Myers Industries Q2 2024 Filing Released

TL;DR

Myers Industries filed its Q2 2024 10-Q. Check financials.

AI Summary

Myers Industries Inc. reported its Q2 results for the period ending June 30, 2024. The company's filing indicates financial activities and operational details for the second quarter. Specific financial figures and strategic updates are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational insights for Myers Industries, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q2 — Quarterly Period (Reporting period for the 10-Q filing.)
• 20240630 — End Date (The end date of the reporting period.)
• 20240801 — Filing Date (The date the 10-Q was filed with the SEC.)

Key Players & Entities

• MYERS INDUSTRIES INC (company) — Filer
• 0000069488 (company) — Central Index Key
• OH (location) — State of Incorporation
• AKRON (location) — City
• 20240630 (date) — Conformed Period of Report

FAQ

Filing Documents

• mye-20240630.htm (10-Q) — 2173KB
• mye-ex10_2.htm (EX-10.2) — 91KB
• mye-ex31_1.htm (EX-31.1) — 13KB
• mye-ex31_2.htm (EX-31.2) — 13KB
• mye-ex32_1.htm (EX-32.1) — 11KB
• img267152076_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-089272.txt ( ) — 11025KB
• mye-20240630.xsd (EX-101.SCH) — 1402KB
• mye-20240630_htm.xml (XML) — 2500KB

— 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) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

— Other Information

Part II — Other Information 32

Legal Proceedings

Item 1. Legal Proceedings 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33 Signature 34 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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 220,236 $ 208,453 $ 427,338 $ 424,192 Cost of sales 144,719 140,043 287,552 284,717 Gross profit 75,517 68,410 139,786 139,475 Selling, general and administrative expenses 51,661 52,351 105,118 104,432 (Gain) loss on disposal of fixed assets 128 ( 83 ) 61 ( 56 ) Operating income 23,728 16,142 34,607 35,099 Interest expense, net 9,006 1,790 15,085 3,436 Income before income taxes 14,722 14,352 19,522 31,663 Income tax expense 4,443 3,747 5,740 8,082 Net income $ 10,279 $ 10,605 $ 13,782 $ 23,581 Net income per common share: Basic $ 0.28 $ 0.29 $ 0.37 $ 0.64 Diluted $ 0.28 $ 0.29 $ 0.37 $ 0.64 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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 10,279 $ 10,605 $ 13,782 $ 23,581 Other comprehensive income (loss): Foreign currency translation adjustment ( 360 ) 765 ( 1,191 ) 807 Unrealized gain (loss) on interest rate swap contracts, net of tax expense (benefit) of ($ 706 ) ( 1,976 ) — ( 1,976 ) — Realized (gain) loss on interest rate swap contracts reclassified to interest expense ( 142 ) — ( 142 ) — Total other comprehensive income ( 2,478 ) 765 ( 3,309 ) 807 Comprehensive income $ 7,801 $ 11,370 $ 10,473 $ 24,388 See notes to unaudited condensed consolidated

View Full Filing

View this 10-Q filing on SEC EDGAR