Myers Industries Full-Year Report 2023

Highlights

• Strong cash flow generation and a solid balance sheet enhance financial flexibility
  • Adjusted gross margin expanded 40 basis points to 32.0% year-over-year
  • Year over year cash flow improvement driven by self-help initiatives and disciplined working capital management
  • Produced $86 million in cash flow from operations compared to $73 million in 2022, which was over a $13 million increase from the prior year
  • Produced $63 million in free cash flow compared to $48 million in 2022, a $15 million dollar increase year-over-year
• Accelerating our transformation through the Myers Business System
  • Material Handling segment finished the year with strong Q4 adjusted EBITDA growth year over year
  • Distribution did not deliver results as expected due to reduced sales and revenue, driven in part by the realignment of the sales organization in Q3. However, this realignment better positions the business to capitalize on future consolidation in the tire service industry
• Signature Systems Acquisition
  • Closed $350 million acquisition of Signature Systems on February 8, 2024
  • Moves Myers into Horizon 2 of the long-term strategy
  • Strengthens Myers’ long-term growth and profitability
• Initiating Full Year 2024 Outlook for EPS
  • Initiating adjusted EPS guidance of $1.30 to $1.45