Myers Industries Files Q3 2024 10-Q
Ticker: MYE · Form: 10-Q · Filed: Nov 4, 2024 · CIK: 69488
| Field | Detail |
|---|---|
| Company | Myers Industries INC (MYE) |
| Form Type | 10-Q |
| Filed Date | Nov 4, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
MYERS Q3 10-Q is in. Financials and segment data updated.
AI Summary
Myers Industries Inc. filed its 10-Q for the period ending September 30, 2024. The company reported on its financial performance, including operating income and expenses. Key financial data points and segment information were disclosed.
Why It Matters
This filing provides investors with an update on Myers Industries' financial health and operational performance for the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- Q3 — Quarter (Reporting Period)
- 2024-09-30 — End Date (Fiscal Period End)
Key Players & Entities
- MYERS INDUSTRIES INC (company) — Filer
- 20240930 (date) — Period of Report
- 20241104 (date) — Filing Date
- AKRON (location) — Business Address City
- OH (location) — Business Address State
- Auto Aftermarket (segment) — Operating Segment
- Distribution (segment) — Operating Segment
FAQ
What were the company's reported operating segments for the period?
The company reported operating segments including 'Auto Aftermarket' and 'Distribution'.
What is the fiscal year end for Myers Industries?
The fiscal year end for Myers Industries is December 31.
When was the company incorporated?
The company was incorporated in Ohio (OH).
What is the SEC file number for Myers Industries?
The SEC file number is 001-08524.
What is the business address of Myers Industries?
The business address is 1293 S MAIN ST, AKRON, OH 44301.
Filing Stats: 4,479 words · 18 min read · ~15 pages · Grade level 17.7 · Accepted 2024-11-04 16:10:25
Filing Documents
- mye-20240930.htm (10-Q) — 2236KB
- mye-ex31_1.htm (EX-31.1) — 13KB
- mye-ex31_2.htm (EX-31.2) — 13KB
- mye-ex32_1.htm (EX-32.1) — 11KB
- 0000950170-24-120691.txt ( ) — 11267KB
- mye-20240930.xsd (EX-101.SCH) — 1403KB
- mye-20240930_htm.xml (XML) — 2570KB
— 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 25
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 32
— Other Information
Part II — Other Information 33
Legal Proceedings
Item 1. Legal Proceedings 33
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33
Other Information
Item 5. Other Information 33
Exhibits
Item 6. Exhibits 34 Signature 35 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 205,067 $ 197,798 $ 632,405 $ 621,990 Cost of sales 139,937 135,419 427,489 420,136 Gross profit 65,130 62,379 204,916 201,854 Selling, general and administrative expenses 47,686 43,698 152,804 148,130 (Gain) loss on disposal of fixed assets 192 ( 22 ) 253 ( 78 ) Impairment charges 22,016 — 22,016 — Operating income (loss) ( 4,764 ) 18,703 29,843 53,802 Interest expense, net 8,091 1,539 23,176 4,975 Income (loss) before income taxes ( 12,855 ) 17,164 6,667 48,827 Income tax expense (benefit) ( 1,977 ) 4,417 3,763 12,499 Net income (loss) $ ( 10,878 ) $ 12,747 $ 2,904 $ 36,328 Net income (loss) per common share: Basic $ ( 0.29 ) $ 0.35 $ 0.08 $ 0.99 Diluted $ ( 0.29 ) $ 0.34 $ 0.08 $ 0.98 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ ( 10,878 ) $ 12,747 $ 2,904 $ 36,328 Other comprehensive income (loss): Foreign currency translation adjustment 558 ( 948 ) ( 633 ) ( 141 ) Unrealized gain (loss) on interest rate swap contracts, net of tax expense (benefit) of ($ 1,453 ) and ($ 2,159 ), respectively ( 3,623 ) — ( 5,599 ) — Realized (gain) loss on interest rate swap contracts reclassified to interest expense ( 403 ) — ( 545 ) — Total