Myers Industries (NYSE: MYE) reported Q2 EPS of $0.23, $0.10 better than the analyst estimate of $0.13. Revenue for the quarter came in at $118.4 million versus the consensus estimate of $107.29 million.

Second Quarter 2020 Financial Highlights

• GAAP income per diluted share from continuing operations was $0.23, compared with $0.18 for the second quarter of 2019
• Adjusted income per diluted share from continuing operations was $0.23, compared with $0.27 for the second quarter of 2019
• Net sales were $118.4 million, down 11.8% compared with $134.3 million for the second quarter of 2019
• Gross margin increased to 36%, compared with 35% for the second quarter of 2019
• Cash flow from continuing operations was $6.8 million and free cash flow was $3.7 million, compared with $10.9 million and $9.4 million, respectively, for the second quarter of 2019

“I am proud of how our teams performed during the second quarter, despite the challenges resulting from the COVID-19 crisis. Due to their focus and dedication, we were able to meet our customers’ needs and deliver sales and operational results that were better than we had expected going into the quarter. Demand in our auto aftermarket improved during the quarter as vehicles returned to the road after stay-at-home restrictions were lifted. Additionally, sales in our consumer end market increased significantly year-over-year due to increased demand compared with a weak spring season last year,” said Mike McGaugh, President and Chief Executive Officer of Myers Industries. “We continue to have sufficient liquidity to support our operations and execute our strategic plans, which include continued execution of growth and transformation initiatives.”

2020 Outlook

The Company has revised its outlook for 2020 revenue. For full-year total revenue, the Company now expects a percentage decline in the mid-to-high single digits, which is a slight improvement from its previous guidance of a 10% decline. The Company is maintaining its previous guidance that depreciation and amortization will be approximately $21 million, net interest expense will be approximately $4 million and capital expenditures will be approximately $15 million. The Company is updating its guidance for the effective tax rate to be approximately 26%, compared with a previous estimate of approximately 27%.

For earnings history and earnings-related data on Myers Industries (MYE) click here.