Myers Industries, Inc.

Thank you for standing by and welcome to the Myers Industries 2021 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star one on your telephone. If you require any further assistance, please press star zero. And I'd like to hand the conference over to Ms. Monica Vinay, Vice President of Investor Relations and Treasurer. Please go ahead.

Thank you. Good morning and welcome to Myers Industries' first quarter 2021 earnings call. Joining me today are Mike McGaugh, President and Chief Executive Officer, and Sonal Robinson, Executive Vice President and Chief Financial Officer. Earlier this morning, we issued a news release outlining the financial results for the first quarter of 2021. If you've not yet received a copy of the release, you can access it on our website at www.myersindustries.com. It's under the investor relations tab. This call is also being webcast on our website and will be archived along with the transcript of this call shortly after the event. Before I turn the call over to Mike, 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 is set forth in the company's periodic SEC filings and may be found in the company's 10-K and 10-Q filings. I am now pleased to turn the call over to Mike McGaugh.

Thank you, Monica. Good morning. Today I'm excited to report strong volume growth resulting from robust in-market demand. Sales were up 43% year over year, and this is the strongest growth Meyers has obtained in over a decade. This demand appears to be sustainable, strong in markets, a re-engineered commercial organization, and a new go-to-market model are delivering results. Our new strategy, combined with successful execution of our self-help initiatives, set the stage for a solid 2021 and beyond. I'm entering my second year at Meyers, and I continue to see significant opportunities in our functions, businesses, and in markets. It continues to be the most exciting opportunity I've seen in my career. Without further delay, let's get into the details. Please turn to slide three. As I mentioned, sales were up 43% year over year, driven by strong growth in both the material handling and distribution segments and a meaningful contribution from the LCard acquisition. All in markets experienced healthy growth. Specifically, sales were up significantly in our vehicle and market as a result of continued momentum in the RV and marine markets. Wholesale RV shipments were up 79% in March and are projected to reach a record high in 2021. We also saw increased demand and double-digit growth in the auto aftermarket, food and beverage, consumer, and industrial end markets. On an organic basis, sales were up 21%. Despite strong volume and revenue growth, gross margins were impacted by higher raw material costs in the quarter. In response to the significant increases in raw material costs, partly due to winter storm Yuri, we announced an 8% price increase across a broad portfolio of our products effective March 1. Then, in response to continued raw material pressure and a tight supply chain, we announced a second price increase of 9% to 12% effective April 1. With these increases, we aim to protect and in some cases enhance our margins. Due to the top-line momentum we are seeing, the robust demand, and the additional pricing actions we announced since our last call, we continue to be optimistic in our ability to manage through this dynamic environment. As a result, we are raising our full-year sales guidance and now expect to be at the higher end of our previously provided earnings guidance. Sana will provide the details during her financial summary, and after her comments, I will provide an update on the actions we've taken to execute our strategy. With that, I'll turn it over to Sana.