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Myers Industries supplies businesses that need to move and store goods, protect ground surfaces, or contain water, fuel and waste. Its Material Handling business generates most revenue, selling products such as reusable containers, pallets, tanks and composite ground-protection mats directly to users and through distributors. Customers span manufacturing, food processing, construction and consumer markets.
Its smaller Distribution business sells tire-service and under-vehicle repair equipment, tools and supplies to tire dealers, vehicle fleets and repair centers. It also manufactures tire-repair and retreading products. Myers is pursuing possible sales of its Myers Tire Supply businesses in the United States and Central America, but no transaction is assured.
Myers serves thousands of customers without a dominant buyer. Its manufacturing economics depend on plastic-resin costs and its ability to pass higher input costs through to customers; certain resin grades have limited suppliers. A preliminary court order bars subsidiary Signature Systems from making, marketing, selling, renting or leasing its DiamondTrack ground-protection mat while litigation awaits final rulings. That restriction applies to a small part of Myers’ sales.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
NPK International competes directly with Myers Industries’ Signature Systems for worksite customers buying composite ground-protection mats: its alternative is DURA-BASE. Watch NPK’s mat sales to utilities and power-transmission service companies, rather than its larger rental and services business, for the closer read on this rivalry.
Greif competes with Myers Industries for industrial, agricultural and food-industry customers buying bulk containers, offering plastic drums and rigid intermediate bulk containers against Myers’ reusable containers. Greif’s plastic-packaging business is the relevant place to watch for competition on price, design, quality and service.
Newell Brands competes with Myers Industries for household and commercial storage and handling purchases through its Rubbermaid storage, organization and commercial material-handling products. Rubbermaid’s performance is more relevant to Myers’ reusable storage and handling products than Newell’s other household brands.
UFP Industries competes for industrial packaging purchases with wood pallets and shipping solutions, alternatives to Myers Industries’ reusable plastic pallets and bulk shipping containers.
Core Molding Technologies and Myers Industries compete to supply molded plastic parts made for vehicle and industrial customers’ equipment. Core Molding’s sales of structural parts for medium- and heavy-duty trucks, powersports and industrial uses are the business to watch for this overlap.
Hyster-Yale and Myers Industries both depend on industrial activity and spending on warehouse and distribution capacity: Hyster-Yale sells lift trucks mainly through independent dealers, while Myers sells the reusable pallets, bins and containers those operations handle. Hyster-Yale’s lift-truck sales offer a read on spending in the operations that also buy Myers’ handling products.
Myers Industries, Inc. earningsThis company
Myers Industries’ report will show whether sales and product mix in reusable plastic handling products can support growth and offset weakness in its automotive aftermarket distribution business.
Read Material Handling volume and margin alongside Distribution sales. Improving volume and margin in the larger segment, with Distribution sales stabilizing, would show product demand and cost efficiency supporting revenue and profit. Falling volume or margin and further Distribution declines would show price pressure and weak demand still outweighing productivity gains.
NPK International Inc. earningsNPKI
NPK International’s report will show demand from utilities and power-transmission service companies for composite ground-protection mats, the market where it competes with Myers Industries’ Signature Systems.
Focus on NPK’s mat sales, especially to utilities and power-transmission service companies, rather than its larger rental and services business. Growing sales would show these customers are still buying, supporting the opportunity for Signature Systems to win similar work; falling sales would point to softer demand and fewer potential orders for Signature.
