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Myers Industries Announces Fourth Quarter and Full Year 2023 Results

Self-Help Initiatives and Myers Business System Drive Solid Operating Performance

Company Initiates Fiscal Year 2024 Outlook and Expects Improved Profitability as Compared to Prior Year

Myers to Host Investor & Analyst Day Event in New York City on March 19, 2024

Myers Industries, Inc. (NYSE: MYE), a leading manufacturer of a wide range of polymer and metal products and distributor for the tire, wheel, and under-vehicle service industry, today announced results for the fourth quarter and full year ended December 31, 2023.

In reviewing the 2023 financial results, Myers Industries’ President and CEO Mike McGaugh commented, “Although our results were not what we originally planned to deliver in 2023, we remain encouraged by the resiliency of many of our business units despite continued cyclical headwinds in several of our key end markets. Demonstrating the strength of our diverse portfolio, 2023 marked a year of continued progress and still yielded one of the top years in the history of our company for adjusted earnings per share, adjusted EBITDA, and revenue. Further, year over year operating cash flow generation increased by $13.6 million and free cash flow generation increased by $15.0 million, as we continue to benefit from early implementation of the Myers Business System to help drive Operational Excellence.”

Fourth Quarter 2023 Financial Highlights

  • Net sales of $191.1 million compared to $212.8 million in the prior year period
  • Gross margin of 30.0%, down 60 basis points versus the prior year period
  • GAAP net income per diluted share of $0.34 compared to $0.36 in the prior year period
  • Adjusted earnings per diluted share of $0.29 compared to $0.32 in the prior year period
  • Cash flow provided by operations was $15.4 million and free cash flow was $11.8 million

Full Year 2023 Financial Highlights

  • Net sales of $813.1 million compared to $899.5 million in the prior year period
  • Gross margin of 31.9%, up 40 basis points versus the prior year period
  • GAAP net income per diluted share of $1.32 compared to $1.64 in the prior year period
  • Adjusted earnings per diluted share of $1.39 compared to $1.68 in the prior year period
  • Cash flow provided by operations was $86.2 million and free cash flow was $63.3 million
  • Subsequent to fiscal year end, closed on acquisition of Signature Systems, enhancing Myers' long-term margin and EPS growth profiles

Myers Industries’ President and CEO Mike McGaugh continued, “In closing 2023, our Material Handling segment delivered respectable fourth quarter financial results with continued strong margins in-spite of demand headwinds in RV, Marine, and Consumer end-markets. We continue to see results from our Operational Excellence and Commercial Excellence initiatives, what we call our Self-Help programs. As a result, when these cyclical end markets improve, we expect to benefit more than we have historically."

“Our Distribution segment performance in 2023 was disappointing and not reflective of our expectations for this business. Our fourth quarter results were unfavorably impacted due to a short-term decline in sales volume and revenue, primarily a transition effect of our Distribution sales organization realignment, which was implemented in the third quarter of 2023. We expect our Distribution segment to demonstrate future revenue growth and improved profitability as we build on the scale and reach achieved from the Mohawk acquisition and begin to realize the benefits from our sales organization improvements.”

“We continue to be excited about the growth and innovation projects in our Material Handling segment, many of which have a long-term growth runway. In particular, we see strong growth opportunities in Military cases, Industrial boxes, and our e-commerce sales channel. We also continue to be pleased with our progress on our Sustainability efforts, as highlighted in our third annual ESG report to be released this week.”

McGaugh continued, “We’ve made another significant step forward in expanding our branded product portfolio, increasing our end-market diversification by acquiring Signature Systems. This business is less cyclical than our traditional portfolio of businesses, but it has similar cash flow generation potential, and it moves us into faster growing markets with greater tail winds. We believe Signature Systems is a catalyst for Myers’ transformation and a growth engine for the Company.”

McGaugh concluded, “In 2023, we continued to improve our company; quite frankly, it is unrecognizable from the one I joined in the spring of 2020. We are confident that the progress we’ve made in our Commercial Excellence and Operational Excellence over the past few years, coupled with our leading brands in diverse end markets and our acquisition of Signature System, will serve as a solid foundation for meaningful shareholder value creation as we advance through our three-horizon strategy.”

Fourth Quarter 2023 Financial Summary

 

 

Quarter Ended December 31,

(Dollars in thousands, except per share data)

 

2023

 

2022

 

% Inc

(Dec)

Net sales

 

$191,077

 

$212,840

 

(10.2)%

Gross profit

 

$57,232

 

$65,074

 

(12.1)%

Gross margin

 

30.0%

 

30.6%

 

 

Operating income

 

$18,603

 

$17,022

 

9.3%

Net income

 

$12,539

 

$13,428

 

(6.6)%

Net income per diluted share

 

$0.34

 

$0.36

 

(5.6)%

 

 

 

 

 

 

 

Adjusted operating income

 

$15,893

 

$16,485

 

(3.6)%

Adjusted net income

 

$10,889

 

$11,797

 

(7.7)%

Adjusted earnings per diluted share

 

$0.29

 

$0.32

 

(9.4)%

Adjusted EBITDA

 

$21,775

 

$22,101

 

(1.5)%

Net sales were $191.1 million, a decrease of $21.8 million, or 10.2%, compared with $212.8 million for the fourth quarter of 2022. The decrease was the result of lower volume/pricing in certain targeted areas in the Material Handling segment and lower volume in Distribution.

Gross profit decreased $7.8 million, or 12.1% to $57.2 million, as the contribution from lower raw material costs was not enough to offset lower volumes and pricing. Gross margin declined 60 basis points to 30.0% compared with 30.6% for the fourth quarter of 2022. Selling, general and administrative expenses decreased $8.7 million, or 18.3% to $38.7 million due to lower professional services and incentive compensation. SG&A as a percentage of sales decreased to 20.3%, compared with 22.3% in the same period last year. Net income per diluted share was $0.34, compared with $0.36 for the fourth quarter of 2022. Adjusted earnings per diluted share were $0.29, compared with $0.32 for the fourth quarter of 2022.

Fourth Quarter 2023 Segment Results

(Dollar amounts in the segment tables below are reported in millions)

Material Handling

 

Net Sales

 

Op Income

 

Op Income Margin

 

Adj EBITDA

 

Adj EBITDA Margin

Q4 2023 Results

$126.9

 

$29.9

 

23.6%

 

$28.4

 

22.4%

Q4 2022 Results

$142.2

 

$20.9

 

14.7%

 

$25.5

 

18.0%

$ Increase (decrease) vs prior year

($15.3)

 

$9.1

 

 

 

$2.9

 

 

% Increase (decrease) vs prior year

(10.8)%

 

43.5%

 

+890bps

 

11.2%

 

+440bps

Items in this table may not recalculate due to rounding

 

Net sales for the Material Handling segment were $126.9 million, a decrease of $15.3 million, or 10.8%, compared with $142.2 million for the fourth quarter of 2022. Net sales decreased in the vehicle, food & beverage and consumer end markets, with the greatest reduction in demand for RV products, marine products, agriculture, and fuel container products, due in part to a slower hurricane season. Operating income increased 43.5% to $29.9 million, compared with $20.9 million in the fourth quarter of 2022. Operating income margin increased to 23.6% compared with 14.7% for the fourth quarter of 2022. Adjusted EBITDA margin improved by 440 basis points, primarily attributed to self-help initiatives, but partially dampened by a decrease in sales volume and pricing. Adjusted EBITDA increased 11.2% to $28.4 million, compared with $25.5 million in the fourth quarter of 2022. SG&A expenses were lower year-over-year, primarily due to a decrease in professional services and an insurance recovery of legal fees.

Distribution

 

Net Sales

 

Op Income

 

Op Income Margin

 

Adj EBITDA

 

Adj EBITDA Margin

Q4 2023 Results

$64.2

 

$0.3

 

0.5%

 

$1.2

 

1.8%

Q4 2022 Results

$70.6

 

$3.4

 

4.8%

 

$5.0

 

7.0%

$ Increase (decrease) vs prior year

($6.4)

 

($3.1)

 

 

 

($3.8)

 

 

% Increase (decrease) vs prior year

(9.1)%

 

(90.0)%

 

-430bps

 

(76.4)%

 

-520bps

Items in this table may not recalculate due to rounding

 

Net sales for the Distribution segment were $64.2 million, a decrease of $6.4 million, or 9.1%, compared with $70.6 million for the fourth quarter of 2022. Operating income decreased $3.1 million to $0.3 million, compared with $3.4 million for the fourth quarter of 2022. Adjusted EBITDA decreased 76.4% to $1.2 million, compared with $5.0 million in the fourth quarter of 2022. The decrease in operating income and adjusted EBITDA was primarily due to lower volume and an unfavorable sale mix. The decrease in SG&A expenses was primarily the result of lower incentive compensation. The Distribution segment's operating income margin was 0.5% compared with 4.8% for the fourth quarter of 2022. The Distribution segment’s adjusted EBITDA margin was 1.8%, compared with 7.0% for the fourth quarter of 2022. The Distribution Segment continues to implement pricing actions to counter cost inflation and improve margin.

Full Year 2023 Financial Summary

 

Year Ended December 31,

(Dollars in thousands, except per share data)

 

2023

 

 

2022

 

% Inc

(Dec)

Net sales

$

813,067

 

$

899,547

 

(9.6

)%

Gross profit

$

259,086

 

$

283,366

 

(8.6

)%

Gross margin

 

31.9

%

 

31.5

%

 

Operating income

$

72,405

 

$

83,941

 

(13.7

)%

Net income

$

48,867

 

$

60,267

 

(18.9

)%

Net income per diluted share

$

1.32

 

$

1.64

 

(19.5

)%

 

 

 

 

Adjusted operating income

$

75,261

 

$

87,947

 

(14.4

)%

Adjusted net income

$

51,684

 

$

61,662

 

(16.2

)%

Adjusted earnings per diluted share

$

1.39

 

$

1.68

 

(17.3

)%

Adjusted EBITDA

$

98,047

 

$

109,163

 

(10.2

)%

Net sales for the full year of 2023 were $813.1 million, a decrease of $86.5 million, or 9.6%, compared with $899.5 million for the full year of 2022. The decrease was the result of lower volume and pricing in certain areas in the Material Handling segment, partially offset by higher sales in the Distribution segment largely from incremental sales of $23.1 million from Mohawk Rubber acquisition.

Gross profit decreased $24.3 million, or 8.6% to $259.1 million, as the contribution from lower raw material costs was not enough to offset lower volumes and pricing. Gross margin expanded 40 basis points to 31.9% compared with 31.5% for the full year of 2022. Selling, general and administrative expenses decreased $12.6 million, or 6.3% to $186.9 million due to lower incentive compensation, commissions and facility costs. SG&A as a percentage of sales increased to 23.0%, compared with 22.2% in the same period last year. Net income per diluted share was $1.32, compared with $1.64 for the full year of 2022. Adjusted earnings per diluted share were $1.39, compared with $1.68 for the full year of 2022.

Full Year 2023 Segment Results

(Dollar amounts in the segment tables below are reported in millions)

Material Handling

 

Net Sales

 

Op Income

 

Op Income Margin

 

Adj EBITDA

 

Adj EBITDA Margin

Full Year 2023 Results

$555.3

 

$100.1

 

18.0%

 

$113.8

 

20.5%

Full Year 2022 Results

$647.6

 

$104.1

 

16.1%

 

$122.9

 

19.0%

$ Increase (decrease) vs prior year

($92.4)

 

($4.0)

 

 

 

($9.1)

 

 

% Increase (decrease) vs prior year

(14.3)%

 

(3.8)%

 

+190bps

 

(7.4)%

 

+150bps

Items in this table may not recalculate due to rounding

 

Net sales for the Material Handling segment were $555.3 million, a decrease of $92.4 million, or 14.3%, compared with $647.6 million for the full year of 2022. Net sales decreased in the vehicle, industrial, food & beverage and consumer end markets, with the greatest reduction in demand for RV products, marine, construction products, and fuel container products, due in part to a slower hurricane season. Operating income decreased 3.8% to $100.1 million, compared with $104.1 million in the full year of 2022. Operating income margin increased to 18.0% compared with 16.1% for the full year of 2022. Adjusted EBITDA margin improved by 150 basis points, primarily attributed to self-help initiatives, but partially dampened by a decrease in sales volume. Adjusted EBITDA decreased 7.4% to $113.8 million, compared with $122.9 million in the full year of 2022. Lower sales volume and pricing more than offset lower raw material costs. SG&A expenses were lower year-over-year, primarily due to a decrease in professional services and insurance recovery of legal fees.

Distribution

 

Net Sales

 

Op Income

 

Op Income Margin

 

Adj EBITDA

 

Adj EBITDA Margin

Full Year 2023 Results

$257.9

 

$11.0

 

4.3%

 

$15.9

 

6.2%

Full Year 2022 Results

$252.0

 

$15.9

 

6.3%

 

$19.7

 

7.8%

$ Increase (decrease) vs prior year

$5.9

 

($4.9)

 

 

 

($3.9)

 

 

% Increase (decrease) vs prior year

2.3%

 

(30.9)%

 

-200bps

 

(19.6)%

 

-160bps

Items in this table may not recalculate due to rounding

 

Net sales for the Distribution segment were $257.9 million, an increase of $5.9 million, or 2.3%, compared with $252.0 million for the full year of 2022. Operating income decreased $4.9 million to $11.0 million, compared with $15.9 million for the full year of 2022. Adjusted EBITDA decreased 19.6% to $15.9 million, compared with $19.7 million in the full year of 2022. The decrease in operating income and adjusted EBITDA was primarily due to lower volume/mix and higher SG&A. The increase in SG&A expenses was primarily the result of the Mohawk Rubber acquisition and higher salaries. The Distribution segment's operating income margin was 4.3% compared with 6.3% for the full year of 2022. The Distribution segment’s adjusted EBITDA margin was 6.2%, compared with 7.8% for the full year of 2022. The Distribution Segment continues to implement pricing actions to counter cost inflation and improve margin.

Balance Sheet & Cash Flow

As of December 31, 2023, the Company’s cash on hand totaled $30.3 million. Total debt as of December 31, 2023 was $67.2 million.

For the fourth quarter of 2023, cash flow provided by operations was $15.4 million and free cash flow was $11.8 million, compared with cash flow provided by operations of $21.9 million and free cash flow of $15.2 million for the fourth quarter of 2022. For the full year of 2023, cash flow provided by operations was $86.2 million and free cash flow was $63.3 million, compared with cash flow provided by operations of $72.6 million and free cash flow of $48.3 million for the full year of 2022. The increase in cash flow was driven primarily by a decrease in working capital. Capital expenditures for the fourth quarter of 2023 were $3.6 million, compared with $6.7 million for the fourth quarter of 2022. Capital expenditures for the full year of 2023 were $22.9 million, compared with $24.3 million for the full year of 2022.

Closing of Previously Announced Acquisition of Signature Systems

On February 8, 2024, the Company announced that it completed its acquisition of Signature Systems (“Signature”), which was previously announced on January 2, 2024.

The cash transaction of $350 million was funded through an Amendment to Myers’ existing $250 million revolving credit facility and a new $400 million 5-year senior secured term loan A facility. The term loan A facility was upsized by $50.0 million since the Signature Systems transaction was initially announced. As of closing, the Company’s net leverage ratio was approximately 3.0x, which is within management’s target range. Future financial results of Signature Systems are expected to be disclosed within Myers’ Material Handling segment.

Chief Financial Officer Grant Fitz commented, “As a reminder, this transaction is expected to be neutral to slightly dilutive to US GAAP EPS in fiscal year 2024, but we anticipate Signature will deliver earnings accretion of between $0.20 and $0.30 in 2025, and between $0.40 and $0.50 in 2026, with the potential for additional meaningful earnings accretion beyond 2026. We also expect annualized run-rate operational and cost synergies of $8 million will be fully captured by 2025,with additional synergies to be realized once Signature has an opportunity to leverage the Myers Business System. Finally, we remind investors that we anticipate reducing our net leverage ratio below 2.0x within two years of closing of this transaction, which would enable continued acquisitive growth.

2024 Investor Day

The Company will host an Investor and Analyst Day on Tuesday, March 19th, 2024 at The Harvard Club in New York City. The event will feature a showcase of Myers’ diverse product portfolio and will be accompanied by presentations from members of Myers’ executive management that will outline the Company’s long-term strategy and outlook.

2024 Outlook

Based on current exchange rates, market outlook, and business forecast, the Company provided the following outlook for fiscal 2024:

  • Net sales growth of 15% - 20%
  • Net income per diluted share in the range of $1.03 to $1.23*
  • Adjusted earnings per diluted share range of $1.30 to $1.45*
  • Capital expenditures to be in the range of $35 to $40 million
  • Effective tax rate to approximate 25%

* Subject to completion of purchase accounting for the February 8, 2024 acquisition of Signature Systems, which could have positive or negative impact on EPS metrics related to depreciation and amortization.

We will continue to monitor market conditions and provide updates as we progress throughout the year

Conference Call Details

The Company will host an earnings conference call and webcast for investors and analysts on Tuesday, March 5, 2024, at 8:30 a.m. EDT. The call is anticipated to last less than one hour and may be accessed using the following online participation registration link: https://www.netroadshow.com/events/login?show=fc15d634&confId=59274 .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. To listen to the telephone replay, callers should dial: (US Local) 1-929-458-6194 or (US Toll-Free) 1-866-813-9403 Access Code: 269707.

Use of Non-GAAP Financial Measures

The Company uses certain non-GAAP measures in this release. 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. is a manufacturer of sustainable plastic and metal products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the United States. Visit www.myersindustries.com to learn more.

Caution on Forward-Looking Statements

Statements in this release include contains “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 inherent 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; 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; impacts from the novel coronavirus (“COVID-19”) pandemic; 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, 2022. 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.

M-INV

 

MYERS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except share and per share data)

 

 

 

Quarter Ended

 

 

Year Ended

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

December 31, 2023

 

 

December 31, 2022

 

Net sales

 

$

191,077

 

 

$

212,840

 

 

$

813,067

 

 

$

899,547

 

Cost of sales

 

 

133,845

 

 

 

147,766

 

 

 

553,981

 

 

 

616,181

 

Gross profit

 

 

57,232

 

 

 

65,074

 

 

 

259,086

 

 

 

283,366

 

Selling, general and administrative expenses

 

 

38,746

 

 

 

47,423

 

 

 

186,876

 

 

 

199,489

 

(Gain) loss on disposal of fixed assets

 

 

(117

)

 

 

26

 

 

 

(195

)

 

 

(667

)

Other (income) expenses

 

 

 

 

 

603

 

 

 

 

 

 

603

 

Operating income (loss)

 

 

18,603

 

 

 

17,022

 

 

 

72,405

 

 

 

83,941

 

Interest expense, net

 

 

1,374

 

 

 

1,654

 

 

 

6,349

 

 

 

5,731

 

Income (loss) before income taxes

 

 

17,229

 

 

 

15,368

 

 

 

66,056

 

 

 

78,210

 

Income tax expense (benefit)

 

 

4,690

 

 

 

1,940

 

 

 

17,189

 

 

 

17,943

 

Net income (loss)

 

$

12,539

 

 

$

13,428

 

 

$

48,867

 

 

$

60,267

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

0.37

 

 

$

1.33

 

 

$

1.66

 

Diluted

 

$

0.34

 

 

$

0.36

 

 

$

1.32

 

 

$

1.64

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,840,253

 

 

 

36,495,362

 

 

 

36,744,560

 

 

 

36,411,389

 

Diluted

 

 

37,142,056

 

 

 

36,853,237

 

 

 

37,095,568

 

 

 

36,790,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MYERS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Dollars in thousands)

 

 

 

December 31, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

 

$

30,290

 

 

$

23,139

 

Trade accounts receivable, net

 

 

113,907

 

 

 

126,184

 

Other accounts receivable, net

 

 

14,726

 

 

 

7,532

 

Inventories, net

 

 

90,844

 

 

 

93,351

 

Other current assets

 

 

6,854

 

 

 

7,001

 

Total Current Assets

 

 

256,621

 

 

 

257,207

 

Property, plant, & equipment, net

 

 

107,933

 

 

 

101,566

 

Right of use asset - operating leases

 

 

27,989

 

 

 

28,908

 

Deferred income taxes

 

 

209

 

 

 

129

 

Other assets

 

 

148,879

 

 

 

154,824

 

Total Assets

 

$

541,631

 

 

$

542,634

 

Liabilities & Shareholders' Equity

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable

 

$

79,050

 

 

$

73,536

 

Accrued expenses

 

 

53,523

 

 

 

57,531

 

Operating lease liability - short-term

 

 

5,943

 

 

 

6,177

 

Finance lease liability - short-term

 

 

593

 

 

 

518

 

Long-term debt - current portion

 

 

25,998

 

 

 

-

 

Total Current Liabilities

 

 

165,107

 

 

 

137,762

 

Long-term debt

 

 

31,989

 

 

 

93,962

 

Operating lease liability - long-term

 

 

22,352

 

 

 

22,786

 

Finance lease liability - long-term

 

 

8,615

 

 

 

8,919

 

Other liabilities

 

 

12,108

 

 

 

15,270

 

Deferred income taxes

 

 

8,660

 

 

 

7,508

 

Total Shareholders' Equity

 

 

292,800

 

 

 

256,427

 

Total Liabilities & Shareholders' Equity

 

$

541,631

 

 

$

542,634

 

 

MYERS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

 

 

 

Quarter Ended December 31,

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

12,539

 

 

$

13,428

 

 

$

48,867

 

 

$

60,267

 

Adjustments to reconcile net income to net cash

provided by (used for) operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,882

 

 

 

5,616

 

 

 

22,786

 

 

 

21,216

 

Amortization of deferred financing costs

 

 

79

 

 

 

78

 

 

 

313

 

 

 

441

 

Non-cash stock-based compensation expense

 

 

1,593

 

 

 

2,268

 

 

 

6,671

 

 

 

7,436

 

(Gain) loss on disposal of fixed assets

 

 

(117

)

 

 

26

 

 

 

(195

)

 

 

(667

)

Deferred taxes

 

 

1,039

 

 

 

2,072

 

 

 

1,039

 

 

 

2,072

 

Other

 

 

(1,529

)

 

 

1,228

 

 

 

944

 

 

 

1,520

 

Cash flows provided by (used for) working capital

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable - trade and other, net

 

 

(11,108

)

 

 

(4,874

)

 

 

2,656

 

 

 

(23,625

)

Inventories

 

 

5,535

 

 

 

14,971

 

 

 

2,630

 

 

 

7,955

 

Prepaid expenses and other current assets

 

 

2,204

 

 

 

3,503

 

 

 

151

 

 

 

(1,409

)

Accounts payable and accrued expenses

 

 

(717

)

 

 

(16,454

)

 

 

310

 

 

 

(2,585

)

Net cash provided by (used for) operating activities

 

 

15,400

 

 

 

21,862

 

 

 

86,172

 

 

 

72,621

 

Cash Flows From Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(3,563

)

 

 

(6,677

)

 

 

(22,855

)

 

 

(24,292

)

Acquisition of business, net of cash acquired

 

 

 

 

 

(3,373

)

 

 

(160

)

 

 

(27,626

)

Proceeds from sale of property, plant, and equipment

 

 

116

 

 

 

12

 

 

 

258

 

 

 

1,537

 

Net cash provided by (used for) investing activities

 

 

(3,447

)

 

 

(10,038

)

 

 

(22,757

)

 

 

(50,381

)

Cash Flows From Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

Net borrowings (repayments) from revolving credit facility

 

 

(2,000

)

 

 

(4,000

)

 

 

(36,000

)

 

 

3,000

 

Payments on finance lease

 

 

(139

)

 

 

(126

)

 

 

(542

)

 

 

(500

)

Cash dividends paid

 

 

(4,974

)

 

 

(4,925

)

 

 

(20,240

)

 

 

(19,797

)

Proceeds from issuance of common stock

 

 

390

 

 

 

261

 

 

 

2,338

 

 

 

2,320

 

Shares withheld for employee taxes on equity awards

 

 

(17

)

 

 

(1

)

 

 

(2,072

)

 

 

(451

)

Deferred financing fees

 

 

 

 

 

(171

)

 

 

 

 

 

(889

)

Net cash provided by (used for) financing activities

 

 

(6,740

)

 

 

(8,962

)

 

 

(56,516

)

 

 

(16,317

)

Foreign exchange rate effect on cash

 

 

309

 

 

 

(147

)

 

 

252

 

 

 

(439

)

Net increase (decrease) in cash

 

 

5,522

 

 

 

2,715

 

 

 

7,151

 

 

 

5,484

 

Beginning Cash

 

 

24,768

 

 

 

20,424

 

 

 

23,139

 

 

 

17,655

 

Ending Cash

 

$

30,290

 

 

$

23,139

 

 

$

30,290

 

 

$

23,139

 

 

MYERS INDUSTRIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)

(Dollars in thousands)

 

 

Quarter Ended December 31, 2023

 

 

Material Handling

 

Distribution

 

Segment Total

 

Corporate & Other

 

Total

 

Net sales

$

126,918

 

$

64,182

 

$

191,100

 

$

(23

)

$

191,077

 

Net income

 

 

 

 

 

 

 

 

 

12,539

 

Net income margin

 

 

 

 

 

 

 

 

 

6.6

%

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

57,232

 

Add: Restructuring expenses and other adjustments

 

 

 

 

 

 

 

 

 

240

 

Adjusted gross profit

 

 

 

 

 

 

 

 

 

57,472

 

Gross margin as adjusted

 

 

 

 

 

 

 

 

 

30.1

%

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

29,931

 

 

339

 

 

30,270

 

 

(11,667

)

 

18,603

 

Operating income margin

 

23.6

%

 

0.5

%

 

15.8

%

n/a

 

 

9.7

%

Add: Restructuring expenses and other adjustments

 

231

 

 

61

 

 

292

 

 

 

 

292

 

Add: Acquisition and integration costs

 

 

 

79

 

 

79

 

 

2,619

 

 

2,698

 

Less: Insurance recovery of legal fees(3)

 

(6,700

)

 

 

 

(6,700

)

 

 

 

(6,700

)

Add: Environmental reserves, net(2)

 

 

 

 

 

 

 

1,000

 

 

1,000

 

Adjusted operating income (loss)(1)

 

23,462

 

 

479

 

 

23,941

 

 

(8,048

)

 

15,893

 

Adjusted operating income margin

 

18.5

%

 

0.7

%

 

12.5

%

n/a

 

 

8.3

%

 

 

 

 

 

 

 

 

 

 

 

Add: Depreciation and amortization

 

4,922

 

 

692

 

 

5,614

 

 

268

 

 

5,882

 

Adjusted EBITDA

$

28,384

 

$

1,171

 

$

29,555

 

$

(7,780

)

$

21,775

 

Adjusted EBITDA margin

 

22.4

%

 

1.8

%

 

15.5

%

n/a

 

 

11.4

%

 

 

 

 

 

 

 

 

 

 

 

(1) Includes gross profit adjustments of $240 and SG&A adjustments of $(2,950)

 

(2) Includes environmental charges of $2,700 net of probable insurance recoveries of $1,700

 

(3) Includes total insurance recovery of $10,000 net of recoverable expenses incurred in the current year of $3,300

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31, 2022

 

 

Material Handling

 

Distribution

 

Segment Total

 

Corporate & Other

 

Total

 

Net sales

$

142,235

 

$

70,614

 

$

212,849

 

$

(9

)

$

212,840

 

Net income

 

 

 

 

 

 

 

 

 

13,428

 

Net income margin

 

 

 

 

 

 

 

 

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

65,074

 

Add: Restructuring expenses and other adjustments

 

 

 

 

 

 

 

 

 

94

 

Adjusted gross profit

 

 

 

 

 

 

 

 

 

65,168

 

Gross margin as adjusted

 

 

 

 

 

 

 

 

 

30.6

%

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

20,863

 

 

3,393

 

 

24,256

 

 

(7,234

)

 

17,022

 

Operating income margin

 

14.7

%

 

4.8

%

 

11.4

%

n/a

 

 

8.0

%

Add: Restructuring expenses and other adjustments

 

94

 

 

 

 

94

 

 

 

 

94

 

Add: Acquisition and integration costs

 

 

 

106

 

 

106

 

 

60

 

 

166

 

Add: Impairment of investment in legacy joint venture

 

 

 

603

 

 

603

 

 

 

 

603

 

Less: Environmental reserves, net(2)

 

 

 

 

 

 

 

(1,400

)

 

(1,400

)

Adjusted operating income (loss)(1)

 

20,957

 

 

4,102

 

 

25,059

 

 

(8,574

)

 

16,485

 

Adjusted operating income margin

 

14.7

%

 

5.8

%

 

11.8

%

n/a

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

Add: Depreciation and amortization

 

4,575

 

 

860

 

 

5,435

 

 

181

 

 

5,616

 

Adjusted EBITDA

$

25,532

 

$

4,962

 

$

30,494

 

$

(8,393

)

$

22,101

 

Adjusted EBITDA margin

 

18.0

%

 

7.0

%

 

14.3

%

n/a

 

 

10.4

%

 

 

(1) Includes gross profit adjustments of $94 and SG&A adjustments of $(631)

(2) Includes environmental charges of $4,600 net of probable insurance recoveries of $6,000

 

 

MYERS INDUSTRIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)

(Dollars in thousands)

 

 

 

Year Ended December 31, 2023

 

 

 

Material Handling

 

 

Distribution

 

 

Segment Total

 

 

Corporate & Other

 

 

Total

 

Net sales

 

$

555,259

 

 

$

257,875

 

 

$

813,134

 

 

$

(67

)

 

$

813,067

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,867

 

Net income margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259,086

 

Add: Restructuring expenses and other adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

829

 

Adjusted gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259,915

 

Gross margin as adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

100,088

 

 

 

10,967

 

 

 

111,055

 

 

 

(38,650

)

 

 

72,405

 

Operating income margin

 

 

18.0

%

 

 

4.3

%

 

 

13.7

%

 

n/a

 

 

 

8.9

%

Add: Executive severance costs

 

 

 

 

 

410

 

 

 

410

 

 

 

289

 

 

 

699

 

Add: Restructuring expenses and other adjustments

 

 

1,456

 

 

 

914

 

 

 

2,370

 

 

 

166

 

 

 

2,536

 

Add: Acquisition and integration costs

 

 

 

 

 

376

 

 

 

376

 

 

 

2,745

 

 

 

3,121

 

Less: Insurance recovery of legal fees(3)

 

 

(6,700

)

 

 

 

 

 

(6,700

)

 

 

 

 

 

(6,700

)

Add: Environmental reserves, net(2)

 

 

 

 

 

 

 

 

 

 

 

3,200

 

 

 

3,200

 

Adjusted operating income (loss)(1)

 

 

94,844

 

 

 

12,667

 

 

 

107,511

 

 

 

(32,250

)

 

 

75,261

 

Adjusted operating income margin

 

 

17.1

%

 

 

4.9

%

 

 

13.2

%

 

n/a

 

 

 

9.3

%

Add: Depreciation and amortization

 

 

18,917

 

 

 

3,197

 

 

 

22,114

 

 

 

672

 

 

 

22,786

 

Adjusted EBITDA

 

$

113,761

 

 

$

15,864

 

 

$

129,625

 

 

$

(31,578

)

 

$

98,047

 

Adjusted EBITDA margin

 

 

20.5

%

 

 

6.2

%

 

 

15.9

%

 

n/a

 

 

 

12.1

%

 

 

(1) Includes gross profit adjustments of $829 and SG&A adjustments of $2,027

 

(2) Includes environmental charges of $6,500 net of probable insurance recoveries of $3,300

 

(3) Includes total insurance recovery of $10,000 net of recoverable expenses incurred in the current period of $3,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

Material Handling

 

 

Distribution

 

 

Segment Total

 

 

Corporate & Other

 

 

Total

 

Net sales

 

$

647,619

 

 

$

251,966

 

 

$

899,585

 

 

$

(38

)

 

$

899,547

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,267

 

Net income margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

283,366

 

Add: Restructuring expenses and other adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

744

 

Adjusted gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

284,110

 

Gross margin as adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

104,079

 

 

 

15,862

 

 

 

119,941

 

 

 

(36,000

)

 

 

83,941

 

Operating income margin

 

 

16.1

%

 

 

6.3

%

 

 

13.3

%

 

n/a

 

 

 

9.3

%

Add: Restructuring expenses and other adjustments

 

 

744

 

 

 

 

 

 

744

 

 

 

 

 

 

744

 

Add: Acquisition and integration costs

 

 

 

 

 

377

 

 

 

377

 

 

 

621

 

 

 

998

 

Add: Loss on sale of assets

 

 

261

 

 

 

 

 

 

261

 

 

 

 

 

 

261

 

Add: Impairment of investment in legacy joint venture

 

 

 

 

 

603

 

 

 

603

 

 

 

 

 

 

603

 

Add: Environmental reserves, net(2)

 

 

 

 

 

 

 

 

 

 

 

1,400

 

 

 

1,400

 

Adjusted operating income (loss)(1)

 

 

105,084

 

 

 

16,842

 

 

 

121,926

 

 

 

(33,979

)

 

 

87,947

 

Adjusted operating income margin

 

 

16.2

%

 

 

6.7

%

 

 

13.6

%

 

n/a

 

 

 

9.8

%

Add: Depreciation and amortization

 

 

17,814

 

 

 

2,889

 

 

 

20,703

 

 

 

513

 

 

 

21,216

 

Adjusted EBITDA

 

$

122,898

 

 

$

19,731

 

 

$

142,629

 

 

$

(33,466

)

 

$

109,163

 

Adjusted EBITDA margin

 

 

19.0

%

 

 

7.8

%

 

 

15.9

%

 

n/a

 

 

 

12.1

%

 

 

(1) Includes gross profit adjustments of $744 and SG&A adjustments of $3,262

 

(2) Includes environmental charges of $7,400 net of probable insurance recoveries of $6,000

 

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Adjusted operating income (loss) reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

18,603

 

 

$

17,022

 

 

$

72,405

 

 

$

83,941

 

Executive severance costs

 

 

 

 

 

 

 

 

699

 

 

 

 

Restructuring expenses and other adjustments

 

 

292

 

 

 

94

 

 

 

2,536

 

 

 

744

 

Acquisition and integration costs

 

 

2,698

 

 

 

166

 

 

 

3,121

 

 

 

998

 

Insurance recovery of legal fees

 

 

(6,700

)

 

 

 

 

 

(6,700

)

 

 

 

Loss on sale of assets

 

 

 

 

 

 

 

 

 

 

 

261

 

Impairment of investment in legacy joint venture

 

 

 

 

 

603

 

 

 

 

 

 

603

 

Environmental reserves, net

 

 

1,000

 

 

 

(1,400

)

 

 

3,200

 

 

 

1,400

 

Adjusted operating income (loss)

 

$

15,893

 

 

$

16,485

 

 

$

75,261

 

 

$

87,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

12,539

 

 

$

13,428

 

 

$

48,867

 

 

$

60,267

 

Income tax expense (benefit)

 

 

4,690

 

 

 

1,940

 

 

 

17,189

 

 

 

17,943

 

Interest expense, net

 

 

1,374

 

 

 

1,654

 

 

 

6,349

 

 

 

5,731

 

Operating income (loss)

 

 

18,603

 

 

 

17,022

 

 

 

72,405

 

 

 

83,941

 

Depreciation and amortization

 

 

5,882

 

 

 

5,616

 

 

 

22,786

 

 

 

21,216

 

Executive severance costs

 

 

 

 

 

 

 

 

699

 

 

 

 

Restructuring expenses and other adjustments

 

 

292

 

 

 

94

 

 

 

2,536

 

 

 

744

 

Acquisition and integration costs

 

 

2,698

 

 

 

166

 

 

 

3,121

 

 

 

998

 

Insurance recovery of legal fees

 

 

(6,700

)

 

 

 

 

 

(6,700

)

 

 

 

Loss on sale of assets

 

 

 

 

 

 

 

 

 

 

 

261

 

Impairment of investment in legacy joint venture

 

 

 

 

 

603

 

 

 

 

 

 

603

 

Environmental reserves, net

 

 

1,000

 

 

 

(1,400

)

 

 

3,200

 

 

 

1,400

 

Adjusted EBITDA

 

$

21,775

 

 

$

22,101

 

 

$

98,047

 

 

$

109,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used for) operating activities

 

$

15,400

 

 

$

21,862

 

 

$

86,172

 

 

$

72,621

 

Capital expenditures

 

 

(3,563

)

 

 

(6,677

)

 

 

(22,855

)

 

 

(24,292

)

Free cash flow

 

$

11,837

 

 

$

15,185

 

 

$

63,317

 

 

$

48,329

 

 

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,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

Adjusted net income (loss) reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

12,539

 

 

$

13,428

 

 

$

48,867

 

 

$

60,267

 

 

Income tax expense (benefit)

 

 

4,690

 

 

 

1,940

 

 

 

17,189

 

 

 

17,943

 

 

Income (loss) before income taxes

 

 

17,229

 

 

 

15,368

 

 

 

66,056

 

 

 

78,210

 

 

Executive severance costs

 

 

 

 

 

 

 

 

699

 

 

 

 

 

Restructuring expenses and other adjustments

 

 

292

 

 

 

94

 

 

 

2,536

 

 

 

744

 

 

Acquisition and integration costs

 

 

2,698

 

 

 

166

 

 

 

3,121

 

 

 

998

 

 

Insurance recovery of legal fees

 

 

(6,700

)

 

 

 

 

 

(6,700

)

 

 

 

 

Loss on sale of assets

 

 

 

 

 

 

 

 

 

 

 

261

 

 

Impairment of investment in legacy joint venture

 

 

 

 

 

603

 

 

 

 

 

 

603

 

 

Environmental reserves, net

 

 

1,000

 

 

 

(1,400

)

 

 

3,200

 

 

 

1,400

 

 

Adjusted income (loss) before income taxes

 

 

14,519

 

 

 

14,831

 

 

 

68,912

 

 

 

82,216

 

 

Income tax expense, as adjusted (1)

 

 

(3,630

)

 

 

(3,034

)

 

 

(17,228

)

 

 

(20,554

)

 

Adjusted net income (loss)

 

$

10,889

 

 

$

11,797

 

 

$

51,684

 

 

$

61,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings per diluted share reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common diluted share

 

$

0.34

 

 

$

0.36

 

 

$

1.32

 

 

$

1.64

 

 

Executive severance costs

 

 

 

 

 

 

 

 

0.02

 

 

 

 

 

Restructuring expenses and other adjustments

 

 

0.00

 

 

 

0.00

 

 

 

0.06

 

 

 

0.02

 

 

Acquisition and integration costs

 

 

0.07

 

 

 

0.01

 

 

 

0.08

 

 

 

0.03

 

 

Insurance recovery of legal fees

 

 

(0.18

)

 

 

 

 

 

(0.18

)

 

 

 

 

Loss on sale of assets

 

 

 

 

 

 

 

 

 

 

 

0.01

 

 

Impairment of investment in legacy joint venture

 

 

 

 

 

0.02

 

 

 

 

 

 

0.02

 

 

Environmental reserves, net

 

 

0.03

 

 

 

(0.04

)

 

 

0.09

 

 

 

0.04

 

 

Adjusted effective income tax rate impact

 

 

0.03

 

 

 

(0.03

)

 

 

(0.00

)

 

 

(0.07

)

 

Adjusted earnings per diluted share(2)

 

$

0.29

 

 

$

0.32

 

 

$

1.39

 

 

$

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 2023 is 25% and in 2022 is 25%.

(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding for the respective period.

 

MYERS INDUSTRIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

GUIDANCE FOR FULL YEAR ADJUSTED EARNINGS PER DILUTED SHARE

(UNAUDITED)

 

 

Full Year 2024 Guidance

 

 

Low

 

 

High

 

GAAP diluted net income per common share

$

1.03

 

 

$

1.23

 

Add: Net restructuring expenses and other adjustments

 

0.04

 

 

 

0.04

 

Add: Acquisition and integration costs

 

0.32

 

 

 

0.26

 

Less: Adjusted effective income tax rate impact (1)

 

(0.09

)

 

 

(0.08

)

Adjusted earnings per diluted share (2)

$

1.30

 

 

$

1.45

 

 

 

 

 

 

 

(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2024 is 25%.

 

(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding.

 

 

Contacts

Meghan Beringer, Senior Director Investor Relations, 252-536-5651

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