Myers Industries Q3 Report 2023

Third Quarter 2023 Financial Highlights

• Net sales of $197.8 million compared to $228.1 million in the prior year period
• Gross margin of 31.5%, up 10 basis points versus the prior year period
• GAAP net income per diluted share of $0.34 compared to $0.37 in the prior year period
• Adjusted earnings per diluted share of $0.38 compared to $0.41 in the prior year period
• Cash flow provided by operations was $22.1 million and free cash flow was $18.1 million

Net sales were $197.8 million, a decrease of $30.3 million, or 13.3%, compared with $228.1 million for the third quarter of 2022. The decrease was the result of lower volume/mix and lower pricing in certain targeted areas in the Material Handling segment.

Gross profit decreased $9.3 million, or 12.9% to $62.4 million, as the contribution from lower raw material costs was not enough to offset lower volumes and pricing.