Year-over-year Improvement in Gross Profit, Operating Income and EPS on Flat Sales

Reduced SG&A Showing Early Signs of Progress with "Focused Transformation" Efforts, Driving Improved Financial Performance and Culture of Accountability

Repurchased $1 Million in Shares as Part of $10 Million 2025 Share Repurchase Program

Strategically Positioned to Provide Customers with U.S. Supply Chain Options as more than 90% of Material Handling's 2025 Revenue is Expected to be Manufactured in the U.S.

Previously Announced CFO Transition Plan

Myers Industries Inc. (NYSE:MYE), a leading manufacturer of products that protect the world from the ground up, today announced results for the first quarter ended March 31, 2025.

Myers Industries' President and CEO Aaron Schapper commented, "We are pleased to report first quarter results of improved profitability on flat sales driven by the contribution of our Signature acquisition and strong performance of our Scepter military products. Further, we reduced our SG&A across the businesses. Our 'Focused Transformation' program, launched earlier this year, is gaining momentum as we foster a culture of accountability and ignite a renewed drive among employees. I have been encouraged by conversations with our teams as we identify opportunities and actions to drive enterprise-wide improvements. During the quarter, we activated our previously announced $10 million 2025 Share Repurchase Program, demonstrating our commitment to return cash to shareholders. Finally, the fact that fifteen of our sixteen manufacturing sites are located within the U.S. enables us to provide our customers with supply chain sourcing optionality and a level of insulation from potential tariff impacts. As we move forward, we remain committed to transforming our organization by building a culture rooted in accountability, continuous improvement, and a profitable growth mindset."

First Quarter 2025 Financial Summary

	Quarter Ended March 31,
(Dollars in thousands, except per share data)	2025			2024			% Inc (Dec)
Net sales	$	206,750		$	207,102			(0.2	)%
Gross profit	$	69,078		$	64,269			7.5	%
Gross margin		33.4	%		31.0	%
Operating income	$	16,650		$	10,879			53.0	%
Net income	$	6,805		$	3,503			94.3	%
Net income per diluted share	$	0.18		$	0.09			100.0	%

Adjusted operating income	$	18,678		$	16,643			12.2	%
Adjusted net income	$	8,356		$	7,923			5.5	%
Adjusted earnings per diluted share	$	0.22		$	0.21			4.8	%
Adjusted EBITDA	$	28,573		$	25,140			13.7	%

Net sales: Slightly lower as higher demand in Infrastructure and Industrial, particularly military applications, was offset by lower Food & Beverage demand due to cyclicality of seed box demand and lower Automotive Aftermarket demand.
Gross profit: Increased due to product sales mix, led by higher sales in Infrastructure due to the Signature acquisition.
Operating income: Increased due to improved mix and lower material and manufacturing costs. The 2024 comparison period also includes $6.5 million of Signature acquisition and integration costs, including acquisition-related inventory step up.

First Quarter 2025 Segment Results

(Dollar amounts in the segment tables below are reported in millions)

Material Handling

	Net Sales	Op Income	Op Income Margin	Adj EBITDA	Adj EBITDA Margin
Q1 2025 Results	$157.7	$27.4	17.4%	$36.3	23.0%
Q1 2024 Results	$152.2	$22.3	14.6%	$32.5	21.4%
$ Increase (decrease) vs prior year	$5.4	$5.1		$3.8
% Increase (decrease) vs prior year	3.6%	23.0%	+280 bps	11.7%	+160 bps
Items in this table may not recalculate due to rounding

Operating income and Adjusted EBITDA: Increase driven by sales in Infrastructure and Industrial, particularly military applications, end markets, favorable raw material cost and lower manufacturing costs; partially offset by lower pricing.

Distribution

	Net Sales	Op Income	Op Income Margin	Adj EBITDA	Adj EBITDA Margin
Q1 2025 Results	$49.2	($1.2)	-2.4%	$0.5	0.9%
Q1 2024 Results	$54.9	$0.6	1.1%	$1.4	2.5%
$ Increase (decrease) vs prior year	($5.6)	($1.8)		($0.9)
% Increase (decrease) vs prior year	(10.3)%	NM	-350 bps	(67.1)%	-160 bps
Items in this table may not recalculate due to rounding

Operating income and Adjusted EBITDA: Lower pricing and volume, partially offset by favorable SG&A.

Balance Sheet & Cash Flow

Total liquidity of $267.0 million, including $231.7 million of availability under the revolving credit facility and cash on hand was $35.3 million.
Total debt was $391.8 million at quarter end with a net leverage ratio of 2.8x.
Cash flow provided by operations was $10.1 million, free cash flow was $2.0 million, and capital expenditures were $8.1 million.
Repurchased $1 million of shares in the first quarter; expect to make additional opportunistic repurchases under the 2025 Share Repurchase Program.

2025 End Market Outlook

The following table presents our current 2025 outlook for each of our end markets. Our 2025 end market outlook is unchanged from the outlook we provided on March 6, 2025, unless otherwise noted.

End Markets (TTM Sales as of March 31, 2025)	2025 Outlook
Industrial (30% of sales) Akro-Mils^®, Buckhorn^® & Jamco^® containers, organizational bins, totes, carts and cabinets; Scepter^® military ammunition containers; OEM parts for general industrial equipment	Moderate growth
Infrastructure (13% of sales) Signature Systems™ ground protection matting for construction, industrial sites, and event venues	Strong growth
Vehicle (13% of sales) RV, marine, and automotive components	Down (was "Stable to down")
Consumer (11% of sales) Scepter^® fuel cans; outdoor furniture and equipment	Stable, affected by hurricane responses
Food & Beverage (8% of sales) Buckhorn^® seed boxes, intermediate bulk containers, and Tuff Series bulk containers for agricultural and chemical customers	Stable
Automotive Aftermarket Distribution (25% of sales) Distribution sales to tire service aftermarket	Slightly down

Myers products are largely produced domestically. In 2025, we expect more than 90% of revenue from the Material Handling segment to be manufactured from our fifteen manufacturing sites within the U.S. We consistently monitor the effect of end-market dynamics, including price and volume; however, we expect minimal direct impact from current tariffs.

Conference Call Details

The Company will host an earnings conference call and webcast for investors and analysts on Thursday, May 1, 2025, at 8:30 a.m. ET. The call is anticipated to last less than one hour and may be accessed using the following online participation registration link: https://www.netroadshow.com/events/login?show=ddf14a59&confId=80083. Upon registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast. To access the live webcast or a replay, visit the Company's website www.myersindustries.com and click on the Investor Relations tab. An archived replay of the call will also be available on the site shortly after the event. To listen to the telephone replay, callers should dial: (U.S. Local) 1-929-458-6194 or (U.S. Toll-Free) 1-866-813-9403 and use access code 714936.

Use of Non-GAAP Financial Measures

The Company uses certain non-GAAP measures in this release. Adjusted gross profit, adjusted gross margin, adjusted operating income (loss), adjusted operating income margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted share (adjusted EPS), and free cash flow are non-GAAP financial measures and are intended to serve as a supplement to results provided in accordance with accounting principles generally accepted in the United States. Myers Industries believes that such information provides an additional measurement and consistent historical comparison of the Company's performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

About Myers Industries

Myers Industries Inc., based in Akron, Ohio, is a leading manufacturer of sustainable plastic and metal products that protect the world from the ground up for consumer, vehicle, food & beverage, industrial, infrastructure, and automotive aftermarket end markets. Myers Industries has a rich history that is built on strong brands and innovative products. Through years of continuous product development and strategic acquisitions, we have established ourselves as a leading diversified industrial company. We provide critical solutions to our customers, delivering exceptional value. Visit www.myersindustries.com to learn more.

Caution on Forward-Looking Statements

Statements in this release include "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including information regarding the Company's financial outlook, future plans, objectives, business prospects and anticipated financial performance. Forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or variations of these words, or similar expressions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, these statements inherently involve a wide range of inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. The Company's actual actions, results, and financial condition may differ materially from what is expressed or implied by the forward-looking statements.

Specific factors that could cause such a difference on our business, financial position, results of operations and/or liquidity include, without limitation, raw material availability, increases in raw material costs, or other production costs; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company's business segments; changes in trends and demands in the markets in which the Company competes; operational problems at our manufacturing facilities or unexpected failures at those facilities; future economic and financial conditions in the United States and around the world, including the impacts of U.S. and foreign tariff policies; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; unforeseen events, including natural disasters, unusual or severe weather events and patterns, public health crises, geopolitical crises, and other catastrophic events; and other risks and uncertainties detailed from time to time in the Company's filings with the SEC, including without limitation, the risk factors disclosed in Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Given these factors, as well as other variables that may affect our operating results, readers should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, nor use historical trends to anticipate results or trends in future periods. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company expressly disclaims any obligation or intention to provide updates to the forward-looking statements and the estimates and assumptions associated with them.

M-INV

MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)

	Quarter Ended
	March 31, 2025		March 31, 2024
Net sales	$	206,750	$	207,102
Cost of sales		137,672		142,833
Gross profit		69,078		64,269
Selling, general and administrative expenses		44,755		47,113
Depreciation and amortization		4,458		3,921
Freight out		2,812		2,423
(Gain) loss on disposal of fixed assets		403		(67	)
Operating income (loss)		16,650		10,879
Interest expense, net		7,386		6,079
Income (loss) before income taxes		9,264		4,800
Income tax expense (benefit)		2,459		1,297
Net income (loss)	$	6,805	$	3,503
Net income (loss) per common share:
Basic	$	0.18	$	0.09
Diluted	$	0.18	$	0.09
Weighted average common shares outstanding:
Basic		37,298,967		36,908,169
Diluted		37,414,010		37,123,019

MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)

	March 31, 2025		December 31, 2024
Assets
Current Assets
Cash	$	35,302	$	32,222
Trade accounts receivable, net		131,574		109,372
Other accounts receivable, net		10,936		12,654
Inventories, net		103,785		97,001
Other current assets		7,543		8,058
Total Current Assets		289,140		259,307
Property, plant, & equipment, net		135,993		137,564
Right of use asset - operating leases		29,413		30,561
Goodwill and intangible assets, net		418,076		421,853
Deferred income taxes		205		205
Other assets		11,015		11,325
Total Assets	$	883,842	$	860,815
Liabilities & Shareholders' Equity
Current Liabilities
Accounts payable	$	84,890	$	71,049
Accrued expenses		50,697		49,196
Operating lease liability - short-term		6,717		6,597
Finance lease liability - short-term		627		621
Long-term debt - current portion		19,649		19,649
Total Current Liabilities		162,580		147,112
Long-term debt		363,733		355,310
Operating lease liability - long-term		22,527		23,700
Finance lease liability - long-term		7,834		7,994
Other liabilities		16,942		15,303
Deferred income taxes		32,803		33,884
Total Shareholders' Equity		277,423		277,512
Total Liabilities & Shareholders' Equity	$	883,842	$	860,815

MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)

	Quarter Ended March 31,
	2025			2024
Cash Flows From Operating Activities
Net income (loss)	$	6,805		$	3,503
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities
Depreciation and amortization		9,895			8,497
Amortization of deferred financing costs		540			231
Amortization of acquisition-related inventory step-up		—			3,115
Non-cash stock-based compensation expense		1,101			682
(Gain) loss on disposal of fixed assets		403			(67	)
Other		(759	)		(6	)
Cash flows provided by (used for) working capital
Accounts receivable - trade and other, net		(20,557	)		7,964
Inventories		(6,769	)		186
Prepaid expenses and other current assets		515			885
Accounts payable and accrued expenses		18,957			(4,720	)
Net cash provided by (used for) operating activities		10,131			20,270
Cash Flows From Investing Activities
Capital expenditures		(8,083	)		(5,707	)
Acquisition of business, net of cash acquired		—			(348,890	)
Proceeds from sale of property, plant, and equipment		76			75
Net cash provided by (used for) investing activities		(8,007	)		(354,522	)
Cash Flows From Financing Activities
Net borrowings (repayments) from revolving credit facility		13,000			(11,000	)
Proceeds from Term Loan A		—			400,000
Repayments of Term Loan A		(5,000	)		—
Repayments of senior unsecured notes		—			(38,000	)
Payments on finance lease		(154	)		(143	)
Cash dividends paid		(5,317	)		(5,345	)
Proceeds from issuance of common stock		295			2,408
Shares withheld for employee taxes on equity awards		(828	)		(1,874	)
Repurchase of common stock		(1,008	)		—
Deferred financing fees		—			(9,172	)
Net cash provided by (used for) financing activities		988			336,874
Foreign exchange rate effect on cash		(32	)		(182	)
Net increase (decrease) in cash		3,080			2,440
Beginning Cash		32,222			30,290
Ending Cash	$	35,302		$	32,730

MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED)
(Dollars in thousands)

	Quarter Ended March 31, 2025
	Material Handling			Distribution			Segment Total			Corporate & Other			Total
Net sales	$	157,672		$	49,246		$	206,918		$	(168	)	$	206,750
Net income														6,805
Net income margin														3.3	%

Gross profit														69,078
Add: Restructuring expenses and other adjustments														108
Adjusted gross profit														69,186
Gross margin as adjusted														33.5	%

Operating income (loss)		27,381			(1,181	)		26,200			(9,550	)		16,650
Operating income margin		17.4	%		-2.4	%		12.7	%	n/a				8.1	%
Add: Restructuring expenses and other adjustments		108			811			919			1,109			2,028
Adjusted operating income (loss)⁽¹⁾		27,489			(370	)		27,119			(8,441	)		18,678
Adjusted operating income margin		17.4	%		-0.8	%		13.1	%	n/a				9.0	%
Add: Depreciation and amortization		8,846			824			9,670			225			9,895
Adjusted EBITDA	$	36,335		$	454		$	36,789		$	(8,216	)	$	28,573
Adjusted EBITDA margin		23.0	%		0.9	%		17.8	%	n/a				13.8	%

(1) Includes gross profit adjustments of $108 and SG&A adjustments of $1,920

	Quarter Ended March 31, 2024
	Material Handling			Distribution			Segment Total			Corporate & Other			Total
Net sales	$	152,225		$	54,894		$	207,119		$	(17	)	$	207,102
Net income														3,503
Net income margin														1.7	%

Gross profit														64,269
Add: Restructuring expenses and other adjustments														241
Add: Acquisition-related inventory step-up														3,115
Adjusted gross profit														67,625
Gross margin as adjusted														32.7	%

Operating income (loss)		22,256			605			22,861			(11,982	)		10,879
Operating income margin		14.6	%		1.1	%		11.0	%	n/a				5.3	%
Add: Restructuring expenses and other adjustments		241			—			241			—			241
Add: Acquisition and integration costs		98			—			98			3,312			3,410
Add: Acquisition-related inventory step-up		3,115			—			3,115			—			3,115
Less: Insurance recovery of legal fees		(702	)		—			(702	)		—			(702	)
Less: Environmental reserves, net⁽²⁾		—			—			—			(300	)		(300	)
Adjusted operating income (loss)⁽¹⁾		25,008			605			25,613			(8,970	)		16,643
Adjusted operating income margin		16.4	%		1.1	%		12.4	%	n/a				8.0	%
Add: Depreciation and amortization		7,525			773			8,298			199			8,497
Adjusted EBITDA	$	32,533		$	1,378		$	33,911		$	(8,771	)	$	25,140
Adjusted EBITDA margin		21.4	%		2.5	%		16.4	%	n/a				12.1	%

(1) Includes gross profit adjustments of $3,356 and SG&A adjustments of $2,408
(2) Includes environmental charges of $0 net of probable insurance recoveries of $300

MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED)
(Dollars in thousands)

	Quarter Ended March 31,
	2025			2024
Adjusted operating income (loss) reconciliation:
Operating income (loss)	$	16,650		$	10,879
Restructuring expenses and other adjustments		2,028			241
Acquisition and integration costs		—			3,410
Acquisition-related inventory step-up		—			3,115
Insurance recovery of legal fees		—			(702	)
Environmental reserves, net		—			(300	)
Adjusted operating income (loss)	$	18,678		$	16,643

Adjusted EBITDA reconciliation:
Net income (loss)	$	6,805		$	3,503
Income tax expense (benefit)		2,459			1,297
Interest expense, net		7,386			6,079
Operating income (loss)		16,650			10,879
Depreciation and amortization		9,895			8,497
Restructuring expenses and other adjustments		2,028			241
Acquisition and integration costs		—			3,410
Acquisition-related inventory step-up		—			3,115
Insurance recovery of legal fees		—			(702	)
Environmental reserves, net		—			(300	)
Adjusted EBITDA	$	28,573		$	25,140

Free cash flow reconciliation:
Net cash provided by (used for) operating activities	$	10,131		$	20,270
Capital expenditures		(8,083	)		(5,707	)
Free cash flow	$	2,048		$	14,563

MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER DILUTED SHARE (UNAUDITED)
(Dollars in thousands, except per share data)

	Quarter Ended March 31,
	2025			2024
Adjusted net income (loss) reconciliation:
Net income (loss)	$	6,805		$	3,503
Income tax expense (benefit)		2,459			1,297
Income (loss) before income taxes		9,264			4,800
Restructuring expenses and other adjustments		2,028			241
Acquisition and integration costs		—			3,410
Acquisition-related inventory step-up		—			3,115
Insurance recovery of legal fees		—			(702	)
Environmental reserves, net		—			(300	)
Adjusted income (loss) before income taxes		11,292			10,564
Income tax expense, as adjusted ⁽¹⁾		(2,936	)		(2,641	)
Adjusted net income (loss)	$	8,356		$	7,923

Adjusted earnings per diluted share reconciliation:
Net income (loss) per common diluted share	$	0.18		$	0.09
Restructuring expenses and other adjustments		0.05			0.01
Acquisition and integration costs		—			0.09
Acquisition-related inventory step-up		—			0.08
Insurance recovery of legal fees		—			(0.02	)
Environmental reserves, net		—			(0.01	)
Adjusted effective income tax rate impact		(0.01	)		(0.03	)
Adjusted earnings per diluted share⁽²⁾	$	0.22		$	0.21

Items in this table may not recalculate due to rounding
(1) Income taxes are calculated using the normalized effective tax rate for each year. The rate used in 2025 is 26% and in 2024 is 25%.
(2) Adjusted earnings per diluted share is calculated using the weighted average common shares outstanding for the respective period.

MYERS INDUSTRIES, INC.
FIVE QUARTER COMPARATIVE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)
(UNAUDITED)

	Quarter Ended
	March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024		March 31, 2024
Net sales	$	206,750	$	203,876		$	205,067		$	220,236	$	207,102
Cost of sales		137,672		137,987			139,937			144,719		142,833
Gross profit		69,078		65,889			65,130			75,517		64,269
Selling, general and administrative expenses		44,755		44,281			38,486			44,148		47,113
Depreciation and amortization		4,458		4,462			4,868			4,826		3,921
Freight out		2,812		2,561			4,332			2,687		2,423
(Gain) loss on disposal of fixed assets		403		(52	)		192			128		(67	)
Impairment charges		—		—			22,016			—		—
Operating income (loss)		16,650		14,637			(4,764	)		23,728		10,879
Interest expense, net		7,386		7,761			8,091			9,006		6,079
Income (loss) before income taxes		9,264		6,876			(12,855	)		14,722		4,800
Income tax expense (benefit)		2,459		2,579			(1,977	)		4,443		1,297
Net income (loss)	$	6,805	$	4,297		$	(10,878	)	$	10,279	$	3,503
Net income (loss) per common share:
Basic	$	0.18	$	0.12		$	(0.29	)	$	0.28	$	0.09
Diluted	$	0.18	$	0.11		$	(0.29	)	$	0.28	$	0.09
Weighted average common shares outstanding:
Basic		37,298,967		37,255,837			37,220,456			37,179,658		36,908,169
Diluted		37,414,010		37,444,040			37,220,456			37,312,394		37,123,019

View source version on businesswire.com: https://www.businesswire.com/news/home/20250501416444/en/

Meghan Beringer, Senior Director Investor Relations, 252-536-5651

Myers Industries Announces First Quarter 2025 Results