Myers Industries Q3 Report 2022
Third Quarter 2022 Financial Highlights
- Net sales increased 14% to $228.1 million, compared with $200.1 million for the third quarter of 2021
- On an organic basis, net sales increased 4% compared with the third quarter of 2021
- Earnings per diluted share increased 68% to $0.37, compared with $0.22 for the third quarter of 2021
- Adjusted earnings per diluted share increased 78% to $0.41, compared with $0.23 for the third quarter of 2021
- Adjusted EBITDA increased 57% to $27.2 million, compared with $17.3 million for the third quarter of 2021
- Cash flow provided by operations was $16.5 million and free cash flow was $9.8 million, compared with cash flow used for operations of $7.8 million and negative free cash flow of $13.8 million for the third quarter of 2021
Net sales were $228.1 million, an increase of $28 million, or 14.0%, compared with $200.1 million for the third quarter of 2021, driven by sales increases in both the Material Handling and Distribution segments. Excluding the incremental $19.4 million of net sales from the Trilogy Plastics and Mohawk Rubber acquisitions, organic net sales increased 4.3%. Favorable pricing of 11% was partially offset by a decrease in volume/mix of 6%.
Gross profit increased $17.5 million, or 32.2% to $71.6 million, primarily due to the increased contribution from pricing actions and the Mohawk Rubber and Trilogy Plastics acquisitions, partially offset by a change in sales mix and lower volume.
