MYERS INDUSTRIES INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Myers Industries Inc. filed its Q1 2024 10-Q report, detailing financial performance and significant corporate events.</b>

AI Summary

MYERS INDUSTRIES INC (MYE) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Myers Industries Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024. Key dates mentioned include February 8, 2024, for a Term Loan A and February 6, 2024, for a Loan Agreement. Subsequent events noted on May 2, 2024, relate to an Interest Rate Swap. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking MYERS INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Myers Industries Inc. The inclusion of subsequent events and loan agreement details offers insight into the company's financial health and strategic moves.

Risk Assessment

Risk Level: low — MYERS INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess the company's current operational health and future outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of date)
• 2024-01-01 — Q1 Start Date (Q1 2024 reporting period)
• 2023-03-31 — Prior Year Q1 End Date (Comparison period)

Key Players & Entities

• MYERS INDUSTRIES INC (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-07 (date) — Filed as of date
• OH (location) — State of Incorporation
• AKRON (location) — Business Address City
• MYE (ticker) — Ticker Symbol

FAQ

Industry Context

Myers Industries Inc. operates within the plastics products manufacturing sector, specifically focusing on industrial applications and services.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Examine segment performance data to understand which business areas are driving growth or facing challenges.
3. Review the 'Subsequent Events' section for any material changes or agreements that could impact future financial results.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2024-05-02: Subsequent Event — Indicates an event that occurred after the balance sheet date but before the filing date, related to an Interest Rate Swap.
• 2024-02-08: Term Loan A — Date associated with a significant financing event (Term Loan A).

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024; no prior filing data is available for direct comparison within this analysis.

Filing Documents

• mye-20240331.htm (10-Q) — 1483KB
• mye-ex10_1.htm (EX-10.1) — 50KB
• mye-ex31_1.htm (EX-31.1) — 13KB
• mye-ex31_2.htm (EX-31.2) — 12KB
• mye-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-054453.txt (&nbsp;) — 8511KB
• mye-20240331.xsd (EX-101.SCH) — 1349KB
• mye-20240331_htm.xml (XML) — 1604KB

— Financial Information

Part I — Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Statements of Operations (Unaudited) 1 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 2 Condensed Consolidated Statements of Financial Position (Unaudited) 3 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Unaudited Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

— Other Information

Part II — Other Information 28

Legal Proceedings

Item 1. Legal Proceedings 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29 Signature 30 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 101 Par t I — Financial Information

Financ ial Statements

Item 1. Financ ial Statements MYERS INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statem ents of Operations (Unaudited) (Dollars in thousands, except per share data) For the Quarter Ended March 31, 2024 2023 Net sales $ 207,102 $ 215,739 Cost of sales 142,833 144,674 Gross profit 64,269 71,065 Selling, general and administrative expenses 53,457 52,081 (Gain) loss on disposal of fixed assets ( 67 ) 27 Operating income 10,879 18,957 Interest expense, net 6,079 1,646 Income before income taxes 4,800 17,311 Income tax expense 1,297 4,335 Net income $ 3,503 $ 12,976 Net income per common share: Basic $ 0.09 $ 0.35 Diluted $ 0.09 $ 0.35 See notes to unaudited condensed consolidated financial statements. 1 MYERS INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of C omprehensive Income (Loss) (Unaudited) (Dollars in thousands) For the Quarter Ended March 31, 2024 2023 Net income $ 3,503 $ 12,976 Other comprehensive income (loss): Foreign currency translation adjustment ( 831 ) 42 Total other comprehensive income ( 831 ) 42 Comprehensive income $ 2,672 $ 13,018 See notes to unaudited condensed consolidated financial statements. 2 MYERS INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Financial Position (Unaudited) (Dollars in thousands) March 31, December 31, 2024 2023 Assets Current Assets Cash $ 32,730 $ 30,290 Trade accounts receivable, less allowances of $ 4,733 and $ 4,189 , respectively 130,431 113,907 Other accounts receivable, net 8,818 14,726 Inventories, net 105,035 90,844 Prepaid expenses and other current assets 6,683 6,854 Total Current Assets 283,697 256,621 Property, plant, and equipment, net 135,155 107,933 Right of use asset - operating leases 34,560 27,989 Goodwill 310,260

View Full Filing

View this 10-Q filing on SEC EDGAR