Myers Industries, a manufacturer and distributor of polymer and metal products, announced its financial results for the second quarter of 2024, reporting net sales of $220.2 million. This marks an increase from $208.5 million in the same period last year.
The company reported a net income of $10.3 million for the quarter, slightly down from $10.6 million in the previous year. Despite this, Myers Industries achieved an improvement in its adjusted EBITDA, reaching $38.9 million, compared to $24.7 million in the prior-year period.
Gross margins also saw growth, with the GAAP gross margin increasing by 150 basis points to 34.3%. The adjusted gross margin reached 320 basis points to 36.1%.
Earnings per diluted share were also reported at $0.28 under GAAP, with adjusted earnings per diluted share at $0.39, up from $0.35 in the prior-year period.
According to a press release, Myers Industries President and CEO Mike McGaugh reflected on the company’s first full quarter with Signature Systems. “This business is benefiting from worldwide investments in Infrastructure and helped drive both sequential and year-over-year revenue growth and margin expansion. Signature’s performance outpaced the demand headwinds in the Recreational Vehicle (RV), Marine, and Automotive Aftermarket end markets,” McGaugh explained.
The CEO also emphasized the company’s focus on growing its storage, handling & protection portfolio, particularly through its four core brands: Akro-Mils, Buckhorn, Scepter, and Signature Systems.
“We believe our increased participation in the military and infrastructure end markets will provide meaningful growth for our company over the next several years,” he said.
Myers Industries is also working to lower costs and boost productivity within its engineered solutions and automotive aftermarket portfolios. This strategy involves consolidating three distribution centers in the Myers Tire Supply business.
“We are able to reduce our footprint and reduce our cost structure, due to the productivity gains we’ve achieved. We expect these closures to be completed in 2025 and deliver approximately $5 million in cost savings in 2025 as well,” McGaugh explained.
According to McGaugh, the initiatives to improve productivity and reduce costs are essential for navigating the “cyclical demand conditions” in the RV, marine, and automotive aftermarket markets.
For more information about the second quarter 2024 results, visit myersindustries.com.
