迈尔斯工业 (MYE) 2026年第三季度业绩电话会议：销售额增长8.1%，预计第四季度利润率回升

核心要点

• 第三季度净销售额同比增长8.1%；若扣除已停产的低毛利产品及两家闲置滚塑工厂的影响，净销售额同比增长10.4%。
• 受复合垫铺需求支撑，基础设施业务营收增长38%；而在种子箱和中型散装容器强劲需求的推动下，食品与饮料业务营收增长12%。
• 调整后毛利率下降360个基点至28.2%，主因树脂成本上升、不利的产品组合以及计划外维修费用抵消了销量增长和提价举措的积极效应。
• 得益于利息和税收费用下降，调整后每股收益（EPS）增长3.2%至0.32美元。持续经营业务每股收益为0.13美元。
• 今年迄今自由现金流达到6190万美元，同比增长29%。迈尔斯在本季度内减少了2850万美元的净债务，使净杠杆率从一年前的2.64倍降至1.86倍。
• 管理层预计，随着树脂成本趋稳以及提价举措生效，第四季度利润率环比将出现显著改善。公司将食品与饮料业务的前瞻预期上调至强劲增长，但将车载业务预期下调至下滑。

关键财务数据

业务与运营表现

基础设施是表现最强劲的终端市场，受复合垫铺强劲需求的推动，营收增长了38%。管理层重申了对该业务的强劲增长预期，并指出输配电项目、数据中心和大型建筑项目带来了大量的MegaDeck及草坪保护需求。

食品与饮料业务销售额增长12%。迈尔斯将这一增长归因于种子箱和中型散装容器，这得益于更活跃的报价活动、手头订单以及食品生产领域的产品转换。管理层还表示，客户的自动化举措正支撑着Buckhorn产品的需求。

工业业务销售额持平。军事需求在时间节点上的阶段性疲软抵消了工业产品组合中其他领域的强劲表现。消费品需求有所改善，这主要由2026年早些时候强冬季风暴后油桶需求增加所带动。车载业务在本季度销售额持平，但公司对全年市场前景态度趋于谨慎。

迈尔斯在季度内完成了北美Myers Tire Supply业务的剥离。该交易简化了其产品组合，并助力净债务减少2850万美元。公司还在另行推进中美洲业务的出售，该部分业务在资产负债表中被列为持有待售资产。

Signature Systems仍是核心增长平台。管理层估计其潜在市场总量（TAM）约为40亿美元，其中复合垫铺约占市场的19%。受市场增长、木垫向复合垫转换、新客户及新产品的推动，公司预计Signature营收在截至2029年期间将保持中高十位数的年化增长率。

迈尔斯计划在2027年将Signature产能扩大30%，并在2029年再扩大30%。管理层预计，平均每年推出一款新产品的创新管线将在截至2029年期间带来超过6000万美元的增量营收。

管理层业绩指引

随着树脂成本趋缓以及此前实施的提价逐渐实现，管理层预计第四季度利润率将出现显著的环比改善。公司预计第四季度调整后EBITDA利润率将与过去12个月的平均水平相当。

对于2026财年，迈尔斯预计资本支出约占销售额的3.5%。计划投资项目包括启动欧洲军工生产、扩充基础设施产能、推进自动化以及更换模具和冲压机。

公司更新了对各终端市场的展望如下：

• 工业：重申温和增长预期，尽管第四季度仍面临与时间节点相关的军事需求逆风。管理层继续预计2025年至2028年军事业务营收的复合年均增长率（CAGR）为10%至15%。
• 基础设施：重申强劲增长预期。管理层预计截至2029年营收的复合年均增长率将达到中高十位数水平。
• 车载：由于美国房车（RV）需求疲软以及汽车整车厂（OEM）项目发布延迟，预期从平稳下调至下滑，但部分被船舶和商用车需求的改善所抵消。
• 消费品：在油桶需求的支撑下，预期从平稳上调至温和增长。
• 食品与饮料：基于报价趋势、手头订单、中型散装容器转换以及预期的种子销售轻微正增长，预期从温和增长上调至强劲增长。

风险与关注事项

树脂成本从3月到5月上涨了76%，导致投入成本通胀与最终实现提价之间存在时间滞后。树脂成本上升、不利的产品组合以及计划外维修费用对第三季度的利润率构成了压力。

车载需求仍存在不确定性。管理层指出，利率和燃料价格偏高、消费者信心不足以及经济不确定性对美国房车市场施加了压力。部分汽车整车厂的新项目发布也已推迟。

军事需求在不同季度间可能出现波动，管理层预计与时间节点相关的逆风将延续至第四季度。公司也在密切关注可能影响需求的地缘政治局势、能源市场、关税及其他因素。

分析师问答环节要点

管理层表示，食品与饮料业务更积极的前瞻展望既反映了市场需求的改善，也体现了“聚焦转型”（Focused Transformation）计划的执行成效。报价量、手头订单和商业项目管线均有所增强，同时客户的自动化举措也为Buckhorn产品创造了额外机遇。

在被问及730万美元的持有待售资产时，管理层澄清指出，北美Myers Tire Supply的剥离已经完成，但中美洲业务仍处于单独的出售流程中。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Hello, everyone. Thank you for joining us, and welcome to the Myers Second (sic) [ Third ] Quarter 2026 Earnings Results. [Operator Instructions]

I will now hand the conference over to Meghan Beringer, Senior Director of Investor Relations. Please go ahead.

Meghan Beringer

Thank you. Good morning, everyone, and welcome to Myers Third Quarter 2026 Earnings Review. Joining me today are Aaron Schapper, President and Chief Executive Officer; and Samantha Rutty, Executive Vice President and Chief Financial Officer. After the prepared remarks, we will host a question-and-answer session.

Earlier this morning, we issued a press release outlining our third quarter financial results. In addition, a presentation to accompany today's prepared remarks has been posted. Both documents are available on the Investor Relations section of our website at myersindustries.com. This call is being webcast live on our website and will be archived along with the transcript of the call shortly after this event.

Now please turn to Slide 3 of the presentation for our safe harbor disclosures. I would like to remind you that we may make some forward-looking statements during this call. These comments are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and involve risks, uncertainties and other factors, which may cause results to differ materially from those expressed or implied in these statements. Further, information concerning these risks, uncertainties and other factors are set forth in the company's periodic SEC filings.

Also, please be advised that certain non-GAAP financial measures such as adjusted gross profit, adjusted operating income, adjusted EBITDA and adjusted earnings per share may be discussed on this call. Finally, all results presented and discussed in today's call are from continuing operations.

Now please turn to Slide 4 of our presentation as I turn the call over to Aaron.

Aaron Schapper

Thank you, Meghan. Good morning, everyone, and thank you for joining us. I will begin today's call with a review of our third quarter results, followed by an update on our Focused Transformation program. I will then introduce our 4 key growth platforms with a focus on the opportunity ahead in our Signature business. Sam will provide a detailed review of the third quarter financials and our outlook for the year.

Starting with Slide 5. We delivered strong year-over-year revenue growth, up 8.1% in the quarter, supported by strength in infrastructure and food and beverage. Infrastructure revenue improved 38% on continued robust demand for our composite matting. I will come back to our infrastructure business later in the call. Food and beverage was up 12% on strong demand for seed boxes and intermediate bulk containers.

In addition to these positive demand trends, we are driving commercial excellence initiatives across the organization as part of our Focused Transformation. We faced margin pressure in the quarter, primarily due to a spike in resin costs. While we anticipated an increase and continue to implement pricing adjustments, there is a lag until full price realization. These actions, combined with a moderation in resin costs are expected to drive significant margin improvements in the fourth quarter.

EPS from continuing operations was $0.13. On an adjusted basis, income from continuing operations improved year-over-year to $0.32 despite gross margin headwinds.

During the third quarter, we completed the divestiture of North America Myers Tire Supply. This was a significant milestone in our Focused Transformation journey. The sale simplifies our portfolio, enabling us to focus our resources and investments on the remaining business that are closely aligned with our mission of delivering Products that Protect. I'd like to take this opportunity to recognize and thank our former MTS colleagues for their many contributions and commitment over the years. We wish them continued success moving forward.

Please turn to Slide 6 as we briefly revisit the 3 strategic priorities guiding our Focused Transformation. First, we are delivering differentiated Products that Protect by strengthening customer relationships, enhancing commercial excellence and deepening market insights to better address evolving needs. Second, we are advancing operational excellence and cost leadership, driving greater consistency, productivity and efficiency across our organization and instilling a culture of continuous improvement. And third, we are prioritizing investments in our key growth platforms, focusing resources on businesses where we have a strong competitive advantage and see the greatest opportunities for profitable growth.

Our 2026 year-to-date results validate this strategy. We have grown revenue, expanded margins and generated strong free cash flow while continuing to improve operational excellence across the organization. With sequential margin expansion anticipated in Q4, we are on pace to deliver a strong year in 2026.

Turning to Slide 7. I'd like to provide an overview of our 4 key growth platforms where we are focusing our investments and see meaningful opportunities to create long-term value. One of our greatest assets is the strength of our portfolio and the range of products we offer that serve a diverse set of customers and specialized end markets, addressing essential needs where safety, performance, durability and reliability are critical. Across these markets, we are leveraging our expertise in engineering and material sciences to develop highly customized polymer solutions that replace traditional materials such as wood and metal.

Surface protection, led by Signature Systems, provides composite matting and portable flooring solutions supporting infrastructure development, construction and large-scale events. Dangerous goods, storage and transportation through Scepter delivers specialized containers for fuel, chemicals, water and ammunition, serving consumer, industrial and vehicle end markets, including military applications. Specialized storage through Buckhorn provides engineered reusable packaging and material handling solutions serving industrial, food and beverage and vehicle. Storage solutions through Akro-Mils offers storage and organization products that improve productivity across industrial and commercial markets.

Together, these growth platforms are where we believe our technology, customer relationships and exposure across multiple markets provide competitive advantages and a strong foundation for continued growth. In addition, our rotational molding operations provide specialized manufacturing flexibility and engineering expertise that supports these growth platforms.

As we continue to execute on our strategy, we believe the resilience of our Products that Protect portfolio will enable us to pursue market opportunities and deepen customer relationships. Last quarter, we highlighted this opportunity through a deep dive into Scepter. This quarter, we provide additional insights into Signature, a particularly compelling example with a strong market position and a significant runway for future growth.

Turning to Slide 8. Signature is a leading provider of highly engineered composite matting and portable flooring solutions, serving 2 primary sectors for this end market: infrastructure, which represents approximately 80% of sales and stadium, which accounts for the remaining 20%. Within infrastructure, our products provide temporary accessways and work platforms for transition (sic) [ transmission ] and distribution, oil and gas and large-scale construction. In stadium, our portable flooring solutions protect turf and other surfaces at athletic venues and major events.

What makes Signature particularly attractive is its proprietary material science capabilities, engineering expertise and continued product innovation. These strengths enable us to develop differentiated solutions that enhance performance. Most recently, we launched IceShieldR10, which was developed by combining customer feedback with our Signature product innovation. The IceShield solution incorporates an insulating layer to maintain freezing temperatures, save energy costs and prevent damage to the ice sheet below. Built to handle heavy pedestrian traffic, staging and equipment loads of up to 20,000 pounds, our stadium product offerings now expand into the ice arena market, enabling facilities to protect the playing surface and generate additional revenue by hosting concerts and other special events.

Turning to Slide 9. We estimate Signature's total addressable market at approximately $4 billion, with composite matting representing roughly 19% of the market today. This relatively low penetration presents a significant opportunity for continued conversion from traditional wood to composite matting, providing a compelling runway for long-term growth.

Compared to traditional wood solutions, our composite solutions offer significant performance and economic advantages. Our mats can be up to 40% lighter and last up to 5x longer, reducing transportation and replacement costs. They also provide improved traction and more stable working surfaces, enhancing site safety while reducing environmental impact through closed-loop recycling programs. Together, these benefits deliver a lower total cost of ownership and support continued conversion to our composite solutions.

Turning to Slide 10. Signature serves several attractive market subsegments. Transmission and distribution, which represents approximately 23% of our addressable market, supported by increasing electricity demand and ongoing grid modernization. Energy, representing approximately 27% of our addressable market, includes applications where durability and reliability are critical, primarily for oil and gas markets. Data centers, construction and civil projects represent approximately 28% of our addressable market, benefiting from continued investment and construction activity. Finally, stadiums and events, representing approximately 17% of our addressable market, utilize our solutions to protect playing surfaces and provide access for sporting and entertainment events.

Across these markets, Signature is positioned to capitalize on favorable secular demand trends and continued composite adoption, providing multiple avenues for sustainable growth.

Turning to Slide 11. Since acquiring Signature in 2024, we've continued to build on a strong market position with revenue expected to grow at a compound annual rate of approximately 13% through 2026. Looking ahead, we expect to build on this momentum with annual revenue growth percentages of mid- to high teens through 2029, supported by 3 primary drivers. First, we expect the current surface protection market to grow, supported by the favorable long-term demand trends we just discussed. Second, we expect continued conversion from traditional wood matting to composite solutions to contribute additional growth as customers increasingly recognize the performance and economic advantages of composite solutions. And third, we expect new customers and products to contribute additional growth. We're focused on deepening relationships with existing customers, broadening our customer base and commercializing new products that expand the applications we can serve.

Importantly, we're also investing in the capacity needed to support this growth. With planned expansions of 30% in 2027 and additional 30% in 2029, we expect our innovation pipeline averaging 1 product launch per year to generate more than $60 million in incremental revenue through 2029. Together, these drivers give us confidence in Signature's ability to sustain attractive growth, maintain a leading market position and become an increasingly meaningful contributor to Myers' profitable growth. Signature's breadth of surface protection products uniquely positions us to serve a diverse set of customers across a wide range of applications, further differentiating us in the marketplace.

With that, I'll turn the call over to Sam for a review of our third quarter financial results.

Samantha Rutty

Thank you, Aaron, and good morning, everyone. Please turn to Slide 13. Net sales increased 8.1% year-over-year. Net sales would have increased 10.4% year-over-year, excluding the impact of our decision in the fourth quarter of 2025 to exit low-margin products with the idling of 2 rotational molding facilities.

Infrastructure and food and beverage delivered strong growth in the quarter, while vehicle and consumer remained flat. Industrial end-market sales were also flat year-over-year as timing-related softness in military demand was offset by strength across other products in our industrial portfolio.

Adjusted gross margin decreased 360 basis points to 28.2%, driven by higher resin costs, unfavorable mix and unplanned maintenance costs, partly offset by higher volume and pricing actions.

We included a resin cost index in our presentation on Slide 14 to show the recent spike. As the chart shows, resin costs increased 76% from March to May. As the cost increased, we were able to take pricing actions, although with a margin impact due to timing and magnitude of the increase. As costs have stabilized and pricing actions are realized, we anticipate significant sequential margin improvement in Q4, in line with trailing 12 months average adjusted EBITDA margin.

SG&A was lower as a percent of sales year-over-year, reflecting actions we have taken as part of our Focused Transformation. Adjusted operating margin decreased to 10.4%, down 210 basis points over last year. Adjusted EBITDA margin decreased to 15.5%, down 280 basis points over last year. Adjusted EPS was $0.32, up 3.2% year-over-year on lower interest and tax expense.

Please turn to Slide 15. We ended the quarter with a cash balance of $53.5 million and total liquidity of $254.7 million, providing us with ample flexibility to support our capital allocation priorities. We reduced net debt by $28.5 million during the third quarter, primarily using the proceeds from the MTS sale, resulting in a net leverage ratio of 1.86x, well within our target ratio of 1.5 to 2.5 and down significantly from last year when it was 2.64. We plan to further reduce debt in 2026 as we continue to fortify our balance sheet.

Third quarter operating cash flow was $17.4 million and CapEx was $5.9 million, resulting in a free cash flow of $11.5 million. Year-to-date free cash flow is $61.9 million, up 29% from last year. Working capital as a percent of trailing 12 months sales increased sequentially, primarily due to income tax receivables and the prepayment of our annual insurance renewal. We continue to prioritize working capital management to improve both metrics.

Please turn to Slide 16. Our capital allocation framework balances investing in growth while returning cash to shareholders. CapEx was $5.9 million in Q3. And for the full year, we expect CapEx to be 3.5% of sales with investments in organic growth, productivity and infrastructure projects. Our 2026 projects include a European military production launch, capacity expansion in infrastructure, new automation to drive productivity and mold and press replacements to sustain our core operations.

Turning to Slide 17. As we approach year-end, we are updating our full year 2026 outlook. As a reminder, our market outlook excludes the impact from exiting low-margin products and idling 2 rotational molding facilities in Alliance, Ohio that occurred in Q4 2025. This represented approximately $3 million in revenue in the third quarter or approximately $13 million year-to-date, primarily industrial and consumer markets with favorable impact to earnings.

For industrial, we are reaffirming our expectations of moderate growth as we continue to see momentum building in capital spending trends from our industrial customers. While we expect timing-related headwinds in our military business to continue into the fourth quarter, we remain confident in our overall industrial outlook. As we've noted previously, military demand can fluctuate from quarter-to-quarter, but our long-term expectations remain unchanged, and we continue to expect revenue CAGR of 10% to 15% from 2025 through 2028 in this business.

In infrastructure, we reaffirm our expectations of strong growth, primarily driven by demand for our MegaDeck and turf protection products. As Aaron discussed in his prepared remarks, these products continue to support U.S. market expansion fueled by sustained investment in transmission and distribution-related utility projects, data centers and large-scale construction. Through 2029, we expect a mid- to high teens percent CAGR for this business.

For vehicle, we are lowering our outlook from stable to down. Demand indicators have been mixed for the year. The U.S. RV industry continues to experience meaningful year-over-year decline, driven by higher interest rates and fuel prices as well as weak consumer confidence amid economic uncertainty. Marine and commercial vehicle demand is improving, while some automotive OEM program launches have been delayed. In consideration of all these factors, we are more cautious in our vehicle market outlook.

In consumer, we are increasing our outlook to moderate growth from stable. At the start of 2026, strong winter storms across most of the U.S. created a sharp increase in demand for fuel cans. Stable demand continued throughout the year and is expected to extend through year-end.

Finally, we are raising our expectation for the food and beverage end market to strong growth from moderate growth, given recent quoting trends, existing backlog and product conversion to our intermediate bulk container products within the food production industry. Further, we expect seed sales to be slightly positive compared to prior year. We continue to weigh both risks and opportunities for our end markets as we monitor geopolitical conditions, including energy markets, tariffs or other factors that may influence demand trends.

I would now like to turn the call back to Aaron for some closing comments before we take your questions. Aaron?

Aaron Schapper

Thank you, Sam. Our strong year-to-date performance, including revenue growth, margin expansion and improved cash flow, combined with anticipated significant sequential margin expansion in Q4, positions us to deliver great results in 2026.

I'm encouraged by the progress we continue to make on our Focused Transformation. Our teams are driving commercial excellence, improving operational productivity and maintaining disciplined cost management across the organization to improve margins. With the completion of the Myers Tire Supply divestiture, we have further simplified our portfolio and sharpened our focus on our key growth platforms.

As we highlighted today with Signature, we see meaningful opportunities to capitalize on attractive market trends, drive innovation and invest in the capacity and capabilities needed to support sustained profitable growth. I want to thank our employees for their continued dedication and execution.

With that, I'd like to turn the call over to the operator for questions. Operator?

Operator

[Operator Instructions] Your first question comes from Bill Dezellem with Tieton Capital Markets.

分析师问答

William Dezellem

Would you please talk in more detail about increasing your view of the food and beverage market beyond what you did in your opening remarks, please?

Samantha Rutty

Yes. We've just seen really strong quotation volume coming in and have a strong backlog going into the end of the year and continue to develop our pipeline. We've had a lot of focus with Gustavo joining the team on commercial excellence, and just really strong pipeline growth going into the quarter.

Aaron Schapper

Yes. Bill, as we look at food and beverage, there is obviously a lot of pressure on trying to make sure that food and beverage prices, food in particular, stay low. Labor is an issue. A lot of our customers are looking a lot more at automation and looking at the way they do things. And part of that automation is making sure that our product is a part of that mix. And so we've seen some pretty good demand along the food and beverage side.

Also, had a -- as we go through the year and into Q4, we're looking at another year of seed and our seed box offering into the food and beverage market. So between those 2 things, that's our strength through the year so far and then looking into Q4, we feel good where we are on the food and beverage side.

William Dezellem

And do you all feel this is a function of overall market activity accelerating? Or is this an indication of what the Focused Transformation program can do when successful?

Aaron Schapper

Bill, I would say it's both. So our customers have been pulling demand, which is a nice thing. And then also really looking at Buckhorn, I think I've said before that we believe in Buckhorn. We believe in what Buckhorn can do as a business. And once again, having Gustavo adding focus on product development, we've added people on that side of the business to really continue to drive new products into the market because this is what our customers are asking us to do -- asking for us to do. Buckhorn is a strong brand, and it's a strong brand in that industry, and I think that we can do a lot. So I think it's a mixture of both things, both the Focused Transformation and pull from our customers.

William Dezellem

Great. And then I have one additional question, please, that on the balance sheet, you have $7.3 million of assets held for sale. And given that the Tire Supply business closed on August 31, that doesn't quite match with what I would have expected. Would you please discuss kind of what those assets are that are held for sale, please?

Samantha Rutty

Yes. As we mentioned in our remarks, the sale of the North America MTS supply business has occurred, but we are still working through the sale of the Central America business. That's a separate transaction.

Operator

[Operator Instructions] There are no further questions at this time. I will now pass the call back to Meghan Beringer for closing remarks.

Meghan Beringer

Thank you for joining us today. If you would like to continue the conversation, my contact information can be found on the final slide of this presentation. We look forward to staying in touch. With that, we'll conclude the call. Have a great day.

Operator

Thank you for attending. You may now disconnect.