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July 3, 2014
07:32 EDTMYEMyers completes Scepter acquisition
Myers Industries announced that on July 2, it completed the acquisition of Scepter. The final purchase price was $157M. Other terms of the agreement were not disclosed. Scepter is expected to be immediately accretive to adjusted EPS and to generate a return on investment above the company’s cost of capital. The company anticipates realizing synergies of more than $2M on an annual basis driven by material cost savings and plant efficiencies.
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September 16, 2014
09:20 EDTMYEMyers Industries reports Q2 EPS 17c vs 2c last year
Reports Q2 revenue $152.8M, vs. $150.5M last quarter.
September 9, 2014
10:33 EDTMYEMyers Industries sees Lawn & Garden sale completed by mid-2015
Says financial goals include: sales growth of 2x GDP, gross margin >30%, EPS growth >20% CAGR, free cash flow of 100% of net income. Also sees ROIC greater than cost of capital. Says will invest within growth platforms for value creation. Looks to drive earnings growth faster than sales growth. Sees Lawn & Garden sale completed by mid-2015. Capital allocation plans include organic growth, growth through acquisitions, return of capital to shareholders via dividends, repurchases, debt reduction. Comments from slides that will be presented at the CL King Best Ideas Conference.
07:15 EDTMYECL King to hold a conference
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