Attached files
| file | filename |
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| 8-K - 8-K - MYERS INDUSTRIES INC | d337433d8k.htm |
| EX-99.1 - EX-99.1 - MYERS INDUSTRIES INC | d337433dex991.htm |
 April 19,
2012 Earnings Presentation
First Quarter 2012
First Quarter 2012
Myers
Industries,
Inc.
Exhibit 99.2 |
 Statements in this presentation concerning the Company’s goals, strategies,
and expectations for business and financial results may be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and are based on current indicators and
expectations. Whenever you read a statement that is not simply a
statement of historical fact (such as when we describe what we "believe,"
"expect," or "anticipate" will occur, and other similar
statements), you must remember that our expectations may
not
be
correct,
even
though
we
believe
they
are
reasonable.
We
do
not
guarantee
that
the
transactions
and
events
described
will
happen
as
described
(or
that
they
will
happen
at
all).
You
should
review
this
presentation with the understanding that actual future results may be materially
different from what we expect. Many of the factors that will determine
these results are beyond our ability to control or predict. You are
cautioned not to put undue reliance on any forward-looking statement. We do not intend, and undertake
no obligation, to update these forward-looking statements. These statements
involve a number of risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the applicable
statements. Such risks include: (1) Fluctuations in product demand and
market acceptance (2) Uncertainties associated with the general economic
conditions in domestic and international markets (3) Increased competition in
our markets (4) Changes in seasonality
(5) Difficulties
in
manufacturing
operations,
such
as
production
outages
or
maintenance
programs
(6) Raw material availability
(7) Fluctuations
in
raw
material
costs;
fluctuations
outside
the
“normal”
range
of
industry
cycles
(8) Changes in laws and regulations and approvals and decisions of courts,
regulators, and governmental bodies
Myers Industries, Inc. encourages investors to learn more about these risk factors.
A detailed explanation of these factors is available in the Company’s
publicly filed quarterly and annual reports, which
can
be
found
online
at
www.myersind.com
and
at
the
SEC.gov
web
site.
2
Safe Harbor Statement |
 3
*See reconciliation of Non-GAAP measures
on slide 11.
Q1 2012 Highlights
$0.19
$0.29
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
Q1 2011
Q1 2012
Earnings Per Share
$0.20
$0.30
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
Q1 2011
Q1 2012
Earnings Per Diluted
Share -
Adjusted* |
   4
P&L
Q1
Q1
Highlights
2012
2011
B/(W)
Net sales
$198.8
$195.5
1.7%
Gross
margin
29.2%
27.7%
5.4%
SG&A
$40.9
$41.7
1.9%
Net
income -
adjusted*
$10.1
$7.1
42.3%
Effective
tax rate
37.7%
39.6%
EPS -
adjusted*
$0.30
$0.20
50.0%
Cash &
Q1
Q1
B/S Highlights
2012
2011
Operating cash
flow
($6.4)
($0.4)
Capital
expenditures
$3.1
$2.5
Dividends
$2.3
$2.3
Debt -
net of cash
$76.9
$67.2
2012 Q1 Financial Summary |
 Q1 Results
Soft sales in less profitable
manufacturing and automotive
markets
Favorable customer and product mix
from sales to agricultural and food
processing markets
Operations Excellence initiatives
including use of alternative materials
and productivity improvements
generated cost savings
Segment Commentary
MHEM index currently estimating
single digit growth in 2012
Anticipate soft sales in Q2 compared
to last year due to a delay in the
timing of orders
5
Segment Review –
Material Handling
$65.7
$65.2
$63
$66
Q1 2011
Q1 2012
Net Sales
$10.3
$13.2
$0
$2
$4
$6
$8
$10
$12
$14
Q1 2011
Q1 2012
EBIT -
Adjusted |
 6
Segment Review –
Lawn & Garden
$67.2
$59.2
$54
$57
$60
$63
$66
$69
Q1 2011
Q1 2012
Net Sales
$3.9
$1.2
$0
$2
$4
$6
Q1 2011
Q1 2012
EBIT -
Adjusted
Q1 Results
Sales soft in Q1 as result of the
acceleration of orders into Q4 of
2011 and high customer inventory
levels in Q1 of 2012
Decrease was partially offset
through profit improvement plan
and operations excellence
initiatives
Segment Commentary
Seeing a strengthening in the
market beginning in Q2 due
to favorable weather |
 7
Segment Review –
Distribution
$41.6
$42.7
$39
$42
$45
Q1 2011
Q1 2012
Net Sales
$3.3
$3.9
$2
$4
Q1 2011
Q1 2012
EBIT -
Adjusted |
 8
$27.9
$37.2
$0
$5
$10
$15
$20
$25
$30
$35
$40
Q1 2011
Q1 2012
Net Sales
$2.9
$4.7
$0
$2
$4
$6
Q1 2011
Q1 2012
EBIT -
Adjusted
Segment Review –
Engineered Products |
 9
Outlook
Strong start and consistent execution of strategic principles
should lead to solid performance in 2012
Timing of food processing and agricultural orders may shift
demand to the second half of the year in Material Handling
Beginning in Q2, favorable weather should strengthen the
market in Lawn & Garden
Anticipate combating continued headwinds in Distribution
due to higher fuel prices which drive down miles driven and
replacement tire sales
Continued strength in the marine market as boat builders
switch to our EPA approved fuel tank in Engineered Products
Return to more normal demand in transplant auto and
custom markets in Engineered Products by the end of Q2
|
 Appendix
|
 11
2012
2011
Material Handling
Income before taxes as reported
13.2
$
10.3
$
Income before taxes as adjusted
13.2
10.3
Lawn & Garden
Income before taxes as reported
1.2
3.9
Income before taxes as adjusted
1.2
3.9
Distribution
Income before taxes as reported
3.5
3.1
Restructuring expenses
0.4
0.2
Income before taxes as adjusted
3.9
3.3
Engineered Products
Income before taxes as reported
4.6
2.8
Restructuring expenses
0.1
0.1
Income before taxes as adjusted
4.7
2.9
Corporate and interest expense
Income (loss) before taxes as reported
(6.5)
(9.0)
Restructuring and other adjustments
0.1
0.3
Income (loss) before taxes as adjusted
(6.4)
(8.7)
Consolidated
Income before taxes as reported
16.0
11.1
Restructuring expenses and other adjustments
0.6
0.6
Income before taxes as adjusted
16.6
11.7
Income taxes at 39%
6.5
4.6
Net Income as adjusted
10.1
$
7.1
$
Note: Numbers in the Corporate and interest expense section above may be rounded
for presentation purposes. MYERS INDUSTRIES, INC. RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES Quarter Ended
March 31,
INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED)
(Dollars in millions)
Reconciliation of Non-GAAP Measures |
 |