Myers Industries ( (MYE) ) has released its Q2 earnings. Here is a breakdown of the information Myers Industries presented to its investors.
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Myers Industries Inc., based in Akron, Ohio, is a leading manufacturer of sustainable plastic and metal products serving various end markets including Consumer, Vehicle, Food & Beverage, Industrial, Infrastructure, and Automotive Aftermarket. The company is known for its strong brands and innovative products, providing critical solutions to its customers.
In its second quarter of 2025, Myers Industries reported a year-over-year decline in sales, primarily due to softness in the Vehicle and Automotive Aftermarket sectors, despite growth in the Industrial market driven by Scepter military products. The company, however, achieved significant improvements in free cash flow and made progress in reducing SG&A expenses.
Key financial metrics revealed a 4.8% decrease in net sales to $209.6 million, while gross profit fell by 6.4% to $70.7 million. Operating income also saw a decline, dropping by 15.8% to $20 million. Despite these declines, the company generated $25 million in free cash flow and reduced total debt by $13 million. Myers Industries also announced a strategic review of its Myers Tire Supply business as part of its Focused Transformation program.
Looking forward, Myers Industries remains on track to achieve $20 million in cost savings by the end of 2025. The company is consolidating its rotational molding production facilities to improve asset utilization, which is expected to result in annualized savings of at least $3 million. The management is optimistic about achieving year-over-year growth in the third quarter, supported by an increased backlog in the Industrial, Infrastructure, and Consumer end markets.