0000069488Q1--12-31falsehttp://fasb.org/us-gaap/2024#ShippingAndHandlingMemberhttp://fasb.org/us-gaap/2024#ShippingAndHandlingMemberAugust 30 2026http://fasb.org/us-gaap/2024#OperatingIncomeLosshttp://fasb.org/us-gaap/2024#LiabilitiesCurrenthttp://fasb.org/us-gaap/2024#LiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrentFebruary 20292020 2021 2022 2023 2020 2021 2022 2023one yearhttp://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNethttp://fasb.org/srt/2024#ChiefExecutiveOfficerMember0000069488us-gaap:OperatingSegmentsMembermye:DistributionMemberus-gaap:FoodAndBeverageMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMember2025-03-310000069488us-gaap:TrademarksAndTradeNamesMembermye:SignatureSystemsMember2024-02-082024-02-080000069488mye:TwoThousandTwentyFiveRepurchaseProgramMembersrt:MaximumMember2025-02-270000069488mye:IndustrialMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310000069488us-gaap:CorporateNonSegmentMember2024-01-012024-03-310000069488mye:ConsumerMember2025-01-012025-03-310000069488us-gaap:InterestRateSwapMember2024-03-3100000694882024-03-310000069488mye:AmendedLoanAgreementTermLoanAMember2025-03-310000069488us-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2025-03-3100000694882023-12-310000069488mye:O2024Q1DividendsMember2024-01-012024-03-310000069488us-gaap:CorporateMember2024-01-012024-03-310000069488us-gaap:AdditionalPaidInCapitalMember2024-03-310000069488mye:MeasurementPeriodAdjustmentsMembermye:SignatureSystemsMember2024-02-080000069488mye:NaturalResourceDamageClaimMembersrt:MinimumMembermye:NewAlmadenMineMember2016-01-012016-12-310000069488us-gaap:CommonStockMember2024-01-012024-03-310000069488mye:AmendmentNoOneToTheSeventhAmendedMember2025-03-310000069488us-gaap:InventoriesMember2024-12-310000069488us-gaap:OperatingSegmentsMembermye:MaterialHandlingMembermye:InfrastructureMember2024-01-012024-03-310000069488us-gaap:InterestExpenseMember2024-01-012024-03-310000069488us-gaap:InventoriesMember2025-03-310000069488us-gaap:IntersegmentEliminationMembermye:AutoAftermarketMember2024-01-012024-03-310000069488mye:NewIdriaMercuryMineMember2025-01-012025-03-310000069488mye:IndustrialMemberus-gaap:IntersegmentEliminationMember2025-01-012025-03-310000069488us-gaap:InterestRateSwapMember2025-03-310000069488us-gaap:CorporateNonSegmentMembermye:AutoAftermarketMember2024-01-012024-03-310000069488us-gaap:OperatingSegmentsMembermye:MaterialHandlingMembermye:InfrastructureMember2025-01-012025-03-310000069488us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000069488us-gaap:IntersegmentEliminationMember2024-01-012024-03-310000069488us-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2024-01-012024-03-310000069488mye:TermLoanAMember2024-02-082024-02-080000069488mye:LoanAgreementMember2025-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMembermye:VehicleMember2025-01-012025-03-310000069488us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000069488us-gaap:CorporateNonSegmentMembermye:VehicleMember2025-01-012025-03-310000069488mye:TwoThousandTwentyFiveRepurchaseProgramMember2025-03-310000069488us-gaap:InterestRateSwapMember2025-03-310000069488mye:IndustrialMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000069488mye:IndustrialMember2024-01-012024-03-3100000694882024-02-062024-02-060000069488mye:TwoThousandTwentyFourLongTermIncentivePlanMember2024-04-250000069488us-gaap:OtherRestructuringMember2025-03-3100000694882025-01-012025-03-310000069488us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000069488mye:LoanAgreementMember2024-01-012024-03-310000069488us-gaap:IntersegmentEliminationMemberus-gaap:FoodAndBeverageMember2025-01-012025-03-310000069488mye:ConsumerMemberus-gaap:OperatingSegmentsMembermye:DistributionMember2025-01-012025-03-310000069488mye:IndustrialMemberus-gaap:OperatingSegmentsMembermye:DistributionMember2024-01-012024-03-310000069488us-gaap:SeniorNotesMember2024-01-122024-01-120000069488us-gaap:CommonStockMember2025-01-012025-03-310000069488us-gaap:InterestExpenseMember2025-01-012025-03-310000069488us-gaap:IntersegmentEliminationMember2024-03-310000069488us-gaap:FoodAndBeverageMember2024-01-012024-03-310000069488us-gaap:InterestRateSwapMember2024-01-012024-03-310000069488us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000069488us-gaap:AcquisitionRelatedCostsMembermye:SignatureSystemsMember2025-01-012025-03-310000069488us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000069488us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000069488mye:ConsumerMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310000069488us-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-03-310000069488mye:AmendedLoanAgreementRevolvingCreditFacilityMember2025-03-310000069488us-gaap:FoodAndBeverageMember2025-01-012025-03-310000069488us-gaap:IntersegmentEliminationMembermye:AutoAftermarketMember2025-01-012025-03-310000069488us-gaap:InterestRateSwapMember2025-01-012025-03-310000069488mye:ScepterCompanyMembermye:RyanColvinMember2025-03-182025-03-180000069488us-gaap:IntersegmentEliminationMembermye:VehicleMember2024-01-012024-03-310000069488us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000069488mye:SignatureSystemsMember2024-02-082024-02-080000069488us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-3100000694882024-02-092025-03-310000069488us-gaap:SeniorNotesMember2024-02-062024-02-060000069488us-gaap:OperatingSegmentsMembermye:AutoAftermarketMembermye:MaterialHandlingMember2025-01-012025-03-310000069488mye:NewIdriaMercuryMineMember2018-10-012018-12-310000069488us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310000069488mye:AmendedLoanAgreementTermLoanAMember2024-12-310000069488mye:AmeriKartMember2025-03-310000069488us-gaap:AdditionalPaidInCapitalMember2024-12-310000069488us-gaap:CostOfSalesMember2024-01-012024-03-310000069488us-gaap:AccountsReceivableMember2024-12-3100000694882025-04-250000069488us-gaap:CorporateNonSegmentMember2025-01-012025-03-310000069488us-gaap:OtherCurrentLiabilitiesMember2024-12-310000069488us-gaap:OtherNoncurrentAssetsMembermye:NewIdriaMercuryMineMember2025-03-310000069488us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000069488us-gaap:NonUsMember2025-01-012025-03-310000069488mye:ConsumerMember2024-01-012024-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMember2025-03-310000069488mye:NaturalResourceDamageClaimMembermye:NewAlmadenMineMember2025-01-012025-03-310000069488mye:ConsumerMemberus-gaap:IntersegmentEliminationMember2025-01-012025-03-310000069488us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310000069488mye:ConsumerMemberus-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2024-01-012024-03-310000069488mye:NaturalResourceDamageClaimMembermye:NewAlmadenMineMember2024-01-012024-03-310000069488mye:TwoThousandTwentyOneLongTermIncentivePlanMember2024-03-160000069488us-gaap:OperatingSegmentsMembermye:DistributionMember2025-01-012025-03-310000069488us-gaap:InterestRateSwapMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2024-03-310000069488us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310000069488us-gaap:CostOfSalesMember2025-01-012025-03-310000069488mye:DistributionMember2025-01-012025-03-310000069488us-gaap:RetainedEarningsMember2025-03-310000069488mye:AmendmentNoOneToTheSeventhAmendedMember2024-12-310000069488us-gaap:IntersegmentEliminationMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMembermye:MaterialHandlingMember2024-01-012024-03-310000069488us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310000069488mye:NaturalResourceDamageClaimMembermye:NewAlmadenMineMembersrt:MaximumMember2016-01-012016-12-310000069488us-gaap:IntersegmentEliminationMember2025-03-310000069488us-gaap:OtherRestructuringMember2025-01-012025-03-3100000694882025-03-310000069488us-gaap:OtherRestructuringMember2024-12-310000069488mye:IndustrialMemberus-gaap:CorporateNonSegmentMember2025-01-012025-03-310000069488us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000069488us-gaap:CorporateNonSegmentMember2025-03-310000069488us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000069488us-gaap:OtherCurrentLiabilitiesMember2025-03-310000069488mye:DistributionMember2024-12-310000069488mye:O2025Q1DividendsMember2025-01-012025-03-310000069488us-gaap:InterestRateSwapMember2024-12-310000069488us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000069488mye:AmeriKartMember2024-01-012024-03-310000069488us-gaap:RetainedEarningsMember2024-03-310000069488us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMembermye:VehicleMembermye:MaterialHandlingMember2025-01-012025-03-310000069488mye:ConsumerMemberus-gaap:CorporateNonSegmentMember2025-01-012025-03-310000069488us-gaap:RetainedEarningsMember2024-12-310000069488mye:NewIdriaMercuryMineMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-03-310000069488mye:MaterialHandlingMember2024-12-310000069488mye:NewIdriaMercuryMineMember2024-03-310000069488us-gaap:IntersegmentEliminationMembermye:VehicleMember2025-01-012025-03-310000069488us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-03-310000069488mye:TermLoanAMember2024-12-310000069488us-gaap:StateAndLocalJurisdictionMember2025-01-012025-03-310000069488mye:AmendmentNoOneToTheSeventhAmendedMember2024-02-080000069488us-gaap:CorporateNonSegmentMembermye:VehicleMember2024-01-012024-03-310000069488mye:FocusedTransformationRestructuringPlanMember2025-03-310000069488us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-03-310000069488us-gaap:CorporateNonSegmentMember2024-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMembermye:VehicleMember2024-01-012024-03-310000069488mye:MaterialHandlingMember2025-01-012025-03-310000069488mye:TermLoanAMember2025-03-310000069488us-gaap:TechnologyBasedIntangibleAssetsMembermye:SignatureSystemsMember2024-02-082024-02-080000069488us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310000069488mye:AmeriKartMember2024-12-310000069488us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310000069488mye:AmeriKartMemberus-gaap:ContractTerminationMember2024-01-012024-12-310000069488mye:NewIdriaMercuryMineMember2023-12-310000069488us-gaap:CommonStockMember2024-12-310000069488mye:LoanAgreementMember2025-01-012025-03-310000069488us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2025-01-012025-03-310000069488mye:SignatureSystemsMemberus-gaap:CustomerRelationshipsMember2024-02-082024-02-080000069488us-gaap:CorporateNonSegmentMembermye:InfrastructureMember2025-01-012025-03-3100000694882024-12-310000069488us-gaap:TradeNamesMember2025-03-310000069488us-gaap:OperatingSegmentsMembermye:VehicleMembermye:MaterialHandlingMember2024-01-012024-03-310000069488us-gaap:AdditionalPaidInCapitalMember2025-03-310000069488us-gaap:RetainedEarningsMember2025-01-012025-03-310000069488us-gaap:OtherNoncurrentAssetsMember2024-02-080000069488us-gaap:InterestRateSwapMemberus-gaap:OtherCurrentAssetsMember2025-03-310000069488mye:TwoThousandTwentyOneLongTermIncentivePlanMember2021-04-290000069488mye:IndustrialMemberus-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2025-01-012025-03-310000069488us-gaap:IntersegmentEliminationMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310000069488us-gaap:CorporateNonSegmentMembermye:InfrastructureMember2024-01-012024-03-310000069488mye:ConsumerMemberus-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2025-01-012025-03-310000069488us-gaap:InterestRateSwapMember2024-05-020000069488us-gaap:OtherCurrentLiabilitiesMembermye:NewIdriaMercuryMineMember2025-03-310000069488mye:IndustrialMemberus-gaap:OperatingSegmentsMembermye:DistributionMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMembermye:AutoAftermarketMembermye:MaterialHandlingMember2024-01-012024-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMember2024-01-012024-03-310000069488mye:VehicleMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMembermye:InfrastructureMember2025-01-012025-03-310000069488mye:NewIdriaMercuryMineMemberus-gaap:AccountsReceivableMember2025-03-310000069488mye:AutoAftermarketMember2025-01-012025-03-310000069488us-gaap:AdditionalPaidInCapitalMember2023-12-310000069488us-gaap:NonUsMember2024-01-012024-03-310000069488us-gaap:CommonStockMember2023-12-310000069488us-gaap:InterestRateSwapMember2024-05-022024-05-020000069488mye:NewIdriaMercuryMineMember2024-12-310000069488us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000069488mye:FocusedTransformationRestructuringPlanMember2025-01-012025-03-310000069488mye:SignatureSystemsMembermye:InitialAllocationOfConsiderationMember2024-02-080000069488mye:IndustrialMemberus-gaap:OperatingSegmentsMembermye:MaterialHandlingMember2024-01-012024-03-310000069488srt:MinimumMember2025-03-310000069488us-gaap:IntersegmentEliminationMembermye:InfrastructureMember2025-01-012025-03-310000069488mye:ConsumerMemberus-gaap:OperatingSegmentsMembermye:DistributionMember2024-01-012024-03-310000069488us-gaap:OperatingSegmentsMember2025-01-012025-03-310000069488us-gaap:CommonStockMember2024-03-310000069488mye:SignatureSystemsMember2024-02-080000069488us-gaap:RetainedEarningsMember2023-12-310000069488us-gaap:TradeNamesMember2024-12-310000069488srt:MaximumMember2025-03-310000069488us-gaap:CommonStockMember2025-03-3100000694882024-02-080000069488mye:TermLoanAMember2024-02-0800000694882024-01-012024-03-310000069488mye:NewIdriaMercuryMineMember2025-03-310000069488mye:AmendedLoanAgreementRevolvingCreditFacilityMember2024-12-310000069488mye:TwoThousandTwentyFiveRepurchaseProgramMember2025-02-272025-02-270000069488mye:NaturalResourceDamageClaimMembermye:NewAlmadenMineMember2025-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMembermye:InfrastructureMember2024-01-012024-03-310000069488mye:SignatureSystemsMember2025-01-012025-03-310000069488mye:MaterialHandlingMember2024-01-012024-03-310000069488mye:AutoAftermarketMember2024-01-012024-03-310000069488us-gaap:OperatingSegmentsMemberus-gaap:FoodAndBeverageMembermye:MaterialHandlingMember2025-01-012025-03-310000069488us-gaap:AccountsReceivableMember2025-03-310000069488mye:NewIdriaMercuryMineMember2024-01-012024-03-310000069488us-gaap:CorporateNonSegmentMembermye:AutoAftermarketMember2025-01-012025-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMember2024-03-310000069488us-gaap:OperatingSegmentsMembermye:DistributionMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-3100000694882024-02-082024-02-080000069488mye:MaterialHandlingMember2025-03-310000069488mye:DistributionMember2025-03-310000069488mye:IndustrialMember2025-01-012025-03-310000069488us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000069488us-gaap:IntersegmentEliminationMembermye:InfrastructureMember2024-01-012024-03-310000069488us-gaap:RetainedEarningsMember2024-01-012024-03-310000069488mye:VehicleMember2024-01-012024-03-310000069488mye:InfrastructureMember2024-01-012024-03-310000069488us-gaap:OperatingSegmentsMembermye:AutoAftermarketMembermye:DistributionMember2025-01-012025-03-310000069488mye:ScepterCompanyMembermye:MsMccartneyMember2023-02-142023-02-140000069488mye:InfrastructureMember2025-01-012025-03-310000069488mye:ConsumerMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000069488us-gaap:ForeignCountryMember2025-01-012025-03-310000069488mye:NewIdriaMercuryMineMemberus-gaap:PendingLitigationMembermye:EPANoticeLetterMember2011-10-012025-03-310000069488us-gaap:InterestRateSwapMember2023-12-31mye:Segmentxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q


☑	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025


☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 001-08524

Myers Industries, Inc.

(Exact name of registrant as specified in its charter)


Ohio	34-0778636
(State or other jurisdiction of	(IRS Employer Identification
incorporation or organization)	Number)

1293 South Main Street
Akron, Ohio	44301
(Address of principal executive offices)	(Zip code)

(330) 253-5592

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Exchange on Which Registered
Common Stock, without par value	MYE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☑
Non-Accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ .

The number of shares outstanding of the issuer’s common stock, without par value, as of April 25, 2025 was 37,382,291 shares.

TABLE OF CONTENTS


Part I — Financial Information	1

Item 1. Financial Statements	1

Condensed Consolidated Statements of Operations (Unaudited)	1

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	2

Condensed Consolidated Statements of Financial Position (Unaudited)	3

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)	4

Condensed Consolidated Statements of Cash Flows (Unaudited)	5

Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3. Quantitative and Qualitative Disclosures About Market Risk	26

Item 4. Controls and Procedures	27

Part II — Other Information	28

Item 1. Legal Proceedings	28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 5. Other Information	28

Item 6. Exhibits	29

Signature	30

Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 101

Part I — Financial Information

Item 1. Financial Statements

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except per share data)


	For the Quarter Ended March 31,
	2025		2024
Net sales	$	206,750	$	207,102
Cost of sales		137,672		142,833
Gross profit		69,078		64,269
Selling, general and administrative expenses		44,755		47,113
Depreciation and amortization		4,458		3,921
Freight out		2,812		2,423
(Gain) loss on disposal of fixed assets		403		(67	)
Operating income		16,650		10,879
Interest expense, net		7,386		6,079
Income before income taxes		9,264		4,800
Income tax expense		2,459		1,297
Net income	$	6,805	$	3,503
Net income per common share:
Basic	$	0.18	$	0.09
Diluted	$	0.18	$	0.09

See notes to unaudited condensed consolidated financial statements.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(Dollars in thousands)


	For the Quarter Ended March 31,
	2025			2024
Net income	$	6,805		$	3,503
Other comprehensive income (loss):
Foreign currency translation adjustment		(8	)		(831	)
Unrealized gain (loss) on interest rate swap contracts, net of tax expense (benefit) of ($480)		(1,450	)		—
Realized (gain) loss on interest rate swap contracts reclassified to interest expense		85			—
Total other comprehensive income (loss)		(1,373	)		(831	)
Comprehensive income	$	5,432		$	2,672

See notes to unaudited condensed consolidated financial statements.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Financial Position (Unaudited)

(Dollars in thousands)


	March 31,			December 31,
	2025			2024
Assets
Current Assets
Cash	$	35,302		$	32,222
Trade accounts receivable, less allowances of $4,883 and $5,234, respectively		131,574			109,372
Other accounts receivable, net		10,936			12,654
Inventories, net		103,785			97,001
Prepaid expenses and other current assets		7,543			8,058
Total Current Assets		289,140			259,307
Property, plant, and equipment, net		135,993			137,564
Right of use asset - operating leases		29,413			30,561
Goodwill		255,545			255,532
Intangible assets, net		162,531			166,321
Deferred income taxes		205			205
Other		11,015			11,325
Total Assets	$	883,842		$	860,815

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable	$	84,890		$	71,049
Accrued employee compensation		17,986			14,731
Income taxes payable		6,634			4,623
Accrued taxes payable, other than income taxes		2,199			2,781
Accrued interest		261			267
Other current liabilities		23,617			26,794
Operating lease liability - short-term		6,717			6,597
Finance lease liability - short-term		627			621
Long-term debt - current portion		19,649			19,649
Total Current Liabilities		162,580			147,112
Long-term debt		363,733			355,310
Operating lease liability - long-term		22,527			23,700
Finance lease liability - long-term		7,834			7,994
Other liabilities		16,942			15,303
Deferred income taxes		32,803			33,884
Total Liabilities		606,419			583,303

Shareholders’ Equity
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding)		—			—
Common Shares, without par value (authorized 60,000,000 shares; outstanding 37,348,771 and 37,262,566; net of treasury shares of 5,203,686 and 5,289,891, respectively)		23,015			22,923
Additional paid-in capital		324,631			325,163
Accumulated other comprehensive loss		(23,483	)		(22,110	)
Retained deficit		(46,740	)		(48,464	)
Total Shareholders’ Equity		277,423			277,512
Total Liabilities and Shareholders’ Equity	$	883,842		$	860,815

See notes to unaudited condensed consolidated financial statements.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)

(Dollars in thousands, except per share data)


	Quarter Ended March 31, 2025
	Common Shares			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Deficit			Total Shareholders' Equity
Balance at January 1, 2025	$	22,923		$	325,163		$	(22,110	)	$	(48,464	)	$	277,512
Net income		—			—			—			6,805			6,805
Foreign currency translation adjustment		—			—			(8	)		—			(8	)
Interest rate swap, net of tax of ($480)		—			—			(1,365	)		—			(1,365	)
Shares issued under incentive plans, net of shares withheld for tax		139			(672	)		—			—			(533	)
Repurchase of common stock		(47	)		(961	)		—			—			(1,008	)
Stock compensation expense		—			1,101			—			—			1,101
Declared dividends - $0.135 per share		—			—			—			(5,081	)		(5,081	)
Balance at March 31, 2025	$	23,015		$	324,631		$	(23,483	)	$	(46,740	)	$	277,423

	Quarter Ended March 31, 2024
	Common Shares			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Deficit			Total Shareholders' Equity
Balance at January 1, 2024	$	22,608		$	322,526		$	(16,815	)	$	(35,519	)	$	292,800
Net income		—			—			—			3,503			3,503
Foreign currency translation adjustment		—			—			(831	)		—			(831	)
Shares issued under incentive plans, net of shares withheld for tax		226			308			—			—			534
Stock compensation expense		—			682			—			—			682
Declared dividends - $0.135 per share		—			—			—			(5,037	)		(5,037	)
Balance at March 31, 2024	$	22,834		$	323,516		$	(17,646	)	$	(37,053	)	$	291,651

See notes to unaudited condensed consolidated financial statements.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)


	For the Quarter Ended March 31,
	2025			2024
Cash Flows From Operating Activities
Net income	$	6,805		$	3,503
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation and amortization		9,895			8,497
Amortization of deferred financing costs		540			231
Amortization of acquisition-related inventory step-up		—			3,115
Non-cash stock-based compensation expense		1,101			682
(Gain) loss on disposal of fixed assets		403			(67	)
Other		(759	)		(6	)
Cash flows provided by (used for) working capital
Accounts receivable - trade and other, net		(20,557	)		7,964
Inventories		(6,769	)		186
Prepaid expenses and other current assets		515			885
Accounts payable and accrued expenses		18,957			(4,720	)
Net cash provided by (used for) operating activities		10,131			20,270
Cash Flows From Investing Activities
Capital expenditures		(8,083	)		(5,707	)
Acquisition of business, net of cash acquired		—			(348,890	)
Proceeds from sale of property, plant and equipment		76			75
Net cash provided by (used for) investing activities		(8,007	)		(354,522	)
Cash Flows From Financing Activities
Net borrowings (repayments) on revolving credit facility		13,000			(11,000	)
Proceeds from Term Loan A		—			400,000
Repayments of Term Loan A		(5,000	)		—
Repayments of senior unsecured notes		—			(38,000	)
Payments on finance lease		(154	)		(143	)
Cash dividends paid		(5,317	)		(5,345	)
Proceeds from issuance of common stock		295			2,408
Shares withheld for employee taxes on equity awards		(828	)		(1,874	)
Repurchase of common stock		(1,008	)		—
Deferred financing fees		—			(9,172	)
Net cash provided by (used for) financing activities		988			336,874
Foreign exchange rate effect on cash		(32	)		(182	)
Net increase (decrease) in cash		3,080			2,440
Cash at January 1		32,222			30,290
Cash at March 31	$	35,302		$	32,730

See notes to unaudited condensed consolidated financial statements.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollars in thousands, except where otherwise indicated)

1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2024.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of March 31, 2025, and the results of operations and cash flows for the periods presented. The results of operations for the quarter ended March 31, 2025 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2025.

In the first quarter of 2025, the Company updated its presentation of Depreciation and amortization expenses and third-party Freight out costs previously included in Selling, general and administrative expenses. Prior year amounts have been updated to conform to the current presentation as shown in the Condensed Consolidated Statements of Operations (Unaudited).

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For the Company, this ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments within this ASU should be applied prospectively although retrospective application is also permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to improve the disclosures about an entity's expenses and requires disaggregation of certain expense captions into specified categories to provide more detailed information about the types of expenses commonly presented. For the Company, this ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments within this ASU should be applied prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Fair Value Measurement

The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.

Level 3: Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.

The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximates carrying value due to the nature and relative short maturity of these assets and liabilities.

The fair value of the Company’s revolving credit facility, as defined in Note 11, approximates carrying value due to the floating rates and the relative short maturity (less than 90 days) of any revolving borrowings under this agreement. The carrying value of the unhedged

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

portion of the Company’s term loan, as defined in Note 11, approximates fair value given that the underlying interest rate applied to such amounts outstanding is currently based upon floating market rates and the Company has the ability to repay the outstanding principal at par value at any time under the terms of this agreement.

The Company has also entered into an interest rate swap contract to reduce its exposure to fluctuations in variable interest rates for future interest payments, as defined in Note 11. The Company uses significant other observable market data or assumptions (Level 2 inputs) in determining the fair value of its interest rate swap that market participants would use in pricing similar assets or liabilities, including assumptions about counterparty risk. The fair value estimates reflect an income approach based on the terms of the interest rate swap contract and inputs corroborated by observable market data including interest rate curves. Refer to the derivative instruments section below for further information regarding the fair value measurements for the interest rate swap.

The purchase price allocation associated with the February 8, 2024 acquisition of Signature CR Intermediate Holdco, Inc. ("Signature" or "Signature Systems"), as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using an income approach.

Derivative Instruments

On May 2, 2024, the Company entered into an interest rate swap agreement to limit its exposure to changes in interest rates on a portion of its floating rate indebtedness. The interest rate swap agreement is designated as a cash flow hedge that qualifies for hedge accounting. 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. The interest rate swap effectively results in a fixed rate of 4.606% plus the applicable margin for the hedged debt, as described in Note 11. The reset dates and all other critical terms on the term loans perfectly match with the interest rate swap and accordingly there were no amounts excluded from the measurement of hedge effectiveness.

At March 31, 2025, the remaining notional value of the Company's interest rate swap totaled $190.0 million and the net fair value of the Company's interest rate swap contract was estimated to be an unrealized loss of $5.1 million, which is included in the Condensed Consolidated Statements of Financial Position (Unaudited) within Other current liabilities and Other liabilities (long-term) at $1.1 million and $4.0 million, respectively. Fair value adjustments are recorded as a component of Accumulated Other Comprehensive Income (Loss) ('AOCI') in the Condensed Consolidated Statements of Financial Position (Unaudited) and balances in AOCI are reclassified into earnings when transactions related to the underlying risk are settled. The pre-tax balance of interest rate swap gain (loss) in AOCI for the quarter ended March 31, 2025 was $(1.9) million. As of March 31, 2025, $1.1 million of net interest rate swap losses recorded in AOCI are expected to be reclassified into earnings within the next twelve months; however, the actual amount that will be reclassified will vary based on changes in interest rates.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) are as follows:


	Foreign Currency			Interest Rate Swap (1)			Defined Benefit Pension Plans			Total
Balance at January 1, 2025	$	(18,609	)	$	(2,400	)	$	(1,101	)	$	(22,110	)
Other comprehensive income (loss) before reclassifications		(8	)		(1,450	)		—			(1,458	)
Reclassification to (earnings) loss		—			85			—			85
Net current-period other comprehensive income (loss)		(8	)		(1,365	)		—			(1,373	)
Balance at March 31, 2025	$	(18,617	)	$	(3,765	)	$	(1,101	)	$	(23,483	)

(1) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(0.5) million for the quarter ended March 31, 2025.


	Foreign Currency			Interest Rate Swap		Defined Benefit Pension Plans			Total
Balance at January 1, 2024	$	(15,551	)	$	—	$	(1,264	)	$	(16,815	)
Other comprehensive income (loss) before reclassifications		(831	)		—		—			(831	)
Net current-period other comprehensive income (loss)		(831	)		—		—			(831	)
Balance at March 31, 2024	$	(16,382	)	$	—	$	(1,264	)	$	(17,646	)

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

Allowance for Credit Losses

Management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected.

The changes in the allowance for credit losses included within Trade accounts receivable for the quarter ended March 31, 2025 and 2024 were as follows:


	2025			2024
Balance at January 1	$	4,183		$	2,989
Provision for expected credit loss, net of recoveries		147			922
Write-offs and other		(153	)		(162	)
Balance at March 31	$	4,177		$	3,749

Allowance for credit losses pertaining to the purchased credit deteriorated assets acquired in conjunction with the acquisition of Signature, as described in Note 3, are not included in the table above. These amounts total $3.2 million as of March 31, 2025 and are included net within Other accounts receivable and Other assets (long-term).

2. Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the products. This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed. The Company generally does not enter into any long-term contracts with customers greater than one year. Based on the nature of the Company’s products and customer contracts, no deferred revenue has been recorded, with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90-day time frame mentioned above.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products. Certain contracts with customers include variable consideration, such as rebates or discounts. The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs. While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and as part of the customer relationship. Expected returns allowances are recognized each period based on an analysis of historical experience, and when physical recovery of the product from returns occurs, an estimated right to return asset is also recorded based on the approximate cost of the product.

Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to revenue recognition include:


	March 31,			December 31,			Statement of Financial Position
	2025			2024			Classification
Returns, discounts and other allowances	$	(706	)	$	(1,051	)	Trade accounts receivable
Right of return asset	$	728		$	456		Inventories, net
Customer deposits	$	(2,252	)	$	(2,565	)	Other current liabilities
Accrued rebates	$	(2,922	)	$	(4,196	)	Other current liabilities

Sales, value added, and other taxes collected with revenue from customers are excluded from net sales. The cost for shipments to customers is recognized when control over products has transferred to the customer and is classified as Freight out expenses for the Company’s manufacturing business and as Cost of sales for the Company’s distribution business. Costs for shipments to customers in Freight out expenses were approximately $2.8 million and $2.4 million for the quarters ended March 31, 2025 and 2024, respectively, and in Cost of sales were approximately $2.6 million and $2.9 million for the quarters ended March 31, 2025 and 2024, respectively.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

Based on the short-term nature of contracts described above, contract acquisition costs are not significant. These costs, as well as other incidental items that are immaterial in the context of the contract, are recognized as expense as incurred. See Note 14, Segments for additional details on the Company's revenue by major market.

3. Acquisitions

Signature

On February 8, 2024, the Company acquired the stock of Signature Systems, a manufacturer and distributor of composite matting ground protection for industrial applications, stadium turf protection and temporary event flooring, which is included in the Material Handling Segment. The Signature acquisition aligns with the Company's long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. Cash consideration was $348.3 million, net of $4.3 million of cash acquired. Total cash consideration also includes the working capital settlement, which was finalized in June 2024. The Company funded the acquisition of Signature through an amendment and restatement of Myers’ existing loan agreement, as described in Note 11.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

The purchase accounting has been finalized as of March 31, 2025 and the final allocation of consideration for the Signature acquisition is as follows:


	Initial Allocation of Consideration		Measurement Period Adjustments(1)			Final Allocation
Assets acquired:
Accounts receivable	$	18,902	$	(48	)	$	18,854
Inventories		17,612		(239	)		17,373
Prepaid expenses		719		(25	)		694
Other assets - long-term		4,761		437			5,198
Property, plant and equipment		28,281		(18	)		28,263
Right of use asset - operating leases		3,946		—			3,946
Intangible assets		127,000		9,700			136,700
Goodwill		215,105		(32,007	)		183,098
Assets acquired	$	416,326	$	(22,200	)	$	394,126

Liabilities assumed:
Accounts payable	$	4,542	$	362		$	4,904
Accrued expenses		5,646		266			5,912
Operating lease liability - short-term		525		—			525
Operating lease liability - long-term		2,400		—			2,400
Deferred income taxes		55,054		(22,981	)		32,073
Total liabilities assumed		68,167		(22,353	)		45,814

Net acquisition cost	$	348,159	$	153		$	348,312

(1) The Company's preliminary purchase price allocation changed due to additional information and further analysis.

Included in Accounts receivable and Other assets (long-term) of the table above are long term notes receivable with face value of $11.4 million and estimated fair value of $7.0 million based on a risk-adjusted income approach, of which $1.9 million was classified as current as of the date of acquisition. The long term notes receivable acquired were considered purchased credit deteriorated assets. At the acquisition date, the Company established a $3.2 million allowance for credit loss, which has been added to the fair value of the loan to determine its amortized cost basis. The $1.2 million difference between the amortized cost basis and unpaid principal represents a noncredit discount that will be amortized into interest income over the remaining lives of the long term notes receivable through their maturities in August 2026. Subsequent to the acquisition date, there was no change to the allowance for credit loss on the purchased credit deteriorated assets which have been evaluated through the period ended March 31, 2025.

Intangible assets consist of Signature’s technology, customer relationships and the Signature Systems indefinite-lived trade name, and are summarized in the table below:


	Fair Value		Weighted Average Estimated Useful Life
Customer relationships	$	83,800	10.0 years
Technology		31,300	12.0 years
Total amortizable intangible assets	$	115,100
Intangible assets not subject to amortization:
Trademarks and trade names	$	21,600	Indefinite

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

The following unaudited pro forma results of operations for the three months ended March 31, 2024 assumes the Signature acquisition was completed on January 1, 2023. The following pro forma results include adjustments to reflect acquisition related costs, additional interest expense, amortization of intangibles associated with the acquisition, amortization of acquisition-related inventory step-up costs and the effects of adjustments made to the carrying value of certain assets.


	For the Quarter Ended March 31,
	2024
Net sales	$	221,821
Net income		8,345

The unaudited pro forma results may not be indicative of the results that would have been obtained had the acquisition occurred at the beginning of the period presented, nor is it intended to be a projection of future results.

4. Restructuring

On March 6, 2025, the Company announced it would be launching a 'Focused Transformation' initiative with a target to implement $20 million of annualized cost savings, primarily in SG&A, by year-end 2025. In conjunction with the program the Company incurred $0.4 million of restructuring charges during the quarter ended March 31, 2025, which was recorded within Selling, general and administrative. Accrued and unpaid restructuring expenses were $0.4 million at March 31, 2025 and remaining costs to complete the program are still being evaluated as the Company conducts a comprehensive review of its portfolio, focusing on where it can add the most value while highlighting the unique differentiators that set the Company apart from its peers.

In conjunction with the Company's previously announced restructuring plan to improve the Company’s organizational structure and operational efficiency within the Distribution Segment, the Company incurred $0.8 million for the quarter ended March 31, 2025, which includes asset impairments, inventory write-downs, employee severance and other facility costs that were recorded within Selling, general and administrative and (Gain) loss on disposal of fixed assets. Accrued and unpaid restructuring expenses were not significant at March 31, 2025 and remaining costs to complete the consolidations are expected to be approximately $1.7 million, related primarily to idled lease facility and maintenance costs.

In conjunction with the Company's previously announced Ameri-Kart plan the Company incurred $0.2 million of restructuring charges during the quarter ended March 31, 2024, which was recorded within Cost of sales. On May 7, 2024, the Company entered into a termination agreement to exit the idled lease facility, in conjunction with the Ameri-Kart plan, for which the original lease extended through 2026 and a termination payment of $1.8 million was recorded to satisfy all remaining obligations under the original lease. The Ameri-Kart plan is now complete and there were no remaining accrued and unpaid restructuring expenses at March 31, 2025 or December 31, 2024.

Charges from other restructuring initiatives to reduce and streamline overhead costs during the quarter ended March 31, 2025 totaled $0.8 million, which was recorded within both Cost of sales and Selling, general and administrative. Accrued and unpaid restructuring expenses were $1.7 million and $0.9 million at March 31, 2025 and December 31, 2024, respectively.

5. Inventories

Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of inventories are valued using the LIFO method of determining cost. All other inventories are valued using the FIFO method of determining cost. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation. No adjustment to the LIFO reserve was recorded for the quarters ended March 31, 2025 or 2024.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

Inventories consisted of the following:


	March 31,		December 31,
	2025		2024
Finished and in-process products	$	64,832	$	62,601
Raw materials and supplies		38,953		34,400
	$	103,785	$	97,001

6. Other Liabilities

The balance in Other current liabilities is comprised of the following:


	March 31,		December 31,
	2025		2024
Customer deposits and accrued rebates	$	5,174	$	6,761
Dividends payable		5,376		5,613
Accrued litigation, claims and professional fees		161		110
Current portion of environmental reserves		5,405		6,605
Hedge contract liability		1,068		753
Other accrued expenses		6,433		6,952
	$	23,617	$	26,794

The balance in Other liabilities (long-term) is comprised of the following:


	March 31,		December 31,
	2025		2024
Environmental reserves	$	10,530	$	9,984
Supplemental executive retirement plan liability		195		270
Pension liability		101		79
Hedge contract liability		4,019		2,490
Other long-term liabilities		2,097		2,480
	$	16,942	$	15,303

7. Goodwill and Intangible Assets

The change in goodwill for the quarter ended March 31, 2025 was as follows:


	Distribution		Material Handling		Total
January 1, 2025	$	14,730	$	240,802	$	255,532
Foreign currency translation		—		13		13
March 31, 2025	$	14,730	$	240,815	$	255,545

Intangible assets other than goodwill primarily consist of trade names, customer relationships, patents, non-competition agreements and technology assets established in connection with acquisitions. These intangible assets, other than certain trade names, are amortized over their estimated useful lives. Indefinite-lived trade names had a carrying value of $31.4 million at both March 31, 2025 and December 31, 2024. Refer to Note 3 for the intangible assets acquired through the Signature acquisition in February 2024.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

8. Stockholders' Equity

Net Income Per Common Share

Net income per common share, as shown on the accompanying Condensed Consolidated Statements of Operations (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:


	For the Quarter Ended March 31,
	2025		2024
Weighted average common shares outstanding basic		37,298,967		36,908,169
Dilutive effect of stock options and restricted stock		115,043		214,850
Weighted average common shares outstanding diluted		37,414,010		37,123,019

The dilutive effect of stock options and restricted stock was computed using the treasury stock method. Options to purchase 12,164 and 4,733 shares of common stock that were outstanding for the quarter ended March 31, 2025 and 2024, respectively were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive.

Share Repurchases

On February 27, 2025, the Company's Board of Directors authorized the repurchase of up to $10.0 million in shares of its Common Stock effective March 10, 2025 (the “2025 Repurchase Program”). The 2025 Repurchase Program replaces the Company’s previously authorized 2013 repurchase program, which is hereby terminated, and will end on the first to occur of reaching the maximum amount of $10.0 million in repurchases or December 31, 2025. Repurchases under the 2025 repurchase program may be made in the open market at prevailing market prices, through accelerated share repurchases, through privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and the Company’s insider trading policy.

During the quarter ended March 31, 2025, the Company repurchased 76,800 shares for $1.0 million, at an average cost of $13.00 per share, exclusive of commissions and excise tax under the 2025 Repurchase Program. As of March 31, 2025, there was approximately $9.0 million in remaining funds authorized under the 2025 Repurchase Program.

9. Stock Compensation

The Company’s 2021 Long-Term Incentive Plan (the “2021 Plan”) was adopted by the Board of Directors on March 4, 2021, amended by the Board of Directors on April 20, 2021, and approved by shareholders in the annual shareholder meeting on April 29, 2021. The 2021 Plan authorizes the Compensation and Management Development Committee of the Board of Directors (“Compensation Committee”) to issue up to 2,000,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors. No new awards may be issued under the 2021 Plan after March 16, 2024.

The Company’s 2024 Long-Term Incentive Plan (the “2024 Plan”) was adopted by the Board of Directors on February 29, 2024, and approved by shareholders in the annual shareholder meeting on April 25, 2024. The 2024 Plan authorizes the Compensation Committee to issue up to 2,500,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors.

Stock compensation expense was approximately $1.1 million and $0.7 million for the quarters ended March 31, 2025 and 2024, respectively. These expenses are included in Selling, general and administrative expenses. Changes in expected performance under performance share award arrangements can cause volatility in stock compensation expense. Total unrecognized compensation cost related to non-vested stock-based compensation arrangements at March 31, 2025 was approximately $7.9 million, which will be recognized over the next three years, as such compensation is earned. Outstanding options expire, if unexercised, ten years from the date of grant.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

10. Contingencies

The Company is a defendant in various lawsuits and a party to various other legal proceedings arising in the ordinary course of business, some of which are covered in whole or in part by insurance. 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. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary.

Based on current available information, management believes that the ultimate outcome of these matters, including those described below, will not have a material adverse effect on our financial position, cash flows or overall trends in our results of operations. However, these matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which the ruling occurs, or in future periods.

New Idria Mercury Mine

In September 2015, the U.S. Environmental Protection Agency (“EPA”) informed a subsidiary of the Company, Buckhorn, Inc. (“Buckhorn”) via a notice letter and related documents (the “Notice Letter”) that it considers Buckhorn to be a potentially responsible party (“PRP”) in connection with the New Idria Mercury Mine site (“New Idria Mine”). New Idria Mining & Chemical Company (“NIMCC”), which owned and/or operated the New Idria Mine through 1976, was merged into Buckhorn Metal Products Inc. in 1981, which was subsequently acquired by Myers Industries, Inc. in 1987. As a result of the EPA Notice Letter, Buckhorn and the Company entered into an Administrative Order of Consent (“AOC”) with the EPA for the Remedial Investigation/Feasibility Study (“RI/FS”) to determine the extent of remediation necessary and the screening of alternatives. The AOC and related Statement of Work (“SOW”) were effective as of November 27, 2018, the date that it was executed by the EPA. The AOC requires a $2 million letter of credit to be provided for the duration of the RI/FS as assurance of Buckhorn's performance obligations.

All reasonably estimable costs related to the environmental remediation are accrued. These costs are comprised primarily of estimates to perform the RI/FS, identification of possible other PRPs, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to demands issued by the EPA under the AOC. It is possible that adjustments to the aforementioned reserves will be necessary as new information is obtained, including after finalization and EPA approval of the work plan for the RI/FS. Estimates of Buckhorn’s liability are based on current facts, laws, regulations and technology. Estimates of Buckhorn’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluation and cost estimates, the extent of remedial actions that may be required, the extent of oversight by the EPA and the number and financial condition of other PRPs that may be named, as well as the extent of their responsibility for the remediation. Beginning in late 2021 and continuing through the current period, Buckhorn and the EPA continue to actively discuss the scope of the activities in the work plan for the RI/FS, resulting in changes to the estimated costs to perform the RI/FS work plan from time to time. Cost estimates will continue to be refined as the work plans for the RI/FS and the ultimate remediation are finalized and as the activities are performed over a period expected to last several years.

In the fourth quarter of 2022, Buckhorn reached an agreement with respect to certain insurance coverage related to defense costs, which is expected to apply to a substantial portion of the estimated RI/FS costs. Recovery of accrued costs are recorded as a receivable to the extent such recovery is determined to be probable under this agreement. Estimates of cost recoveries will continue to be refined as the RI/FS work plan is finalized and the activities are performed over a period expected to last several years. Buckhorn may also have opportunity for cost recovery under other insurance policies.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

Since October 2011, when the New Idria Mine was added to the Superfund National Priorities List by the EPA, Buckhorn has recognized $25.1 million of cumulative charges, made cumulative payments of $15.3 million and received insurance recoveries of $7.1 million through March 31, 2025. For the quarter ended March 31, 2025 the following undiscounted activity was recorded in connection with the New Idria Mercury Mine:


	For the Quarter Ended March 31,
	2025			2024
Beginning reserve balance	$	12,425		$	13,182
Changes in estimated environmental liability		—			—
Payments made		(706	)		(867	)
Ending reserve balance (1)	$	11,719		$	12,315

Beginning receivable balance	$	8,404		$	7,245
Changes in estimated insurance recovery		—			300
Insurance recovery reimbursements		(917	)		(525	)
Ending receivable balance (2)	$	7,487		$	7,020

(1) As of March 31, 2025, Buckhorn has a total ending reserve balance of $11.7 million related to the New Idria Mine, of which $5.3 million is classified in Other current liabilities and $6.4 million in Other liabilities (long-term).

(2) As of March 31, 2025, Buckhorn has a total receivable balance related to the probable insurance recovery of $7.5 million, of which $3.0 million is classified in Other accounts receivable and $4.5 million is classified in Other assets (long-term).

Given the circumstances referred to above, including the fact that the final remediation strategy has not yet been determined, Buckhorn has not accrued for remediation costs in connection with this site as it is unable to estimate the range of a reasonably possible liability for remediation costs.

New Almaden Mine

A number of parties, including the Company and its subsidiary, Buckhorn (as successor to NIMCC), were alleged by trustee agencies of the United States and the State of California to be responsible for natural resource damages due to environmental contamination of areas comprising the historical New Almaden mercury mines located in the Guadalupe River Watershed region in Santa Clara County, California (“County”). In 2005, Buckhorn and the Company, without admitting liability or chain of ownership of NIMCC, resolved the trustees’ claim against them through a consent decree that required them to contribute financially to the implementation by the County of an environmentally beneficial project within the impacted area. Buckhorn and the Company negotiated an agreement with the County ("Cost Sharing Agreement"), whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project. A detailed estimate was received from the County in 2016, and estimated costs for implementing the project to range between $3.3 million and $4.4 million. In 2022, the County informed the Company that it may begin implementation of the project in 2023 and that costs were expected to be higher. In January 2023, the County informed Buckhorn that the project will commence in 2023 and that it had accepted a bid to complete the project for approximately $9.0 million. The Company and Buckhorn intend to vigorously challenge, under the terms of the Cost Sharing Agreement, their responsibility to share in the entirety of the project cost increases. No costs were incurred related to New Almaden in the quarter ended March 31, 2025 or 2024. As of March 31, 2025, Buckhorn has a total reserve of $4.4 million related to the New Almaden Mine, of which $0.3 million is classified in Other current liabilities and $4.1 million is classified in Other liabilities (long-term).

It is possible that adjustments to the aforementioned reserves will be necessary to reflect new information. In addition, the Company may have claims against and defenses to claims by the County under the 2005 agreement that could reduce or offset its obligation for reimbursement of some of these potential additional costs. With the assistance of environmental consultants, the Company will closely monitor this matter and will continue to assess its reserves as additional information becomes available.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

Other Matters

On February 14, 2023, a lawsuit was filed by Nan Morgan McCartney in the Circuit Court of Escambia County, Florida against the Company, Scepter US Holding Company, Scepter Manufacturing, LLC, Scepter Canada Inc., Walmart Inc., and Wal-Mart Stores East, LP. The complaint seeks compensatory damages and court costs for harm caused to Ms. McCartney allegedly arising from use of a 5-gallon portable fuel container manufactured by a Scepter company and alleges amounts in controversy in excess of $30 thousand exclusive of costs. The case has been removed to the Northern District of Florida, Pensacola Division. The Myers' defendants filed their Answer to the Complaint on April 25, 2023. On May 19, 2023, the Court filed a Final Scheduling Order. Defendants have served written discovery on Plaintiff. Plaintiff was deposed on September 6, 2023. On January 12, 2024 Myers and Walmart signed a joint defense agreement. On April 2, 2025, the Myers Defendants learned that Walmart settled its case with Plaintiff. Depositions of fact witnesses, and corporate representatives are complete. Expert depositions are scheduled throughout February 2025. Mediation is scheduled for May 6, 2025. The Company cannot assess with any meaningful probability the outcome or the potential damages. Scepter has maintained insurance policies, which it believes will cover a substantial portion of the defense costs incurred in this matter.

On March 18, 2025, a lawsuit was filed by Ryan Colvin, individually and on behalf of his minor son, C.C., and Chelsea Conkel, individually, in the United States District Court for the District of Arizona, against Scepter Manufacturing, LLC. The Complaint seeks damages and court costs for harm caused to Plaintiff’s minor son and both parents allegedly arising from the use of a 5-gallon portable fuel container manufactured by Scepter Manufacturing, LLC, and alleges amounts in controversy in excess of $75 thousand. The Company has not been served the complaint as of the day of this filing and cannot assess with any meaningful probability of outcome or damages.

11. Long-Term Debt and Loan Agreements

Long-term debt consisted of the following:


	March 31,		December 31,
	2025		2024
Amended Loan Agreement - Revolving Credit Facility	$	13,000	$	—
Amended Loan Agreement - Term Loan A		377,000		382,000
		390,000		382,000
Less unamortized deferred financing costs		6,618		7,041
		383,382		374,959
Less current portion long-term debt		19,649		19,649
Long-term debt	$	363,733	$	355,310

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”) 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, of which $8.5 million was related to Term Loan A and included in Long-term debt and Long-term debt - current portion and $0.7 million was related to the Revolving Credit Facility and included in Other assets (long-term). These deferred financing fees are being amortized to Interest expense over their respective terms to maturity. Remaining deferred financing fees on the Revolving Credit Facility were $1.2 million and $1.3 million as of March 31, 2025 and December 31, 2024, respectively and remaining unamortized deferred financing costs under the Term Loan A totaled $6.6 million and $7.0 million as of March 31, 2025 and December 31, 2024, respectively.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

As of March 31, 2025, the Company had $231.7 million available under the Amended Loan Agreement, which is available for the ongoing working capital requirements of the Company and its subsidiaries and for general corporate purposes. The Company had $5.3 million of letters of credit issued related to insurance and other contracts requiring financial assurance 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. Amounts borrowed under the credit facility are secured by pledges to all of the Company's assets (except with respect to certain assets that are customarily excluded for the incurrence of such liens).

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 discussed above, 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 which were included in Interest expense.

The weighted average interest rate on borrowings under the Company’s long-term debt was 7.59% and 8.93% for the quarters ended March 31, 2025 and 2024, respectively, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs.

As of March 31, 2025, the Company was in compliance with all of its debt covenants associated with its Amended Loan Agreement. 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).

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 March 31, 2025, the remaining notional value of the Company's interest rate swap totaled $190.0 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 above and in Note 1.

12. Income Taxes

The Company’s effective tax rate was 26.5% for the quarter ended March 31, 2025, respectively compared to 27.0% for the quarter ended March 31, 2024. The effective income tax rate for both periods was different than the Company’s statutory rate, primarily due to non-deductible expenses and state taxes.

The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of March 31, 2025, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2021. The Company is subject to state and local examinations for tax years of 2020 through 2023. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2020 through 2023.

13. Leases

The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to eleven years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the statement of financial position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in Right of use asset – operating leases (“ROU assets”), Operating lease liability – short term, and Operating lease liability – long term and finance leases are included in Property, plant and equipment, Finance lease liability – short term, and Finance lease liability – long term in the Condensed Consolidated Statements of Financial Position (Unaudited).

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to leases include:


		March 31,		December 31,
	Classification	2025		2024
Assets:
Operating lease assets	Right of use asset - operating leases	$	29,413	$	30,561
Finance lease assets	Property, plant and equipment, net		7,741		7,927
Total lease assets		$	37,154	$	38,488

Liabilities:
Current	Operating lease liability - short-term	$	6,717	$	6,597
Long-term	Operating lease liability - long-term		22,527		23,700
Total operating lease liabilities			29,244		30,297
Current	Finance lease liability - short-term		627		621
Long-term	Finance lease liability - long-term		7,834		7,994
Total finance lease liabilities			8,461		8,615
Total lease liabilities		$	37,705	$	38,912

The components of lease expense include:


		For the Quarter Ended March 31,
Lease Cost	Classification	2025		2024
Operating lease cost (1)	Cost of sales	$	1,790	$	1,732
Operating lease cost (1)	Selling, general and administrative expenses		987		964
Finance lease cost
Amortization expense	Cost of sales		185		185
Interest expense on lease liabilities	Interest expense, net		77		83
Total lease cost		$	3,039	$	2,964

(1)

Includes short-term leases and variable lease costs, which are immaterial

Supplemental cash flow information related to leases was as follows:


	For the Quarter Ended March 31,
Supplemental Cash Flow Information	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,092	$	2,007
Operating cash flows from finance leases	$	77	$	83
Financing cash flows from finance leases	$	154	$	143
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	583	$	4,417
Finance leases	$	—	$	—

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)


Lease Term and Discount Rate	March 31, 2025			December 31, 2024
Weighted-average remaining lease term (years):
Operating leases		4.71			4.93
Finance leases		10.75			11.00
Weighted-average discount rate:
Operating leases		6.3	%		6.3	%
Finance leases		3.7	%		3.7	%


Maturity of Lease Liabilities - As of March 31, 2025	Operating Leases			Finance Leases			Total
2025 (1)	$	6,269		$	693		$	6,962
2026		8,116			924			9,040
2027		6,929			945			7,874
2028		4,950			950			5,900
2029		3,258			950			4,208
After 2029		3,849			5,758			9,607
Total lease payments		33,371			10,220			43,591
Less: interest		(4,127	)		(1,759	)		(5,886	)
Present value of lease liabilities	$	29,244		$	8,461		$	37,705

(1)

Represents amounts due in 2025 after March 31, 2025

14. Segments

The Company, a leading manufacturer of products that protect the world from the ground up, manages its business under two operating segments, Material Handling and Distribution, consistent with the manner in which the Chief Operating Decision Maker ("CODM") evaluates performance and makes resource allocation decisions. The Company's CODM is the Chief Executive Officer. None of the reportable segments include operating segments that have been aggregated. These segments contain individual business components that have been combined on the basis of common management, customers, products, production processes and other economic characteristics. Intersegment sales are recorded with a reasonable margin and are eliminated in consolidation.

The Material Handling Segment manufactures a broad selection of durable plastic reusable products that are used repeatedly 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 Material Handling Segment’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, 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. This segment conducts its primary operations in the United States and Canada, but also exports globally. Markets served include industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, 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. The acquisition of Signature, as described in Note 3, is included in the Material Handling Segment.

The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive under-vehicle repair and the manufacture of tire repair and retreading products. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment also manufactures and sells certain traffic markings, including reflective highway marking tape. The Distribution Segment operates domestically through its regional and customer-focused sales team with strategically located regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, truck stop operations, auto dealers, general service and repair centers, tire retreaders, and government agencies.

Total sales from foreign business units were approximately $11.1 million and $9.9 million for the quarters ended March 31, 2025 and 2024, respectively.

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

An analysis of the Company's operations by segment, including revenue by major market is as follows:


	For the Quarter Ended March 31, 2025
	Material Handling			Distribution			Corporate			Inter-company			Consolidated
Industrial	$	61,671		$	—		$	—		$	(168	)	$	61,503
Infrastructure		27,705			—			—			—			27,705
Vehicle		26,343			—			—			—			26,343
Consumer		20,823			—			—			-			20,823
Food and beverage		21,130			—			—			—			21,130
Auto aftermarket		—			49,246			—			—			49,246
Net sales		157,672			49,246			—			(168	)		206,750
Cost of sales		102,756			35,084			—			(168	)		137,672
Selling, general and administrative expenses		21,467			13,964			9,324			—			44,755
Depreciation and amortization		3,505			727			226			—			4,458
Freight out		2,583			229			—			—			2,812
(Gain) loss on disposal of fixed assets		(20	)		423			—			—			403
Operating income (loss) (4)		27,381			(1,181	)		(9,550	)		—			16,650
Interest expense, net														7,386
Income before income taxes													$	9,264

Total assets		734,577			98,941			50,324			—			883,842
Capital additions, net		7,953			105			25			—			8,083
Depreciation and amortization (5)		8,846			824			765			—			10,435


	For the Quarter Ended March 31, 2024
	Material Handling		Distribution		Corporate		Inter-company			Consolidated
Industrial	$	53,614	$	—	$	—	$	(17	)	$	53,597
Infrastructure		19,327		—		—		—			19,327
Vehicle		29,410		—		—		—			29,410
Consumer		22,301		—		—		—			22,301
Food and beverage		27,573		—		—

MYERS INDUSTRIES INC 10-Q