Myers Industries Reports 2021 Fourth Quarter and Full Year Results
Fourth Quarter Sales Increased 45% Including Acquisitions, 28% on an Organic Basis
Outlook for Strong Revenue Growth and Increased Profitability in Fiscal 2022
AKRON, Ohio–(BUSINESS WIRE)–Myers Industries, Inc. (NYSE: MYE), a leading manufacturer of a wide range of polymer products and distributor for the tire, wheel, and under-vehicle service industry, today announced results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter and Full Year 2021 Financial Highlights
- Net sales for the fourth quarter increased 45% to $199.6 million, compared with $137.5 million for the fourth quarter of 2020; net sales for the full year increased 49% to $761.4 million, compared with $510.4 million for the full year of 2020
- On an organic basis, net sales for the fourth quarter increased 28% compared with the fourth quarter of 2020 and net sales for the full year increased 25% compared with the full year of 2020
- Net income per diluted share for the fourth quarter increased 150% to $0.20, compared with $0.08 for the fourth quarter of 2020; net income per diluted share for the full year decreased 10% to $0.92, compared with $1.02 for the full year of 2020 (net income for the full year of 2020 included $11.9 million of pre-tax income from the sale of notes and release of lease guarantee liability related to the Company’s Lawn and Garden business that was sold in 2015)
- Adjusted earnings per diluted share for the fourth quarter increased 109% to $0.23, compared with $0.11 for the fourth quarter of 2020; adjusted earnings per diluted share for the full year increased 14% to $0.97, compared with $0.85 for the full year of 2020
- Adjusted EBITDA for the fourth quarter increased 55% to $17.6 million, compared with $11.3 million for the fourth quarter of 2020; adjusted EBITDA for the full year increased 9% to $72.3 million, compared with $66.4 million for the full year of 2020
- Cash flow from continuing operations was $44.9 million and free cash flow was $27.0 million for the full year of 2021
Myers Industries’ President and CEO, Mike McGaugh said, “2021 was a strong and important year for Myers. We experienced strong organic revenue growth. We successfully integrated two high-performing acquisitions. In addition, we are proud to tell you that the revitalization of Myers’ sales, marketing, and operational capabilities is taking place across all of Myers. The transformation of Myers is ongoing. We continue to see robust demand for our products across our end markets and are confident that our ‘One Myers’ strategy, based on an integrated company approach, will help us fulfill this demand.
Throughout 2021, our team worked hard and smartly to offset cost pressures that temporarily depressed near-term margins. That included pricing actions and implementing a value-based approach to pricing, which delivered a favorable price-to-cost relationship during the fourth quarter. We believe our significant infusion of operational and commercial talent over the past two years and our new processes and approach to doing business will make these improvements lasting. This will put us in a strong position to drive margins and profitability in 2022 and beyond.”
McGaugh concluded, “During the fourth quarter, we continued the integration of our recent acquisitions, Elkhart Plastics and Trilogy Plastics. These acquisitions have exceeded our expectations by bringing scale, and capability, and an improved ability to deliver value to Myers’ customers. It’s exciting and gratifying to see the progress on our acquisitions, as well as the commercial and operational improvements across our company. Looking forward, we remain focused on maintaining our strong momentum, executing the “One Myers” integrated strategy, and delivering improved results. We have a strong team comprised of long-serving Myers’ associates and over two dozen new high-horsepower members, a robust demand for our differentiated products, sustained top-line momentum, a healthy balance sheet, and a high cash-generating business model, all of which are working together to drive growth and position the business for long-term success. We look forward to continued execution in 2022 and believe we have only scratched the surface of our long-term potential.”
Fourth Quarter 2021 Financial Summary
|
| Quarter Ended December 31, |
| ||||
|
| 2021 |
| 2020 |
| Inc (Dec) |
|
|
| (Dollars in millions, except per share data) |
| ||||
|
|
|
|
|
|
|
|
Net sales |
| $199.6 |
| $137.5 |
| 45.2% |
|
|
|
|
|
|
|
|
|
Operating income |
| $10.8 |
| $4.9 |
| 121.4% |
|
Adjusted operating income |
| $12.5 |
| $6.4 |
| 94.4% |
|
Adjusted operating income margin |
| 6.2% |
| 4.7% |
| +150 bps |
|
|
|
|
|
|
|
|
|
Net income |
| $7.3 |
| $3.0 |
| 142.6% |
|
Adjusted net income |
| $8.4 |
| $3.8 |
| 117.9% |
|
|
|
|
|
|
|
|
|
Net income per diluted share |
| $0.20 |
| $0.08 |
| 150.0% |
|
Adjusted earnings per diluted share |
| $0.23 |
| $0.11 |
| 109.1% |
|
Net sales for the fourth quarter of 2021 were $199.6 million, an increase of $62.1 million, or 45.2%, compared with $137.5 million for the fourth quarter of 2020, driven by strong sales in both the Material Handling and Distribution segments. Excluding the incremental $23.3 million of net sales from the Elkhart and Trilogy acquisitions, organic net sales increased 28%, with 19% due to favorable pricing and 9% due to higher volume/mix .
Gross profit increased $12.0 million, or 30.1% to $51.8 million, primarily due to the increased contribution from pricing actions, sales volume, and the Elkhart and Trilogy acquisitions. Partially offsetting these contributions were higher raw material costs, increased labor and other manufacturing costs, and an unfavorable sales mix. Although the contribution from pricing actions more than offset higher raw material costs, which led to a favorable price-to-cost relationship for the quarter, gross margin was 26.0% compared with 29.0% for the fourth quarter of 2020 due to the higher labor and other manufacturing costs and unfavorable sales mix. Selling, general and administrative expenses increased $6.3 million, or 18.1% to $41.3 million, reflecting the Elkhart and Trilogy acquisitions, which accounted for approximately half of the increase, higher salaries, benefits, incentive compensation costs, and increased professional fees. SG&A as a percentage of sales declined to 20.7% in the fourth quarter, compared with 25.4% in the same period last year. Net income per diluted share was $0.20, compared with $0.08 for the fourth quarter of 2020. Adjusted earnings per diluted share were $0.23, compared with $0.11 for the fourth quarter of 2020.
Fourth Quarter 2021 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
| Net |
| Op |
| Adj Op |
| Adj Op |
Q4 2021 Results | $147.3 |
| $12.3 |
| $13.2 |
| 9.0% |
Q4 2020 Results | $92.2 |
| $8.5 |
| $9.1 |
| 9.8% |
Increase (decrease) vs prior year | 59.8% |
| 44.3% |
| 45.8% |
| -80 bps |
Net sales for the Material Handling Segment during the fourth quarter of 2021 were $147.3 million, an increase of $55.1 million, or 59.8%, compared with $92.2 million for the fourth quarter of 2020. Excluding the incremental $23.3 million of net sales from the Elkhart and Trilogy acquisitions, organic net sales increased 25% due to favorable price, 9% due to higher volume/mix, and 1% due to foreign currency exchange. Organic net sales increased in the food and beverage, industrial, vehicle, and consumer end markets. Operating income increased 44.3% to $12.3 million, compared with $8.5 million in 2020. Adjusted operating income increased 45.8% to $13.2 million, compared with $9.1 million in 2020. Contributions from pricing actions and the increase in sales volume during the quarter were partially offset by higher raw material costs, increased labor and other manufacturing costs, and an unfavorable sales mix. The contribution from pricing actions more than offset higher raw material costs, which led to a favorable price-to-cost relationship for the quarter. Additionally, SG&A expenses were higher year-over-year. The increase in SG&A expenses was primarily due to the Elkhart and Trilogy acquisitions and higher salaries, benefits, and incentive compensation costs. The Material Handling Segment’s adjusted operating income margin was 9.0%, compared with 9.8% for the fourth quarter of 2020.
Distribution
| Net |
| Op |
| Adj Op |
| Adj Op |
Q4 2021 Results | $52.3 |
| $5.4 |
| $5.4 |
| 10.3% |
Q4 2020 Results | $45.3 |
| $3.6 |
| $3.6 |
| 7.9% |
Increase vs prior year | 15.5% |
| 50.8% |
| 50.8% |
| +240 bps |
Net sales for the Distribution Segment during the fourth quarter of 2021 were $52.3 million, an increase of $7.0 million, or 15.5%, compared with $45.3 million for the fourth quarter of 2020. The increase was driven by higher volume/mix across both equipment and supplies and pricing actions. Operating income increased 50.8% to $5.4 million, compared with $3.6 million in 2020. Contributions from pricing actions and higher volume/mix were partially offset by an increase in SG&A expenses year-over-year. The increase in SG&A expenses was primarily the result of higher salaries, benefits, and incentive compensation costs. The Distribution Segment’s adjusted operating income margin was 10.3%, compared with 7.9% for the fourth quarter of 2020.
Full Year 2021 Financial Summary
|
| Year Ended December 31, |
| ||||
|
| 2021 |
| 2020 |
| Inc (Dec) |
|
|
| (Dollars in millions, except per share data) |
| ||||
|
|
|
|
|
|
|
|
Net sales |
| $761.4 |
| $510.4 |
| 49.2% |
|
|
|
|
|
|
|
|
|
Operating income |
| $49.3 |
| $53.6 |
| (7.9)% |
|
Adjusted operating income |
| $51.9 |
| $45.9 |
| 13.2% |
|
Adjusted operating income margin |
| 6.8% |
| 9.0% |
| -220 bps |
|
|
|
|
|
|
|
|
|
Net income |
| $33.5 |
| $36.8 |
| (8.8)% |
|
Adjusted net income |
| $35.3 |
| $30.5 |
| 15.8% |
|
|
|
|
|
|
|
|
|
Net income per diluted share |
| $0.92 |
| $1.02 |
| (9.8)% |
|
Adjusted earnings per diluted share |
| $0.97 |
| $0.85 |
| 14.1% |
|
Net sales for the full year of 2021 were $761.4 million, an increase of $251.1 million, or 49.2%, compared with $510.4 million for the full year of 2020, driven by strong sales in both the Material Handling and Distribution segments. Excluding the incremental $122.2 million of net sales from the Elkhart and Trilogy acquisitions, organic net sales increased 25%, with 14% due to higher volume/mix, 10% due to favorable pricing, and 1% due to foreign currency exchange.
Gross profit increased $39.5 million, or 22.9% to $211.4 million, primarily due to the increased contribution from pricing actions, volume/mix and the Elkhart and Trilogy acquisitions. Partially offsetting these contributions were higher raw material costs, including a $2.0 million incremental charge to increase the LIFO inventory reserve, which were not fully recovered by pricing actions and led to an unfavorable price-to-cost relationship for the year. Gross margin declined to 27.8% compared with 33.7% for the full year of 2020 as a result of the unfavorable price-to-cost relationship, higher labor and other manufacturing costs, and an unfavorable sales mix. Selling, general and administrative expenses increased $33.2 million, or 25.5% to $163.5 million, reflecting the Elkhart and Trilogy acquisitions, higher salaries, benefits, incentive compensation costs, and increased professional fees. SG&A as a percentage of sales declined to 21.5% for the full year, compared with 25.5% last year. Net income per diluted share was $0.92, compared with $1.02 for the full year of 2020, which included $0.24 from the sale of notes and release of lease guarantee liability related to the Company’s Lawn and Garden business sold in 2015. Adjusted earnings per diluted share were $0.97, compared with $0.85 for the full year of 2020.
Full Year 2021 Segment Results
(Dollar amounts in the segment tables below are reported in millions)
Material Handling
| Net |
| Op |
| Adj Op |
| Adj Op |
Full Year 2021 Results | $564.1 |
| $62.2 |
| $62.4 |
| 11.1% |
Full Year 2020 Results | $343.9 |
| $55.1 |
| $56.5 |
| 16.4% |
Increase (decrease) vs prior year | 64.0% |
| 12.9% |
| 10.4% |
| -530 bps |
Net sales for the Material Handling Segment for the full year of 2021 were $564.1 million, an increase of $220.2 million, or 64.0%, compared with $343.9 million for the full year of 2020. Excluding the incremental $122.2 million of net sales from the Elkhart and Trilogy acquisitions, organic net sales increased 14% due to higher volume/mix, 14% due to favorable price and 1% due to foreign currency exchange. Organic net sales increased in the vehicle, food and beverage, industrial, and consumer end markets. Operating income increased 12.9% to $62.2 million, compared with $55.1 million in 2020. Adjusted operating income increased 10.4% to $62.4 million, compared with $56.5 million in 2020. Contributions from the increase in volume/mix and pricing during the quarter were partially offset by higher raw material costs, including a $0.9 million incremental charge to increase the LIFO inventory reserve, increased labor costs, and an unfavorable sales mix. Additionally, SG&A expenses were higher year-over-year. The increase in SG&A expenses was primarily due to the Elkhart and Trilogy acquisitions, higher salaries, benefits, incentive compensation costs, and increased professional fees. The Material Handling Segment’s adjusted operating income margin was 11.1%, compared with 16.4% for the full year of 2020.
Distribution
| Net |
| Op |
| Adj Op |
| Adj Op |
Full Year 2021 Results | $197.4 |
| $15.4 |
| $16.0 |
| 8.1% |
Full Year 2020 Results | $166.5 |
| $12.2 |
| $12.2 |
| 7.3% |
Increase vs prior year | 18.5% |
| 26.9% |
| 31.1% |
| +80 bps |
Net sales for the Distribution Segment for the full year of 2022 were $197.4 million, an increase of $30.9 million, or 18.5%, compared with $166.5 million for the full year of 2020. The increase was driven by higher volume/mix across both equipment and supplies and pricing actions. Operating income increased 26.9% to $15.4 million, compared with $12.2 million in 2020. Adjusted operating income increased 31.1% to $16.0 million, compared with $12.2 million in 2020. Contributions from higher volume/mix and pricing actions were partially offset by an increase in SG&A expenses year-over-year. The increase in SG&A expenses was primarily the result of higher salaries, benefits, incentive compensation costs, and increased selling expenses. The Distribution Segment’s adjusted operating income margin was 8.1%, compared with 7.3% for the full year of 2020.
Balance Sheet & Cash Flow
As of December 31, 2021, the Company’s cash on hand totaled $17.7 million, compared to $28.3 million as of December 31, 2020. Total debt as of December 31, 2021, was $100.9 million.
For the full year of 2021, cash flow provided by operations was $44.9 million and free cash flow was $27.0 million, compared with cash flow provided by operations of $46.5 million and free cash flow of $33.1 million for the full year of 2020. Capital expenditures for the full year of 2021 were $17.9 million, compared with $13.4 million for the full year of 2020.
2022 Outlook
Based on current exchange rates, market outlook and business forecast, the Company provided the following outlook for fiscal 2022:
- Net sales growth in the high single digit to low double digit range, with approximately one quarter of the increase due to the acquisition of Trilogy Plastics
- Diluted EPS in the range of $1.18 to $1.38; adjusted diluted EPS in the range of $1.20 to $1.40
- Capital expenditures to be in the range of $25 to $28 million
- Effective tax rate to approximate 26%
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Thursday, March 10, 2022, at 8:30 a.m. EDT. The call is anticipated to last less than one hour and may be accessed using the following online participation registration link: https://www.incommglobalevents.com/registration/q4inc/10107/myers-industries-2021-fourth-quarter-earnings-call/. Upon registering, each participant will be provided with call details and a registrant ID that will be used to track call attendance. Reminders will also be sent to registered participants via email. The live webcast of the conference call can be accessed from the Investor Relations section of the Company’s website at www.myersindustries.com. Webcast attendees will be in a listen-only mode. An archived replay of the call will also be available on the site shortly after the event. Investors can access a replay of the teleconference at (866) 813-9403; international callers use (226) 828-7578. The Access Code is 06717. The teleconference replay will be available through March 17, 2022.
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. Adjusted gross profit, adjusted gross profit margin, adjusted operating income (loss), adjusted operating income margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin, adjusted income (loss) before taxes, adjusted net income, adjusted earnings per diluted share, 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. is a manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the United States. 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 Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed “forward-looking”. Words such as “will”, “expect”, “believe”, “project”, “plan”, “anticipate”, “intend”, “objective”, “outlook”, “target”, “goal”, “view” and similar expressions identify forward-looking statements. These statements are based on management’s current views and assumptions of future events and financial performance and involve a number of risks and uncertainties, many outside of the Company’s control that could cause actual results to materially differ from those expressed or implied. Risks and uncertainties include: impacts from the COVID-19 pandemic on our business, conditions, customers and capital position; the impact of COVID-19 on local, national and global economic conditions; the effects of various governmental responses to the COVID-19 pandemic, raw material availability, increases in raw material costs, or other production costs; impacts of price increases, 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; 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; impact of the U.S. elections impacts on the regulatory landscape, capital markets, and responses to and management of the COVID-19 pandemic including further economic stimulus from the federal government; and other important factors detailed previously and from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q. Such reports are available on the Securities and Exchange Commission’s public reference facilities and its website at www.sec.gov and on the Company’s Investor Relations section of its website at www.myersindustries.com. Myers Industries undertakes no obligation to publicly update or revise any forward-looking statements contained herein. These statements speak only as of the date made.
MYERS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Dollars in thousands, except share and per share data) | ||||||||||||||||
|
| Quarter Ended |
|
| Year Ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
|
| December 31, |
|
| December 31, |
| ||||
Net sales |
| $ | 199,579 |
|
| $ | 137,467 |
|
| $ | 761,435 |
|
| $ | 510,369 |
|
Cost of sales |
|
| 147,763 |
|
|
| 97,630 |
|
|
| 550,014 |
|
|
| 338,409 |
|
Gross profit |
|
| 51,816 |
|
|
| 39,837 |
|
|
| 211,421 |
|
|
| 171,960 |
|
Selling, general and administrative expenses |
|
| 41,302 |
|
|
| 34,971 |
|
|
| 163,502 |
|
|
| 130,331 |
|
(Gain) loss on disposal of fixed assets |
|
| (236 | ) |
|
| 10 |
|
|
| (1,382 | ) |
|
| 3 |
|
Gain on sale of notes receivable |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (11,924 | ) |
Operating income (loss) |
|
| 10,750 |
|
|
| 4,856 |
|
|
| 49,301 |
|
|
| 53,550 |
|
Interest expense, net |
|
| 1,158 |
|
|
| 1,221 |
|
|
| 4,208 |
|
|
| 4,688 |
|
Income (loss) before income taxes |
|
| 9,592 |
|
|
| 3,635 |
|
|
| 45,093 |
|
|
| 48,862 |
|
Income tax expense (benefit) |
|
| 2,337 |
|
|
| 645 |
|
|
| 11,555 |
|
|
| 12,093 |
|
Net income (loss) |
| $ | 7,255 |
|
| $ | 2,990 |
|
| $ | 33,538 |
|
| $ | 36,769 |
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Basic |
| $ | 0.20 |
|
| $ | 0.08 |
|
| $ | 0.93 |
|
| $ | 1.03 |
|
Diluted |
| $ | 0.20 |
|
| $ | 0.08 |
|
| $ | 0.92 |
|
| $ | 1.02 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Basic |
|
| 36,242,600 |
|
|
| 35,848,726 |
|
|
| 36,138,571 |
|
|
| 35,785,798 |
|
Diluted |
|
| 36,447,287 |
|
|
| 36,017,750 |
|
|
| 36,358,969 |
|
|
| 35,916,630 |
|
MYERS INDUSTRIES, INC. SALES AND EARNINGS BY SEGMENT (UNAUDITED) (Dollars in thousands) | ||||||||||||||||||||||||
|
| Quarter Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||||||||||
|
| 2021 |
|
| 2020 |
|
| % Change |
|
| 2021 |
|
| 2020 |
|
| % Change |
| ||||||
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Material Handling |
| $ | 147,284 |
|
| $ | 92,184 |
|
|
| 59.8 | % |
| $ | 564,068 |
|
| $ | 343,884 |
|
|
| 64.0 | % |
Distribution |
|
| 52,308 |
|
|
| 45,291 |
|
|
| 15.5 | % |
| $ | 197,427 |
|
| $ | 166,544 |
|
|
| 18.5 | % |
Inter-company Sales |
|
| (13 | ) |
|
| (8 | ) |
|
| – |
|
| $ | (60 | ) |
| $ | (59 | ) |
|
| – |
|
Total |
| $ | 199,579 |
|
| $ | 137,467 |
|
|
| 45.2 | % |
| $ | 761,435 |
|
| $ | 510,369 |
|
|
| 49.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Material Handling |
| $ | 12,292 |
|
| $ | 8,516 |
|
|
| 44.3 | % |
| $ | 62,187 |
|
| $ | 55,072 |
|
|
| 12.9 | % |
Distribution |
|
| 5,399 |
|
|
| 3,580 |
|
|
| 50.8 | % |
|
| 15,428 |
|
|
| 12,157 |
|
|
| 26.9 | % |
Corporate |
|
| (6,941 | ) |
|
| (7,240 | ) |
|
| – |
|
|
| (28,314 | ) |
|
| (13,679 | ) |
|
| – |
|
Total |
| $ | 10,750 |
|
| $ | 4,856 |
|
|
| 121.4 | % |
| $ | 49,301 |
|
| $ | 53,550 |
|
|
| (7.9 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Adjusted operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Material Handling |
| $ | 13,229 |
|
| $ | 9,072 |
|
|
| 45.8 | % |
| $ | 62,407 |
|
| $ | 56,533 |
|
|
| 10.4 | % |
Distribution |
|
| 5,399 |
|
|
| 3,580 |
|
|
| 50.8 | % |
|
| 15,955 |
|
|
| 12,174 |
|
|
| 31.1 | % |
Corporate |
|
| (6,160 | ) |
|
| (6,240 | ) |
|
| – |
|
|
| (26,413 | ) |
|
| (22,807 | ) |
|
| – |
|
Total |
| $ | 12,468 |
|
| $ | 6,412 |
|
|
| 94.4 | % |
| $ | 51,949 |
|
| $ | 45,900 |
|
|
| 13.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Adjusted operating income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Material Handling |
|
| 9.0 | % |
|
| 9.8 | % |
|
|
|
|
| 11.1 | % |
|
| 16.4 | % |
|
|
| ||
Distribution |
|
| 10.3 | % |
|
| 7.9 | % |
|
|
|
|
| 8.1 | % |
|
| 7.3 | % |
|
|
| ||
Corporate |
| n/a |
|
| n/a |
|
|
|
|
| n/a |
|
| n/a |
|
|
|
| ||||||
Total |
|
| 6.2 | % |
|
| 4.7 | % |
|
|
|
|
| 6.8 | % |
|
| 9.0 | % |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Material Handling |
| $ | 17,658 |
|
| $ | 13,356 |
|
|
| 32.2 | % |
| $ | 80,210 |
|
| $ | 74,367 |
|
|
| 7.9 | % |
Distribution |
|
| 5,994 |
|
|
| 4,120 |
|
|
| 45.5 | % |
|
| 18,163 |
|
|
| 14,474 |
|
|
| 25.5 | % |
Corporate |
|
| (6,051 | ) |
|
| (6,141 | ) |
|
| – |
|
|
| (26,002 | ) |
|
| (22,411 | ) |
|
| – |
|
Total |
| $ | 17,601 |
|
| $ | 11,335 |
|
|
| 55.3 | % |
| $ | 72,371 |
|
| $ | 66,430 |
|
|
| 8.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Adjusted EBITDA margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Material Handling |
|
| 12.0 | % |
|
| 14.5 | % |
|
|
|
|
| 14.2 | % |
|
| 21.6 | % |
|
|
| ||
Distribution |
|
| 11.5 | % |
|
| 9.1 | % |
|
|
|
|
| 9.2 | % |
|
| 8.7 | % |
|
|
| ||
Corporate |
| n/a |
|
| n/a |
|
|
|
|
| n/a |
|
| n/a |
|
|
|
| ||||||
Total |
|
| 8.8 | % |
|
| 8.2 | % |
|
|
|
|
| 9.5 | % |
|
| 13.0 | % |
|
|
|
Contacts
Monica Vinay
Vice President, Investor Relations & Treasurer
(330) 761-6212