 |
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$ |
7,201 |
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Net income (loss) per common share: |
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Basic |
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$ |
0.30 |
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$ |
0.12 |
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$ |
0.93 |
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$ |
0.19 |
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Diluted |
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$ |
0.30 |
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$ |
0.11 |
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$ |
0.93 |
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$ |
0.19 |
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Weighted average common shares outstanding: |
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Basic |
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37,390,627 |
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37,255,837 |
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37,368,578 |
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37,141,030 |
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Diluted |
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37,646,478 |
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37,444,040 |
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37,561,592 |
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37,403,518 |
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6
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)
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December 31, 2025 |
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December 31, 2024 |
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Assets |
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Current Assets |
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Cash |
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$ |
45,050 |
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$ |
32,222 |
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Trade accounts receivable, net |
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125,314 |
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109,372 |
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Other accounts receivable, net |
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14,164 |
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|
12,654 |
|
Inventories, net |
|
|
86,064 |
|
|
|
97,001 |
|
Other current assets |
|
|
10,867 |
|
|
|
8,058 |
|
Total Current Assets |
|
|
281,459 |
|
|
|
259,307 |
|
Property, plant, & equipment, net |
|
|
129,105 |
|
|
|
137,564 |
|
Right of use asset - operating leases |
|
|
24,818 |
|
|
|
30,561 |
|
Goodwill and intangible assets, net |
|
|
407,465 |
|
|
|
421,853 |
|
Deferred income taxes |
|
|
178 |
|
|
|
205 |
|
Other assets |
|
|
8,296 |
|
|
|
11,325 |
|
Total Assets |
|
$ |
851,321 |
|
|
$ |
860,815 |
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
71,172 |
|
|
$ |
71,049 |
|
Accrued expenses |
|
|
55,868 |
|
|
|
49,196 |
|
Operating lease liability - short-term |
|
|
6,727 |
|
|
|
6,597 |
|
Finance lease liability - short-term |
|
|
645 |
|
|
|
621 |
|
Long-term debt - current portion |
|
|
34,601 |
|
|
|
19,649 |
|
Total Current Liabilities |
|
|
169,013 |
|
|
|
147,112 |
|
Long-term debt |
|
|
311,210 |
|
|
|
355,310 |
|
Operating lease liability - long-term |
|
|
18,135 |
|
|
|
23,700 |
|
Finance lease liability - long-term |
|
|
7,349 |
|
|
|
7,994 |
|
Other liabilities |
|
|
14,916 |
|
|
|
15,303 |
|
Deferred income taxes |
|
|
36,472 |
|
|
|
33,884 |
|
Total Shareholders' Equity |
|
|
294,226 |
|
|
|
277,512 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
851,321 |
|
|
$ |
860,815 |
|
7
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
|
|
Quarter Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Cash Flows From Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
11,330 |
|
|
$ |
4,297 |
|
|
$ |
34,928 |
|
|
$ |
7,201 |
|
Adjustments to reconcile net income (loss) to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
9,625 |
|
|
|
9,833 |
|
|
|
39,277 |
|
|
|
38,593 |
|
Amortization of deferred financing costs |
|
|
702 |
|
|
|
599 |
|
|
|
2,323 |
|
|
|
1,917 |
|
Amortization of acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
Non-cash stock-based compensation expense |
|
|
836 |
|
|
|
923 |
|
|
|
3,536 |
|
|
|
1,660 |
|
(Gain) loss on disposal of fixed assets |
|
|
505 |
|
|
|
(52 |
) |
|
|
604 |
|
|
|
201 |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
Deferred taxes |
|
|
3,206 |
|
|
|
(6,048 |
) |
|
|
3,206 |
|
|
|
(6,048 |
) |
Other |
|
|
731 |
|
|
|
(847 |
) |
|
|
(2,100 |
) |
|
|
(297 |
) |
Cash flows provided by (used for) working capital |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable - trade and other, net |
|
|
(9,781 |
) |
|
|
11,176 |
|
|
|
(11,908 |
) |
|
|
26,822 |
|
Inventories |
|
|
13,689 |
|
|
|
7,612 |
|
|
|
11,393 |
|
|
|
6,227 |
|
Prepaid expenses and other current assets |
|
|
(1,077 |
) |
|
|
1,143 |
|
|
|
(2,800 |
) |
|
|
(525 |
) |
Accounts payable and accrued expenses |
|
|
(7,205 |
) |
|
|
(1,288 |
) |
|
|
8,302 |
|
|
|
(22,932 |
) |
Net cash provided by (used for) operating activities |
|
|
22,561 |
|
|
|
27,348 |
|
|
|
86,761 |
|
|
|
79,292 |
|
Cash Flows From Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(3,618 |
) |
|
|
(7,133 |
) |
|
|
(19,553 |
) |
|
|
(24,435 |
) |
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(348,312 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
(37 |
) |
|
|
130 |
|
|
|
624 |
|
|
|
242 |
|
Net cash provided by (used for) investing activities |
|
|
(3,655 |
) |
|
|
(7,003 |
) |
|
|
(18,929 |
) |
|
|
(372,505 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net borrowings (repayments) from revolving credit facility |
|
|
— |
|
|
|
(5,000 |
) |
|
|
— |
|
|
|
(20,000 |
) |
Proceeds from Term Loan A |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400,000 |
|
Repayments of Term Loan A |
|
|
(16,000 |
) |
|
|
(8,000 |
) |
|
|
(31,000 |
) |
|
|
(18,000 |
) |
Repayments of senior unsecured notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(38,000 |
) |
Payments on finance lease |
|
|
(157 |
) |
|
|
(151 |
) |
|
|
(621 |
) |
|
|
(593 |
) |
Cash dividends paid |
|
|
(5,055 |
) |
|
|
(5,040 |
) |
|
|
(20,494 |
) |
|
|
(20,432 |
) |
Proceeds from issuance of common stock |
|
|
256 |
|
|
|
289 |
|
|
|
1,122 |
|
|
|
3,342 |
|
Shares withheld for employee taxes on equity awards |
|
|
(36 |
) |
|
|
(23 |
) |
|
|
(965 |
) |
|
|
(2,050 |
) |
Repurchase of common stock |
|
|
(504 |
) |
|
|
— |
|
|
|
(2,525 |
) |
|
|
— |
|
Deferred financing fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,172 |
) |
Net cash provided by (used for) financing activities |
|
|
(21,496 |
) |
|
|
(17,925 |
) |
|
|
(54,483 |
) |
|
|
295,095 |
|
Foreign exchange rate effect on cash |
|
|
(325 |
) |
|
|
92 |
|
|
|
(521 |
) |
|
|
50 |
|
Net increase (decrease) in cash |
|
|
(2,915 |
) |
|
|
2,512 |
|
|
|
12,828 |
|
|
|
1,932 |
|
Beginning Cash |
|
|
47,965 |
|
|
|
29,710 |
|
|
|
32,222 |
|
|
|
30,290 |
|
Ending Cash |
|
$ |
45,050 |
|
|
$ |
32,222 |
|
|
$ |
45,050 |
|
|
$ |
32,222 |
|
8
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)
(Dollars in thousands)
|
|
Quarter Ended December 31, 2025 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
152,308 |
|
|
$ |
51,685 |
|
|
$ |
203,993 |
|
|
$ |
(19 |
) |
|
$ |
203,974 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,330 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,744 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
749 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,493 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
28,942 |
|
|
|
(61 |
) |
|
|
28,881 |
|
|
|
(8,643 |
) |
|
|
20,238 |
|
Operating income margin |
|
|
19.0 |
% |
|
|
-0.1 |
% |
|
|
14.2 |
% |
|
n/a |
|
|
|
9.9 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
1,271 |
|
|
|
— |
|
|
|
1,271 |
|
|
|
228 |
|
|
|
1,499 |
|
Add: Myers Tire Supply strategic review / sale costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
565 |
|
|
|
565 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
200 |
|
|
|
200 |
|
Adjusted operating income (loss)(1) |
|
|
30,213 |
|
|
|
(61 |
) |
|
|
30,152 |
|
|
|
(7,650 |
) |
|
|
22,502 |
|
Adjusted operating income margin |
|
|
19.8 |
% |
|
|
-0.1 |
% |
|
|
14.8 |
% |
|
n/a |
|
|
|
11.0 |
% |
|
Add: Depreciation and amortization |
|
|
8,782 |
|
|
|
598 |
|
|
|
9,380 |
|
|
|
245 |
|
|
|
9,625 |
|
Adjusted EBITDA |
|
$ |
38,995 |
|
|
$ |
537 |
|
|
$ |
39,532 |
|
|
$ |
(7,405 |
) |
|
$ |
32,127 |
|
Adjusted EBITDA margin |
|
|
25.6 |
% |
|
|
1.0 |
% |
|
|
19.4 |
% |
|
n/a |
|
|
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Includes gross profit adjustments of $749 and SG&A adjustments of $1,515 |
|
|||||||||||||||||||
(2) Includes environmental charges of $1,600 net of probable insurance recoveries of $1,400 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended December 31, 2024 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
152,704 |
|
|
$ |
51,225 |
|
|
$ |
203,929 |
|
|
$ |
(53 |
) |
|
$ |
203,876 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,297 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,889 |
|
||||
Less: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(157 |
) |
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,732 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
25,924 |
|
|
|
(1,552 |
) |
|
|
24,372 |
|
|
|
(9,735 |
) |
|
|
14,637 |
|
Operating income margin |
|
|
17.0 |
% |
|
|
-3.0 |
% |
|
|
12.0 |
% |
|
n/a |
|
|
|
7.2 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
7 |
|
|
|
427 |
|
|
|
434 |
|
|
|
1,854 |
|
|
|
2,288 |
|
Add: Acquisition and integration costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
212 |
|
|
|
212 |
|
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
500 |
|
Adjusted operating income (loss)(1) |
|
|
25,931 |
|
|
|
(1,125 |
) |
|
|
24,806 |
|
|
|
(7,169 |
) |
|
|
17,637 |
|
Adjusted operating income margin |
|
|
17.0 |
% |
|
|
-2.2 |
% |
|
|
12.2 |
% |
|
n/a |
|
|
|
8.7 |
% |
|
Add: Depreciation and amortization |
|
|
8,793 |
|
|
|
822 |
|
|
|
9,615 |
|
|
|
218 |
|
|
|
9,833 |
|
Adjusted EBITDA |
|
$ |
34,724 |
|
|
$ |
(303 |
) |
|
$ |
34,421 |
|
|
$ |
(6,951 |
) |
|
$ |
27,470 |
|
Adjusted EBITDA margin |
|
|
22.7 |
% |
|
|
-0.6 |
% |
|
|
16.9 |
% |
|
n/a |
|
|
|
13.5 |
% |
|
|
|
|||||||||||||||||||
(1) Includes gross profit adjustments of $(157) and SG&A adjustments of $3,157 |
|
|||||||||||||||||||
(2) Includes environmental charges of $2,100 net of probable insurance recoveries of $1,600 |
|
|||||||||||||||||||
9
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)
(Dollars in thousands)
|
|
Year Ended December 31, 2025 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
622,147 |
|
|
$ |
203,887 |
|
|
$ |
826,034 |
|
|
$ |
(292 |
) |
|
$ |
825,742 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,928 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276,054 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,347 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
278,401 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
112,368 |
|
|
|
(939 |
) |
|
|
111,429 |
|
|
|
(36,873 |
) |
|
|
74,556 |
|
Operating income margin |
|
|
18.1 |
% |
|
|
-0.5 |
% |
|
|
13.5 |
% |
|
n/a |
|
|
|
9.0 |
% |
|
Add: Restructuring expenses and other adjustments |
|
|
3,902 |
|
|
|
3,051 |
|
|
|
6,953 |
|
|
|
4,209 |
|
|
|
11,162 |
|
Add: Myers Tire Supply strategic review / sale costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
565 |
|
|
|
565 |
|
Add: Pension termination |
|
|
1,585 |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
|
|
1,585 |
|
Less: Recovery of purchased credit deteriorated assets |
|
|
(3,175 |
) |
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
|
|
(3,175 |
) |
Add: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
200 |
|
|
|
200 |
|
Adjusted operating income (loss)(1) |
|
|
114,680 |
|
|
|
2,112 |
|
|
|
116,792 |
|
|
|
(31,899 |
) |
|
|
84,893 |
|
Adjusted operating income margin |
|
|
18.4 |
% |
|
|
1.0 |
% |
|
|
14.1 |
% |
|
n/a |
|
|
|
10.3 |
% |
|
Add: Depreciation and amortization |
|
|
35,426 |
|
|
|
2,966 |
|
|
|
38,392 |
|
|
|
885 |
|
|
|
39,277 |
|
Adjusted EBITDA |
|
$ |
150,106 |
|
|
$ |
5,078 |
|
|
$ |
155,184 |
|
|
$ |
(31,014 |
) |
|
$ |
124,170 |
|
Adjusted EBITDA margin |
|
|
24.1 |
% |
|
|
2.5 |
% |
|
|
18.8 |
% |
|
n/a |
|
|
|
15.0 |
% |
|
(1) Includes gross profit adjustments of $2,347 and SG&A adjustments of $7,990 |
|
|||||||||||||||||||
(2) Includes environmental charges of $2,500 net of probable insurance recoveries of $2,300 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 31, 2024 |
|
|||||||||||||||||
|
|
Material Handling |
|
|
Distribution |
|
|
Segment Total |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Net sales |
|
$ |
621,655 |
|
|
$ |
214,768 |
|
|
$ |
836,423 |
|
|
$ |
(142 |
) |
|
$ |
836,281 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,201 |
|
||||
Net income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270,805 |
|
||||
Add: Restructuring expenses and other adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,006 |
|
||||
Add: Acquisition-related inventory step-up |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,457 |
|
||||
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
279,268 |
|
||||
Gross margin as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
|
77,767 |
|
|
|
3,363 |
|
|
|
81,130 |
|
|
|
(36,650 |
) |
|
|
44,480 |
|
Operating income margin |
|
|
12.5 |
% |
|
|
1.6 |
% |
|
|
9.7 |
% |
|
n/a |
|
|
|
5.3 |
% |
|
Add: Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
|
1,405 |
|
Add: Restructuring expenses and other adjustments |
|
|
3,867 |
|
|
|
1,402 |
|
|
|
5,269 |
|
|
|
2,271 |
|
|
|
7,540 |
|
Add: Acquisition and integration costs |
|
|
305 |
|
|
|
— |
|
|
|
305 |
|
|
|
4,344 |
|
|
|
4,649 |
|
Add: Acquisition-related inventory step-up |
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
|
|
— |
|
|
|
4,457 |
|
Add: Impairment charges |
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
|
|
— |
|
|
|
22,016 |
|
Less: Insurance recovery of legal fees |
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
|
|
— |
|
|
|
(702 |
) |
Less: Environmental reserves, net(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(200 |
) |
|
|
(200 |
) |
Adjusted operating income (loss)(1) |
|
|
107,710 |
|
|
|
4,765 |
|
|
|
112,475 |
|
|
|
(28,830 |
) |
|
|
83,645 |
|
Adjusted operating income margin |
|
|
17.3 |
% |
|
|
2.2 |
% |
|
|
13.4 |
% |
|
n/a |
|
|
|
10.0 |
% |
|
Add: Depreciation and amortization |
|
|
34,499 |
|
|
|
3,248 |
|
|
|
37,747 |
|
|
|
846 |
|
|
|
38,593 |
|
Adjusted EBITDA |
|
$ |
142,209 |
|
|
$ |
8,013 |
|
|
$ |
150,222 |
|
|
$ |
(27,984 |
) |
|
$ |
122,238 |
|
Adjusted EBITDA margin |
|
|
22.9 |
% |
|
|
3.7 |
% |
|
|
18.0 |
% |
|
n/a |
|
|
|
14.6 |
% |
|
(1) Includes gross profit adjustments of $8,463, impairment charges of $22,016 and SG&A adjustments of $8,686 |
|
|||||||||||||||||||
(2) Includes environmental charges of $3,100 net of probable insurance recoveries of $3,300 |
|
|||||||||||||||||||
10
MYERS INDUSTRIES, INC.
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, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Adjusted operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
$ |
20,238 |
|
|
$ |
14,637 |
|
|
$ |
74,556 |
|
|
$ |
44,480 |
|
Restructuring expenses and other adjustments |
|
|
1,499 |
|
|
|
2,288 |
|
|
|
11,162 |
|
|
|
7,540 |
|
Myers Tire Supply strategic review / sale costs |
|
|
565 |
|
|
|
— |
|
|
|
565 |
|
|
|
— |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
Acquisition and integration costs |
|
|
— |
|
|
|
212 |
|
|
|
— |
|
|
|
4,649 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
Environmental reserves, net |
|
|
200 |
|
|
|
500 |
|
|
|
200 |
|
|
|
(200 |
) |
Adjusted operating income (loss) |
|
$ |
22,502 |
|
|
$ |
17,637 |
|
|
$ |
84,893 |
|
|
$ |
83,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
11,330 |
|
|
$ |
4,297 |
|
|
$ |
34,928 |
|
|
$ |
7,201 |
|
Income tax expense (benefit) |
|
|
1,734 |
|
|
|
2,579 |
|
|
|
10,207 |
|
|
|
6,342 |
|
Interest expense, net |
|
|
7,174 |
|
|
|
7,761 |
|
|
|
29,421 |
|
|
|
30,937 |
|
Operating income (loss) |
|
|
20,238 |
|
|
|
14,637 |
|
|
|
74,556 |
|
|
|
44,480 |
|
Depreciation and amortization |
|
|
9,625 |
|
|
|
9,833 |
|
|
|
39,277 |
|
|
|
38,593 |
|
Restructuring expenses and other adjustments |
|
|
1,499 |
|
|
|
2,288 |
|
|
|
11,162 |
|
|
|
7,540 |
|
Myers Tire Supply strategic review / sale costs |
|
|
565 |
|
|
|
— |
|
|
|
565 |
|
|
|
— |
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
Acquisition and integration costs |
|
|
— |
|
|
|
212 |
|
|
|
— |
|
|
|
4,649 |
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
Environmental reserves, net |
|
|
200 |
|
|
|
500 |
|
|
|
200 |
|
|
|
(200 |
) |
Adjusted EBITDA |
|
$ |
32,127 |
|
|
$ |
27,470 |
|
|
$ |
124,170 |
|
|
$ |
122,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by (used for) operating activities |
|
$ |
22,561 |
|
|
$ |
27,348 |
|
|
$ |
86,761 |
|
|
$ |
79,292 |
|
Capital expenditures |
|
|
(3,618 |
) |
|
|
(7,133 |
) |
|
|
(19,553 |
) |
|
|
(24,435 |
) |
Free cash flow |
|
$ |
18,943 |
|
|
$ |
20,215 |
|
|
$ |
67,208 |
|
|
$ |
54,857 |
|
11
MYERS INDUSTRIES, INC.
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, |
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
||||
Adjusted net income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
11,330 |
|
|
$ |
4,297 |
|
|
$ |
34,928 |
|
|
$ |
7,201 |
|
|
Income tax expense (benefit) |
|
|
1,734 |
|
|
|
2,579 |
|
|
|
10,207 |
|
|
|
6,342 |
|
|
Income (loss) before income taxes |
|
|
13,064 |
|
|
|
6,876 |
|
|
|
45,135 |
|
|
|
13,543 |
|
|
Restructuring expenses and other adjustments |
|
|
1,499 |
|
|
|
2,288 |
|
|
|
11,162 |
|
|
|
7,540 |
|
|
Myers Tire Supply strategic review / sale costs |
|
|
565 |
|
|
|
— |
|
|
|
565 |
|
|
|
— |
|
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
— |
|
|
Acquisition and integration costs |
|
|
— |
|
|
|
212 |
|
|
|
— |
|
|
|
4,649 |
|
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(3,175 |
) |
|
|
— |
|
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,016 |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(702 |
) |
|
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,405 |
|
|
Environmental reserves, net |
|
|
200 |
|
|
|
500 |
|
|
|
200 |
|
|
|
(200 |
) |
|
Adjusted income (loss) before income taxes |
|
|
15,328 |
|
|
|
9,876 |
|
|
|
55,472 |
|
|
|
52,708 |
|
|
Income tax expense, as adjusted (1) |
|
|
(3,708 |
) |
|
|
(2,568 |
) |
|
|
(14,145 |
) |
|
|
(13,704 |
) |
|
Adjusted net income (loss) |
|
$ |
11,620 |
|
|
$ |
7,308 |
|
|
$ |
41,327 |
|
|
$ |
39,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted earnings per diluted share reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) per common diluted share |
|
$ |
0.30 |
|
|
$ |
0.11 |
|
|
$ |
0.93 |
|
|
$ |
0.19 |
|
|
Restructuring expenses and other adjustments |
|
|
0.04 |
|
|
|
0.06 |
|
|
|
0.30 |
|
|
|
0.20 |
|
|
Myers Tire Supply strategic review / sale costs |
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
Pension termination |
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
Acquisition and integration costs |
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.13 |
|
|
Acquisition-related inventory step-up |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
Recovery of purchased credit deteriorated assets |
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.59 |
|
|
Insurance recovery of legal fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
Executive severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
Environmental reserves, net |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
(0.01 |
) |
|
Adjusted effective income tax rate impact |
|
|
(0.05 |
) |
|
|
0.00 |
|
|
|
(0.10 |
) |
|
|
(0.20 |
) |
|
Adjusted earnings per diluted share(2) |
|
$ |
0.31 |
|
|
$ |
0.19 |
|
|
$ |
1.10 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Items in this table may not recalculate due to rounding |
|
|
|||||||||||||||
(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2025 is 25.5% and in 2024 is 26%. |
|||||||||||||||||
(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding for the respective period. |
|||||||||||||||||
12
Filing Exhibits & Attachments
2 documentsPress Releases
