MYERS INDUSTRIES INC (MYE)
SIC breadcrumb: Manufacturing > SIC Major Group 30 > SIC 3089 Plastics Products, NEC
SEC company page: https://www.sec.gov/edgar/browse/?CIK=69488. Latest filing source: 0001193125-26-092521.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 825,742,000 | USD | 2025 | 2026-03-05 |
| Net income | 34,928,000 | USD | 2025 | 2026-03-05 |
| Assets | 851,321,000 | USD | 2025 | 2026-03-05 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000069488.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 534,379,000 | 547,043,000 | 566,735,000 | 515,698,000 | 510,369,000 | 761,435,000 | 899,547,000 | 813,067,000 | 836,281,000 | 825,742,000 | |||||
| Net income | 1,057,000 | -9,889,000 | -3,349,000 | 24,333,000 | 36,769,000 | 33,538,000 | 60,267,000 | 48,867,000 | 7,201,000 | 34,928,000 | |||||
| Operating income | 27,362,000 | 24,888,000 | 6,327,000 | 37,266,000 | 53,550,000 | 49,301,000 | 83,941,000 | 72,405,000 | 44,480,000 | 74,556,000 | |||||
| Gross profit | 161,898,000 | 157,453,000 | 179,293,000 | 171,312,000 | 171,960,000 | 211,421,000 | 283,366,000 | 259,086,000 | 270,805,000 | 276,054,000 | |||||
| Diluted EPS | 0.03 | -0.33 | -0.10 | 0.68 | 1.02 | 0.92 | 1.64 | 1.32 | 0.19 | 0.93 | |||||
| Operating cash flow | 33,729,000 | 44,463,000 | 61,252,000 | 54,323,000 | 46,507,000 | 44,914,000 | 72,621,000 | 86,172,000 | 79,292,000 | 86,761,000 | |||||
| Capital expenditures | 12,489,000 | 5,814,000 | 5,123,000 | 10,294,000 | 13,421,000 | 17,867,000 | 24,292,000 | 22,855,000 | 24,435,000 | 19,553,000 | |||||
| Dividends paid | 16,221,000 | 16,341,000 | 17,862,000 | 19,316,000 | 19,425,000 | 19,596,000 | 19,797,000 | 20,240,000 | 20,432,000 | 20,494,000 | |||||
| Share buybacks | 20,946,000 | 4,204,000 | 8,096,000 | 54,897,000 | 30,023,000 | 0.00 | 0.00 | 0.00 | 0.00 | 2,525,000 | |||||
| Assets | 381,684,000 | 355,942,000 | 348,645,000 | 353,139,000 | 400,015,000 | 484,549,000 | 542,634,000 | 541,631,000 | 860,815,000 | 851,321,000 | |||||
| Liabilities | 210,915,000 | 275,224,000 | 286,207,000 | 248,831,000 | 583,303,000 | 557,095,000 | |||||||||
| Stockholders' equity | 93,033,000 | 93,752,000 | 154,638,000 | 166,682,000 | 189,100,000 | 209,325,000 | 256,427,000 | 292,800,000 | 277,512,000 | 294,226,000 | |||||
| Cash and cash equivalents | 2,404,000 | 2,520,000 | 58,894,000 | 75,527,000 | 28,301,000 | 17,655,000 | 23,139,000 | 30,290,000 | 32,222,000 | 45,050,000 | |||||
| Free cash flow | 21,240,000 | 38,649,000 | 56,129,000 | 44,029,000 | 33,086,000 | 27,047,000 | 48,329,000 | 63,317,000 | 54,857,000 | 67,208,000 |
Ratios
| Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 0.20% | -1.81% | -0.59% | 4.72% | 7.20% | 4.40% | 6.70% | 6.01% | 0.86% | 4.23% | |||||
| Operating margin | 5.12% | 4.55% | 1.12% | 7.23% | 10.49% | 6.47% | 9.33% | 8.91% | 5.32% | 9.03% | |||||
| Return on equity | 1.14% | -10.55% | -2.17% | 14.60% | 19.44% | 16.02% | 23.50% | 16.69% | 2.59% | 11.87% | |||||
| Return on assets | 0.28% | -2.78% | -0.96% | 6.89% | 9.19% | 6.92% | 11.11% | 9.02% | 0.84% | 4.10% | |||||
| Liabilities / equity | 1.12 | 1.31 | 1.12 | 0.85 | 2.10 | 1.89 | |||||||||
| Current ratio | 1.78 | 1.52 | 1.88 | 2.24 | 1.29 | 1.66 | 1.87 | 1.55 | 1.76 | 1.67 |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000069488.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q2 | 2022-06-30 | 0.43 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 0.37 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 0.35 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 208,453,000 | 10,605,000 | 0.29 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 197,798,000 | 12,747,000 | 0.34 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 191,077,000 | 12,539,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 207,102,000 | 3,503,000 | 0.09 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 220,236,000 | 10,279,000 | 0.28 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 205,067,000 | -10,878,000 | -0.29 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 203,876,000 | 4,297,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 206,750,000 | 6,805,000 | 0.18 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 209,583,000 | 9,705,000 | 0.26 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 205,435,000 | 7,088,000 | 0.19 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 203,974,000 | 11,330,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 164,580,000 | -1,828,000 | -0.05 | reported discrete quarter |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0001193125-26-210311.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This Quarterly Report on Form 10-Q and the information incorporated by reference contains “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 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, significant increases in the cost of raw materials or disruption in the availability of raw materials; operating in a very competitive business environment; changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences; physical and other risks that could disrupt production; risks associated with our ability to develop and market new products; risks associated with protecting our intellectual property rights, including our unpatented proprietary know-how and trade secrets, or in avoiding claims that we infringed on the intellectual property rights of others; price volatility with our common stock; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business or inflationary conditions in the U.S. economy or global markets; risks associated with doing business in foreign countries; inability of the Company to maintain access to credit financing; risks associated with equity ownership concentration; claims, litigation and regulatory actions against the Company; changes in laws (including privacy laws), regulations and standards affecting the Company; current and future environmental and other governmental laws and requirements affecting the Company; unforeseen events, including natural disasters, unusual or severe weather events and patterns, public health crises, geopolitical crises, and other catastrophic events; instability in geographies impacted by political events, trade disputes, war, terrorism and other business interruptions; our ability to successfully execute our announced intended divestiture of the Myers Tire Supply business; 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, 2025. 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. Executive Overview During the first quarter of 2026, in conjunction with the announced sale of Myers Tire Supply, as described in Note 3, the Company transitioned to a new internal organizational and reporting structure. This change in structure has resulted in a more agile organization and solidified achievement of recent productivity improvements and cost efficiency initiatives. In conjunction with the change the Company has begun reporting on a new single-segment structure effective March 31, 2026, as described in Note 1. The Company designs, manufactures, and markets a variety of plastic, metal and rubber products, including a broad selection of durable plastic reusable products that are manufactured for repeated use during the course of their service life. At the end of their service life, these highly sustainable products can be recovered, recycled, and reprocessed into new products. The Company's products include a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, tire repair and retreading products, consumer fuel containers and tanks for water, fuel and waste handling. Products are primarily injection molded, rotationally molded, compression molded or blow molded. Injection, compression and blow molding primarily use electric power to heat and press resin into molds to form the products. Rotational molding involves multi-axis rotation of molds in natural gas fired ovens to form the resin into our products. The Company also manufactures and sells certain traffic markings, including reflective highway marking tape. The Company conducts its primary operations in the United States, Canada and Europe and serves a wide variety of markets, including industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, construction, infrastructure and consumer, among others. Products are sold both directly to end-users and through distributors. 18 The Company’s results of operations for the quarter ended March 31, 2026 are discussed below. The current economic environment includes heightened risks from tariffs, inflation, interest rates, banking liquidity, volatile commodity costs, supply chain disruptions and labor availability stemming from the broader economic effects of the international geopolitical climate, including rapidly changing regulations which has increased volatility in global commodity markets, including oil (a component of many plastic resins), energy and agricultural commodities. Some of our businesses have been and may continue to be affected by these broader economic effects, including customer demand for our products, supply chain disruptions, labor availability, tariffs and inflation. The Company believes it is well-positioned to manage through this uncertainty as it has a strong balance sheet with sufficient liquidity and borrowing capacity as well as a diverse product offering and customer base. As described in Note 3, the Myers Tire Supply business is classified as discontinued operations and all historical information has been adjusted to reflect the discontinued operations presentation. Results of Operations: Comparison of the Quarter Ended March 31, 2026 to the Quarter Ended March 31, 2025 The following discussion is of our consolidated results of operations. As described in Note 1, effective January 1, 2026, the Company changed its method of accounting for the classification of shipping and handling costs. Under the new method of accounting, the Company includes shipping and handling costs in Cost of sales, whereas previously, these costs were included in operating costs and expenses within Selling, general and administrative for internal costs and Freight out for external costs. This change has been applied retrospectively to all periods presented in the table below. Quarter Ended March 31, (dollars in thousands) 2026 2025 Change % Change Net sales $ 164,580 $ 161,667 $ 2,913 1.8 % Cost of sales 108,035 111,448 (3,413 ) (3.1 )% Gross profit 56,545 50,219 6,326 12.6 % Selling, general and administrative expenses 27,995 29,285 (1,290 ) (4.4 )% Depreciation and amortization 3,698 3,752 (54 ) (1.4 )% (Gain) loss on disposal of fixed assets — (19 ) 19 (100.0 )% Operating income $ 24,852 $ 17,201 $ 7,651 44.5 % Net sales for the quarter ended March 31, 2026 were $164.6 million, an increase of $2.9 million or 1.8% compared to the quarter ended March 31, 2025. Net sales increased due to higher volume of $3.9 million and the effect of favorable currency translation of $0.5 million, partially offset by lower pricing of $1.5 million. Gross profit increased $6.3 million, or 12.6%, for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025, due to higher volume, favorable mix, lower material costs and favorable cost productivity, partially offset by lower pricing as described under Net Sales above. Gross margin was 34.4% for the quarter ended March 31, 2026 compared with 31.1% for the quarter ended March 31, 2025. Selling, general and administrative (“SG&A”) expenses for the quarter ended March 31, 2026 were $28.0 million, a decrease of $1.3 million or 4.4% compared to the same period in the prior year. Decreases in SG&A expenses for the quarter ended March 31, 2026 were primarily due to $0.9 million of lower salaries and benefits, $0.6 million of lower legal and professional fees, $0.1 million of lower incentive compensation and $1.1 million of lower restructuring costs as described in Note 4, partially offset by $1.0 million of higher variable selling expenses. Environmental matters, as described in Note 10 resulted in a net $0.4 million of charges for the quarter ended March 31, 2026. Depreciation and amortization, exclusive of amounts within Cost of sales, decreased $0.1 million to $3.7 million for the quarter ended March 31, 2026 as compared to $3.8 million for the quarter ended March 31, 2025. The decrease was primarily related to asset disposals in the prior year. (Gain) loss on disposal of fixed assets was not significant during both the quarter ended March 31, 2026 and March 31, 2025. 19 Net Interest Expense: Quarter Ended March 31, (dollars in thousands) 2026 2025 Change % Change Net interest expense $ 6,692 $ 7,386 $ (694 ) (9.4 )% Average outstanding borrowings, net $ 360,556 $ 404,971 $ (44,415 ) (11.0 )% Weighted-average borrowing rate 7.62 % 7.59 % Net interest expense for the quarter ended March 31, 2026 was $6.7 million, a decrease of $0.7 million, or 9.4%, compared with $7.4 million for the quarter ended March 31, 2025. The lower net interest expense was due to lower average outstanding borrowings, partially offset by a higher weighted-average borrowing rate for the quarter ended March 31, 2026. Income Taxes: Quarter Ended March 31, (dollars in thousands) 2026 2025 Income from continuing operations before income taxes $ 18,160 $ 9,815 Income tax expense $ 4,361 $ 2,627 Effective tax rate 24.0 % 26.8 % The Company’s effective tax rate was 24.0% and 26.8% for the quarter ended March 31, 2026 and 2025, respectively. The decrease in the effective tax rate is driven by higher fixed non-deductible expenses in the prior year. Discontinued Operations: Loss from discontinued operations, net of income taxes was $15.6 million and $0.4 million for the quarter ended March 31, 2026 and 2025, respectively. The higher loss from discontinued operations, net of income taxes, in the current year was mainly due to impairment charges of $19.5 million ($14.8 mi [Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A
ITEM 7. Management’s Discussion and Analysis of Results of Financial Condition and Operations Executive Overview The Company conducts its business activities in two reportable segments: The Material Handling Segment and the Distribution Segment. The Company designs, manufactures, and markets a variety of plastic, metal and rubber products. The Material Handling Segment manufactures a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded, compression molded or blow molded. The Distribution Segment is engaged in the distribution of tools, equipment and supplies used for tire, wheel and under vehicle service on passenger, heavy truck and off-road vehicles, as well as the manufacturing of tire repair and retreading products. The Company’s results of operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 are discussed below. The current economic environment includes heightened risks from tariffs, inflation, interest rates, banking liquidity, volatile commodity costs, supply chain disruptions and labor availability stemming from the broader economic effects of the international geopolitical climate, including rapidly changing regulations which has increased volatility in global commodity markets, including oil (a component of many plastic resins), energy and agricultural commodities. Some of our businesses have been and may continue to be affected by these broader economic effects, including customer demand for our products, supply chain disruptions, labor availability, tariffs and inflation. The Company believes it is well-positioned to manage through this uncertainty as it has a strong balance sheet with sufficient liquidity and borrowing capacity as well as a diverse product offering and customer base. Results of Operations: 2025 Compared with 2024 Net Sales: (dollars in thousands) Year Ended December 31, Segment 2025 2024 Change % Change Material Handling $ 622,147 $ 621,655 $ 492 0.1 % Distribution 203,887 214,768 (10,881 ) (5.1 )% Inter-company sales (292 ) (142 ) (150 ) Total net sales $ 825,742 $ 836,281 $ (10,539 ) (1.3 )% Net sales for the year ended December 31, 2025 were $825.7 million, a decrease of $10.5 million or 1.3% compared to the prior year. Net sales decreased due to lower pricing of $14.5 million, lower volume of $1.6 million and the effect of unfavorable currency translation of $0.8 million. The decrease in net sales was partially offset by $6.4 million of incremental sales in the Material Handling Segment from the acquisition of Signature on February 8, 2024. Signature's annual sales were approximately $110 million at the time of the acquisition. Net sales in the Material Handling Segment increased $0.5 million or 0.1% for the year ended December 31, 2025 compared to the prior year. Net sales increased due to $6.4 million of incremental sales from the acquisition of Signature on February 8, 2024 and higher volume of $8.7 million, partially offset by lower pricing of $13.8 million and the effect of unfavorable currency translation of $0.8 million. Net sales in the Distribution Segment decreased $10.9 million or 5.1% in the year ended December 31, 2025 compared to the prior year, primarily due to lower volume of $10.2 million and lower pricing of $0.7 million. Cost of Sales & Gross Profit: Year Ended December 31, (dollars in thousands) 2025 2024 Change % Change Cost of sales $ 549,688 $ 565,476 $ (15,788 ) (2.8 )% Gross profit $ 276,054 $ 270,805 $ 5,249 1.9 % Gross profit as a percentage of sales 33.4 % 32.4 % Gross profit increased $5.2 million, or 1.9%, for the year ended December 31, 2025 compared to the prior year due to the benefits of the acquisition of Signature on February 8, 2024, favorable cost productivity, lower material costs and favorable mix, partially offset by 23 lower volume and pricing as described under Net Sales above. Gross margin was 33.4% for the year ended December 31, 2025 compared to 32.4% for the same period in 2024. Selling, General and Administrative Expenses: Year Ended December 31, (dollars in thousands) 2025 2024 Change % Change SG&A expenses $ 172,401 $ 174,028 $ (1,627 ) (0.9 )% SG&A expenses as a percentage of sales 20.9 % 20.8 % Selling, general and administrative (“SG&A”) expenses for the year ended December 31, 2025 were $172.4 million, a decrease of $1.6 million or 0.9% compared to the prior year. Decreases in SG&A expenses in 2025 were primarily due to $3.9 million of lower salaries and benefits, $1.6 million of lower facility costs, $1.6 million of lower variable selling expenses, $1.5 million of lower legal and professional fees and $0.5 million of lower commissions, partially offset by $6.5 million of higher incentive compensation and $3.1 million of incremental SG&A from the acquisition of Signature on February 8, 2024. SG&A expenses also decreased as compared to prior year due to $4.6 million of lower acquisition and integration costs due to the Signature acquisition as described in Note 3 to the consolidated financial statements, in addition to a $3.2 million recovery of purchased credit deteriorated assets that was recognized in the current year as a reduction to bad debt expense, partially offset by $5.3 million of higher restructuring costs as described in Note 6 to the consolidated financial statements. Environmental matters described in Note 9 to the consolidated financial statements resulted in a net $0.2 million of charges for the year ended December 31, 2025, which compared to $0.2 million of income in the year ended December 31, 2024. Depreciation and amortization: Depreciation and amortization, exclusive of amounts within Cost of sales, decreased $0.6 million to $17.4 million for the year ended December 31, 2025 as compared to $18.1 million for the year ended December 31, 2024. The decrease was primarily related to lower intangible amortization related to prior acquisitions and lower depreciation related to asset disposals in conjunction with the facility consolidations, as described in Note 6. Freight out: Freight out costs decreased $1.0 million to $11.0 million for the year ended December 31, 2025 as compared to $12.0 million for the year ended December 31, 2024. The decrease was primarily related to lower overall sales volume, as discussed above. (Gain) loss on disposal of fixed assets: During the year ended December 31, 2025 the Company recognized $0.6 million of net losses on the disposal of fixed assets primarily related to fixed asset disposals and write-downs recognized in conjunction with the previously announced facility consolidations as described in Note 6, partially offset by a gain on the sale of fixed assets. During the year ended December 31, 2024 the Company recognized $0.2 million of losses on the disposal of fixed assets primarily related to the sale of fixed assets. Impairment Charges: During the year ended December 31, 2024, the Company recorded a $22.0 million non-cash impairment charge, for the full carrying value of goodwill in the rotational molding reporting unit, included in the Material Handling Segment, as discussed in Note 4 to the consolidated financial statements. Net Interest Expense: Year Ended December 31, (dollars in thousands) 2025 2024 Change % Change Net interest expense $ 29,421 $ 30,937 $ (1,516 ) (4.9 )% Average outstanding borrowings, net $ 391,528 $ 381,391 $ 10,137 2.7 % Weighted-average borrowing rate 7.80 % 8.46 % 24 Net interest expense for the year ended December 31, 2025 was $29.4 million compared to $30.9 million during 2024. The lower net interest expense was due to a lower weighted-average borrowing rate in the current year, partially offset by higher average outstanding borrowings as a result of the acquisition of Signature, which was funded through an amendment and restatement of Myers' existing loan agreement discussed below. Income Taxes: Year Ended December 31, (dollars in thousands) 2025 2024 Income before income taxes $ 45,135 $ 13,543 Income tax expense $ 10,207 $ 6,342 Effective tax rate 22.6 % 46.8 % The Company's effective tax rate was 22.6% for the year ended December 31, 2025 compared to 46.8% in the prior year. The decrease in the effective tax rate is driven by fixed non-deductible expenses, including expenses related to the Signature acquisition in the prior year on lower income before income taxes plus the tax effect of prior year impairment charges. Financial Condition & Liquidity and Capital Resources The Company’s primary sources of liquidity are cash on hand, cash generated from operations and availability under the Amended Loan Agreement (defined below). At December 31, 2025, the Company had $45.1 million of cash, $244.7 million available under the Amended Loan Agreement and outstanding debt of $353.8 million, including the finance lease liability of $8.0 million. At December 31, 2025, our primary contractual obligations relate to our debt and lease arrangements as described in Notes 10 and 13 to the consolidated financial statements. The Company believes that cash on hand, cash flows from operations and available capacity under its Amended Loan Agreement will be sufficient to meet expected business requirements including capital expenditures, dividends, working capital, debt service, and to fund future growth. Operating Activities Cash provided by operating activities was $86.8 million and $79.3 million for the years ended December 31, 2025 and 2024, respectively. Cash generated from working capital was $5.0 million for the year ended December 31, 2025, compared to cash generated from working capital of $9.6 million in the prior year, primarily due to increases in accounts receivable, partly offset by reductions in inventory. Investing Activities Net cash used by investing activities was $18.9 million for the year ended December 31, 2025 compared to cash used of $372.5 million for the year ended December 31, 2024. In 2024, the Company paid $348.3 million to acquire Signature, net of cash acquired and working capital adjustments, as discussed in Note 3 to the consolidated financial statements. Capital expenditures were $19.6 million and $24.4 million for the years ended December 31, 2025 and 2024, respectively. Financing Activities Net cash used by financing activities was $54.5 million for the year ended December 31, 2025 compared to cash provided by $295.1 million for the year ended December 31, 2024. Net borrowings (repayments) of the Company's revolving credit facility for the year ended December 31, 2025 and December 31, 2024 were $0.0 million and $(20.0) million, respectively. The Company also made repayments of the Term Loan A totaling $31.0 million and $18.0 million for the years ended December 31, 2025 and December 31, 2024, respectively. Net proceeds from the issuance of common stock in connection with incentive stock option exercises were $1.1 million and $3.3 million in 2025 and 2024, respectively. Cash paid for tax withholdings on vesting of stock compensation totaled $1.0 million and $2.1 million in 2025 and 2024, respectively. The Company also used $2.5 million for the repurchase of its common stock during the year ended December 31, 2025, as described in Note 5 to the consolidated financial statements. In connection with the Signature acquisition in 2024, the Company received proceeds of $400 million under a new term loan facility and repaid $38.0 million of senior unsecured notes, including $26.0 million of senior unsecured notes that matured in January 2024 and the prepayment of $12.0 million of senior unsecured notes in conjunction with the amendment and restatement to the Loan Agreement described below. Fees paid for the amendment and restatement to the Loan Agreement in February 2024 totaled $9.2 million. The Company also used cash to pay dividends of $20.5 million and $20.4 million in 2025 and 2024, respectively. 25 Credit Sources Repayment and termination of Senior Unsecured Notes On January 12, 2024, the Company repaid $26.0 million of senior unsecured notes upon maturity using cash on hand and availability under the Loan Agreement. On February 6, 2024, in connection with the first amendment and restatement to the Loan Agreement described below, the Company prepaid the remaining $12.0 million face value of senior unsecured notes, which were due January 15, 2026, using availability under the revolving credit facility under the Loan Agreement. After giving effect to the payment in full, all outstanding senior unsecured notes under the Note Purchase Agreement have been paid and the Note Purchase Agreement has been terminated. In conjunction with the termination the Company recognized a loss on debt extinguishment of $0.1 million, primarily representing the make-whole fees on the senior unsecured notes and the unamortized value of the original issuance discount. First Amendment to Loan Agreement On February 8, 2024, the Company entered into Amendment No. 1 to the Seventh Amended and Restated Loan Agreement (“Amendment No. 1”), which amended the Seventh Amended and Restated Loan Agreement (the "Loan Agreement” – see also Note 10) dated September 29, 2022 (collectively, the “Amended Loan Agreement”). Amendment No. 1, among other things, permitted the acquisition of Signature Systems and provided a new 5-year $400 million term loan facility (“Term Loan A”). Term Loan A will amortize in eight quarterly installment payments of $5 million beginning June 30, 2024, quarterly installment payments of $10 million thereafter, and any remaining balance due upon maturity. Term Loan A may be voluntarily prepaid at any time, in whole or in part, without penalty or premium, however, all amounts repaid or prepaid in respect of Term Loan A may not be reborrowed. Amendment No. 1 did not change the existing revolving credit facility’s maturity date or $250 million borrowing limit, which includes a letter of credit subfacility and swingline subfacility. In connection with Amendment No. 1, the Company incurred deferred financing fees of $9.2 million. On May 2, 2024, the Company entered into an interest rate swap agreement to mitigate the variable interest rate risk of borrowings under the Amended Loan Agreement. The swap has a beginning notional value of $200.0 million, which reduces proportionately with scheduled Term Loan A amortization payments, and has a final maturity date of January 31, 2029. At December 31, 2025, the remaining notional value of the Company's interest rate swap totaled $182.5 million. The swap is designated as a cash flow hedge and effectively results in a fixed rate of 4.606% plus the applicable margin for the hedged debt, as described in Notes 1 and 10 to the consolidated financial statements. As of December 31, 2025, $244.7 million was available under the Amended Loan Agreement, after borrowings and the Company had $5.3 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business. Borrowings under the Amended Loan Agreement bear interest at the Term SOFR, RFR, SONIA, EURIBOR and CORRA-based borrowing rates. As of December 31, 2025, the Company was in compliance with all of its debt covenants. The most restrictive financial covenants for all of the Company’s debt are a net leverage ratio (defined as net debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted) and an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense). The ratios as of and for the period ended December 31, 2025 are shown in the following table: Required Level Actual Level Interest Coverage Ratio 3.00 to 1 (minimum) 4.29 Net Leverage Ratio 3.25 to 1 (maximum) 2.45 Off-Balance Sheet Arrangements The Company does not have any off-balance sheet arrangements that have, or are reasonably expected to have, a material current or future effect on its financial condition, results of operations, liquidity, capital expenditures or capital resources at December 31, 2025. 26 Critical Accounting Policies and Estimates The discussion and analysis of the Company’s financial condition and results of operations are based on the accompanying consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As indicated in the Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K, the amount of assets, liabilities, revenue and expenses reported are affected by estimates and judgments that are necessary to comply with U.S. GAAP. The Company bases its estimates on prior experience and other assumptions that they consider reasonable to their circumstances. The Company believes the following matters may involve a high degree of judgment and complexity. Contingencies — In the ordinary course of business, the Company is involved in various legal proceedings and contingencies, including environmental matters. When a loss arising from these matters is probable and can reasonably be estimated, the most likely amount of the estimated probable loss is recorded, or if a range of probable loss can be estimated and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. Disclosure of contingent losses is also provided when there is a reasonable possibility that the ultimate loss could exceed the recorded provision or if such probable loss cannot be reasonably estimated. As additional information becomes available, any potential liability related to these contingent matters is assessed and the estimates are revised, if necessary. The actual resolution of these contingencies may differ from these estimates, and it is possible that future earnings could be affected by changes in estimated outcomes of these contingencies. If a contingency were settled for an amount greater than our estimate, a future charge to income would result. Likewise, if a contingency were settled for an amount that is less than our estimate, a future credit to income would result. See disclosure of contingencies in Note 9 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. Business Combinations – The Company uses the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. The valuations of the acquired assets and liabilities will impact the determination of future operating results. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, revenue growth rates, discount rates, customer attrition rates, royalty rates, asset lives, contributory asset charges, and market multiples, among other items. The Company determines the fair values of intangible assets acquired generally in consultation with third-party valuation advisors. See disclosure of acquisitions in Note 3 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. Goodwill – The Company performs its goodwill impairment test annually as of October 1 and in the interim only when impairment indicators are present. A quantitative assessment requires the Company to estimate the fair value of the reporting unit (Level 3 measurement), which the Company does using a combination of a discounted cash flow analysis and market-based approach. Estimating fair value requires the exercise of significant judgment, including judgment about appropriate discount rates, long-term growth rates and the amount and timing of expected future cash flows. The cash flows employed in the discounted cash flow analyses are based on the most recent budget and long-term forecast. The discount rates used in the discounted cash flow analyses are intended to reflect the risks inherent in the future cash flows of the respective reporting units. The market-based approach estimates fair value using market multiples of various financial measures compared to a set of comparable public companies and recent comparable transactions. The fair value of the reporting unit is then compared to the carrying value, and any excess carrying value of the reporting unit above the fair value would indicate impairment. See disclosure of goodwill in Note 4 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. Recent Accounting Pronouncements Information regarding the recent accounting pronouncements is contained in the Summary of Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 For a comparison of the Company’s results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see “Part II, Item 7. Management’s Discussion and Analysis of Results of Operations and Financial Condition” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 6, 2025. 27