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Myers Industries (MYE)
NYSE:MYE
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Myers Industries
(NYSE:MYE)
59Neutral
Myers Industries (MYE) vs. S&P 500 (SPY)
Market Cap
$443.82M
Dividend Yield4.54%
Average Volume (3M)452.26K
Price to Earnings (P/E)61.8
Beta (1Y)0.69
Revenue Growth2.86%
EPS Growth-85.38%
CountryUS
Employees2,700
SectorConsumer Cyclical
Sector Strength51
IndustryPackaging & Containers
Share Statistics
EPS (TTM)0.19
Shares Outstanding37,295,963
10 Day Avg. Volume323,717
30 Day Avg. Volume452,263
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.54
Price to Cash Flow (P/CF)4.10
P/FCF Ratio5.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
Myers Industries Business Overview & Revenue Model
Company DescriptionMyers Industries, Inc. engages in distribution of tire service supplies in Ohio. It operates through The Material Handling and Distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization, and custom plastic products; injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling. It serves industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational, and marine vehicles, healthcare, appliance, bakery, electronics, textiles, consumer markets, and other markets under Akro-Mils, Jamco, Buckhorn, Ameri-Kart, Scepter, Elkhart Plastics, and Trilogy Plastics brands directly, as well as through distributors. The Distribution segment engages in the distribution of tools, equipment, and supplies for tire, wheel, and undervehicle service on passenger, heavy truck, and off-road vehicles; and manufacture and sale of tire repair materials and custom rubber products, as well as reflective highway marking tapes. This segment serves retail and truck tire dealers, commercial auto and truck fleets, auto dealers, general service and repair centers, tire re-treaders, truck stop operations, and government agencies. The company was founded in 1933 and is headquartered in Akron, Ohio.
How the Company Makes MoneyMyers Industries generates revenue through the sale of its products and services across its two main business segments. In the Material Handling segment, the company earns money by designing, manufacturing, and selling a diverse array of plastic and metal products. These products are sold to a variety of industries, including agriculture, automotive, and consumer markets. The Distribution segment contributes to the company's revenue by selling tire service supplies, tools, and equipment primarily to the tire, wheel, and under-vehicle service industries. The company also benefits from strategic partnerships and long-term relationships with its customers, which help to sustain its revenue streams.
Myers Industries Financial Statement Overview
Summary
Myers Industries presents a mixed financial picture. While the company maintains a solid gross profit margin, the net profit margin has significantly decreased. The balance sheet shows increased leverage, posing financial risks, and the return on equity has deteriorated. Cash flow generation is strong, but free cash flow is declining, indicating potential challenges.Income Statement
The company shows a mixed performance in its income statement. The gross profit margin for the latest year is approximately 32.38%, indicating a solid ability to retain revenue as profit after covering the cost of goods sold. However, the net profit margin has decreased significantly to about 0.86% from a healthier 6.01% last year, driven by a substantial drop in net income. Revenue growth remains relatively flat with a mere 2.86% increase from the previous year. The EBIT and EBITDA margins have also declined, highlighting potential issues with operating efficiency.65
Positive
Balance Sheet
The balance sheet indicates a significant increase in total debt, leading to a high debt-to-equity ratio of approximately 1.49, which could signal financial risk. Return on equity has deteriorated to 2.59% from 16.68%, reflecting reduced profitability for shareholders. The equity ratio stands at 32.24%, suggesting the company is moderately financed by equity. Overall, the balance sheet reveals increased leverage and decreased shareholder returns, posing cautionary signals.60
Neutral
Cash Flow
The cash flow statement demonstrates some positive aspects with an operating cash flow to net income ratio of approximately 11.01, suggesting strong cash generation relative to net income. Despite this, the free cash flow has decreased, and the free cash flow to net income ratio is approximately 7.62, indicating that cash flow generation is not keeping pace with net income. The free cash flow growth rate is negative, with a 13.34% decline from the previous year, highlighting potential challenges in sustaining cash flow levels.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 836.28M | 813.07M | 899.55M | 761.43M | 510.37M | Gross Profit |
| 270.81M | 259.09M | 283.37M | 211.42M | 171.96M | EBIT |
| 44.48M | 72.41M | 83.94M | 49.30M | 53.55M | EBITDA |
| 44.48M | 95.19M | 105.16M | 49.30M | 53.55M | Net Income Common Stockholders |
| 7.20M | 48.87M | 60.27M | 33.54M | 36.77M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 32.22M | 30.29M | 23.14M | 17.66M | 28.30M | Total Assets |
| 860.82M | 541.63M | 542.63M | 484.55M | 400.01M | Total Debt |
| 413.87M | 95.49M | 132.36M | 130.04M | 95.69M | Net Debt |
| 381.65M | 65.20M | 109.22M | 112.38M | 67.39M | Total Liabilities |
| 583.30M | 248.83M | 286.21M | 275.22M | 210.91M | Stockholders Equity |
| 277.51M | 292.80M | 256.43M | 209.32M | 189.10M |
| Cash Flow | Free Cash Flow | |||
| 54.86M | 63.32M | 48.33M | 27.05M | 33.09M | Operating Cash Flow |
| 79.29M | 86.17M | 72.62M | 44.91M | 46.51M | Investing Cash Flow |
| -372.50M | -22.76M | -50.38M | -50.29M | -75.55M | Financing Cash Flow |
| 295.10M | -56.52M | -16.32M | -5.19M | -18.32M |
Myers Industries Technical Analysis
Negative
11.93
Price Trends
11.86
Positive
11.63
Positive
12.52
Negative
Market Momentum
0.14
Positive
48.50
Neutral
20.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MYE, the sentiment is Negative. The current price of 11.93 is below the 20-day moving average (MA) of 12.07, above the 50-day MA of 11.86, and below the 200-day MA of 12.52, indicating a neutral trend. The MACD of 0.14 indicates Positive momentum. The RSI at 48.50 is Neutral, neither overbought nor oversold. The STOCH value of 20.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MYE.
Myers Industries Risk Analysis
Myers Industries disclosed 27 risk factors in its most recent earnings report. Myers Industries reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Myers Industries Peers Comparison
Overall Rating
UnderperformOutperform
Sector (59)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.36B | 17.55 | 17.92% | 1.35% | 6.20% | 5.12% | |
69 Neutral | $9.77B | 26.58 | 15.68% | 1.20% | 2.74% | 30.22% | |
64 Neutral | $665.80M | 11.41 | 10.83% | ― | -23.12% | -4.89% | |
64 Neutral | $4.61B | 28.28 | 6.42% | 4.45% | -6.93% | -65.66% | |
59 Neutral | $443.82M | 61.82 | 2.53% | 4.54% | 2.86% | -85.38% | |
59 Neutral | $12.24B | 11.04 | -1.00% | 3.78% | 1.30% | -19.54% | |
56 Neutral | $1.78B | ― | -7.89% | ― | -8.09% | -1.97% |
* Consumer Cyclical Sector Average
Performance Comparison
MYE
Myers Industries
11.93
-9.91
-45.38%
ATR
AptarGroup
148.38
7.73
5.50%
BRC
Brady
70.64
11.71
19.87%
OI
O-I Glass
11.47
-5.29
-31.56%
REX
Rex American
37.57
-21.34
-36.22%
SON
Sonoco Products
47.24
-8.06
-14.58%
Myers Industries Earnings Call Summary
Earnings Call Date: Mar 6, 2025 | % Change Since: 23.76% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture, with strong growth in certain segments like Material Handling and a robust transformation plan to improve efficiency and shareholder value. However, significant challenges remain in the Distribution segment and Buckhorn business, along with increased interest expenses impacting earnings.Highlights
Solid Fourth Quarter Results
Fourth quarter net sales were $203.9 million, an increase of 6.7% year-over-year. Adjusted gross margin increased by 210 basis points to 32.2%, and adjusted EBITDA was up 26.2%.
Strong Performance in Material Handling
The Material Handling segment saw a 20.3% increase in net sales compared to the prior year, driven by the Signature acquisition and strong sales of Scepter products, which grew by 48%.
Initiation of Focused Transformation Program
A focused transformation program was announced, aimed at achieving $20 million in annualized cost savings by the end of 2025, primarily in SG&A.
New Share Repurchase Program
A new $10 million share repurchase program was announced, reflecting confidence in the business and commitment to returning cash to shareholders.
E-commerce Growth
The e-commerce channel saw $36 million in sales, growing 12% year-over-year.
Lowlights
Decline in Distribution Segment Sales
Distribution segment net sales decreased by 20.2% due to lower volume and pricing, with adjusted EBITDA decreasing by $1.5 million to a loss of $300,000.
Challenges in Buckhorn Business
Buckhorn faced cyclical market headwinds, with seed box sales declining after a strong 2023.
Increased Interest Expense Impact
Diluted adjusted earnings per share decreased to $0.19 compared to $0.29 in 2023, primarily due to increased interest expense.
Temporary Suspension of Formal Annual Guidance
The company is suspending its practice of issuing formal annual guidance to complete its action plan, with an intent to resume providing guidance as soon as possible.
Company Guidance
During the call, Myers Industries announced several key metrics and initiatives as part of their guidance for fiscal year 2024. They reported a fourth-quarter net sales increase of 6.7% to $203.9 million, with notable growth of 33% in the consumer end market and 13% in the industrial end market. Adjusted gross margin improved by 210 basis points to 32.2%, while adjusted EBITDA increased by 26.2% with a margin of 13.5%. The company is launching a Focused Transformation program aimed at achieving $20 million in annualized cost savings by the end of 2025, primarily through a 10% reduction in SG&A expenses. Additionally, Myers Industries announced a $10 million share repurchase authorization and plans to maintain a CapEx target of around 3% of sales. They are temporarily suspending formal annual guidance to refine their strategic action plan but expressed confidence in continued margin improvements for 2025.Myers Industries Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Myers Industries Appoints New CEO for Growth Phase
Positive
Nov 22, 2024
Myers Industries Inc. has appointed Aaron M. Schapper as its new President and CEO, effective January 1, 2025, succeeding Dave Basque. Schapper, bringing extensive experience from Valmont Industries, is expected to lead Myers through its next growth phase. His strategic vision aims to enhance Myers’ market position and capitalize on growth opportunities, making this a noteworthy transition for investors interested in Myers’ evolving business landscape.
Business Operations and StrategyFinancial Disclosures
Myers Industries Reports Q3 2024 Financial Results
Negative
Nov 4, 2024
Myers Industries reported third quarter 2024 financial results, highlighting improved gross margins and adjusted EBITDA due to strong performance from Signature Systems and the military sector. Despite facing demand challenges in some markets like Food and Beverage, the company focused on cost reduction, aiming for $15 million in savings by 2025. Net sales rose to $205.1 million, but the company saw a net loss of $10.9 million, impacted by a $22 million non-cash goodwill impairment charge. Myers revised its full-year earnings guidance to $0.92-$1.02 per share, reinforcing commitment to operational improvements amidst macro-economic pressures.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.