Myers Industries, Inc.

Hello and welcome to today's Myers Industries first quarter 2022 earnings call. My name is Bailey and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I would now like to pass the conference over to Monica Vinay. Monica, please go ahead.

Thank you. Good morning. Thank you for joining us. I'm Monica Vinay, Vice President of Investor Relations and Treasurer at Myers Industries. 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 2022. We have also posted a PowerPoint presentation to accompany today's prepared remarks. If you've not yet received a copy of either the release or the PowerPoint, you can access them on our website at www.myersindustries.com under the Investor Relations tab. This call is also being webcast on our website and will be archived along with the transcript of the call shortly after this 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. Also, please be advised that certain non-GAAP financial measures, such as adjusted gross margin, adjusted operating income, adjusted EBITDA, and adjusted EPS, may be discussed on this call. Further information concerning these risks, uncertainties, and other factors is set forth in the company's periodic SEC filing and may be found in the company's 10-K and 10-Q filings. Please turn to slide three of our presentation, and I'm now pleased to turn the call over to Mike McGaugh.

Thank you, Monica. Good morning, everyone, and welcome to our first quarter 2022 earnings call. I'm pleased to share that first quarter 2022 was a record earnings quarter for Meyers. Our strategic vision and one Meyers approach have fundamentally changed the way we do business and how we operate our company. This vision has been our North Star, helping us get aligned and grow together. Our teams are beginning to look more like the collegiate rowing teams on the Charles River in Boston. Rowing together as a single unit in synchronicity with less effort producing more speed. The proof is in our first quarter results. Myers delivered record EPS for the quarter in our sixth consecutive quarter of double-digit revenue growth. During the quarter, we realized the benefits of pricing actions we've taken to counter inflationary pressures, and we increased our production to meet heightened demand from our customers. These actions drove a 29% increase in net sales for the first quarter. This momentum continued through the income statement with a 127% year-over-year improvement in adjusted EPS and an 82% increase in adjusted EBITDAO. Our strong results in the first quarter gave us confidence to raise both our net sales and adjusted EPS expectations for the full year. Donna will discuss our revised guidance in her remarks. Please turn to slide four, which has a more detailed financial summary of the quarter's results. We had sales of $225 million, up 29%, compared with the first quarter of 2021, which in part was due to stronger-than-expected seed demand, healthy demand in most of our end markets, and incremental revenues from the acquisition of Trilogy Plastics. Throughout the quarter, we were able to realize the benefits of the pricing action taken by our commercial teams in 2021. These actions successfully countered cost headwinds stemming from strained raw material supplies and ongoing inflationary pressures in raw materials freight and labor. We also continued our efforts to be a highly reliable and value-added partner to our customers. We are true to our four corporate values with specific emphasis on being customer focused. As a result of this focus, our continued reliability supplying our customers, we generated the second consecutive quarter of operating margin expansion while also growing sales. Before I turn the call over to Sano for an update on our financials, I want to reiterate how gratified we are with Meijer's first quarter performance. This performance is one more proof point that demonstrates the opportunity and the potential that exists in Meyers. Our team has done a lot of work over the last two years in the area of self-help in improving our plants, our capacity, and our capability. The changes we've made to this company are deep and will be long lasting. Recently, a potential investor took pause after listening to the changes I described that were underway at Meyers. She cleverly remarked, you're taking large cap capabilities and bolting them to a small cap body. I think that's a great way to describe what we're doing, attaching large cap capabilities to a small cap body. I think we've uncovered an approach that will generate superior returns in long-term shareholder value creation. We are a diversified industrial company that has a number one or number two position in most of our niche markets. We believe that much of our business is resilient to potential macroeconomic headwinds. It's compelling. As I say on every call, I like the progress I see. We are transforming the company. However, we are still just getting started, and we are in the early innings of what's possible for Myers Industries. Now I'll turn the call over to Sonal to review the first quarter financial results and provide our updated 2022 outlook. I will then spend a few minutes discussing our progress to date and current goals for our three horizon strategy. Sonal?