Myers Industries Inc (MYE)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	259,086	283,366	211,421	171,960	171,312
Revenue	US$ in thousands	812,949	899,773	762,817	505,469	510,807
Gross profit margin		31.87%	31.49%	27.72%	34.02%	33.54%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $259,086K ÷ $812,949K
= 31.87%

Myers Industries Inc.'s gross profit margin has experienced fluctuations over the past five years. In 2023, the gross profit margin increased to 31.87% compared to 31.50% in 2022. However, it remains lower than the margins recorded in 2020 and 2019, which were 33.69% and 33.22%, respectively. The lowest gross profit margin was reported in 2021 at 27.77%.

The gross profit margin reflects the company's ability to generate revenue after accounting for the direct costs of goods sold. The increase in 2023 indicates an improvement in the company's pricing strategy or a reduction in production costs, positively impacting profitability. Conversely, the decline in 2021 suggests challenges in managing costs in relation to revenue generation.

Overall, Myers Industries Inc. should continue to monitor and assess factors influencing its gross profit margin to sustain or improve profitability in the future.