Myers Industries Q2 Profit Spikes, Lifts FY22 Adj. Earnings Outlook

(RTTNews) - Myers Industries, Inc. (MYE) Tuesday reported a surge in second-quarter earnings, supported by 35.9 percent growth in net sales. Looking ahead, the company raised its fiscal 2022 outlook.

The company recorded second-quarter net income of $15.83 million, up 42.9 percent from $11.07 million last year. On a per share basis, earnings were $0.45, up 55.2 percent from the $0.29 per share a year ago. Adjusted earnings were $16.58 million or $0.45 per share.

Net sales for the quarter climbed 24.4 percent to $233.2 million, from $187.4 million in the same period last year. The company attributed strong sales in both the Material Handling and Distribution segments. on an organic basis, net sales increased by 16 percent.

Looking ahead to fiscal 2022, the company said it expects net sales growth, including the Trilogy and Mohawk acquisitions, to be in the high teens range year over year with an approximately 45 percent increase.

Further, Myers raised its adjusted earnings per share range from $1.30 - $1.50 to $1.40 - $1.60. Earnings per share is expected to be in a range of $1.33 to $1.53.