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Myers Industries Inc. (MYE-0.81%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $836.3 million, an increase of 2.9% from the previous year, primarily due to the acquisition of Signature Systems, which contributed $102.7 million in sales.
The Material Handling segment saw a 12.0% increase in net sales, while the Distribution segment experienced a 16.7% decline.
Cost of sales increased by 2.1% to $565.5 million, with a gross profit margin of 32.4%, up from 31.9% the previous year.
Selling, general, and administrative expenses rose by 9.2% to $204.1 million, driven by costs associated with the acquisition of Signature Systems.
The company recorded a $22.0 million non-cash impairment charge for goodwill in the rotational molding reporting unit.
Net interest expense increased significantly to $30.9 million due to higher borrowings and interest rates.
The effective tax rate for the year was 46.8%, influenced by non-deductible expenses related to the Signature acquisition.
Cash provided by operating activities was $79.3 million, while cash used in investing activities totaled $372.5 million, largely due to the acquisition of Signature Systems.
The company entered into a new $400 million term loan facility and repaid $38.0 million of senior unsecured notes.
Myers Industries continues to focus on its strategic growth initiatives, including organic growth, market expansion, and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Myers Industries Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.