Myers Industries Half-Year Report 2023

Second Quarter 2023 Financial Highlights

• Net sales of $208.5 million compared to $233.2 million in the prior year period
• Gross margin of 32.8%, up 80 basis points versus the prior year period
• GAAP net income per diluted share of $0.29 compared to $0.43 in the prior year period
• Adjusted earnings per diluted share of $0.35 compared to $0.45 in the prior year period
• Cash flow provided by operations was $22.9 million and free cash flow was $16.7 million

Net sales were $208.5 million, a decrease of $24.7 million, or 10.6%, compared with $233.2 million for the second quarter of 2022. The decrease was the result of lower sales in the Material Handling segment, partially offset by higher sales in the Distribution segment largely from incremental sales of $9.3 million from the Mohawk Rubber acquisition. On an organic basis, the contribution from higher pricing in the Distribution segment was more than offset by lower volumes in both segments.