Myers Industries Inc (MYE)

Gross profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	259,086	266,928	276,197	282,503	283,366	270,108	252,658	232,936	211,421	199,442	192,311	179,890	171,960	171,354	163,873	168,236	171,312	174,177	176,682	177,737
Revenue (ttm)	US$ in thousands	813,105	834,363	864,613	889,454	899,773	887,215	859,353	814,341	762,817	700,469	632,519	562,548	510,376	489,727	482,938	498,884	515,785	537,355	546,887	553,041
Gross profit margin		31.86%	31.99%	31.94%	31.76%	31.49%	30.44%	29.40%	28.60%	27.72%	28.47%	30.40%	31.98%	33.69%	34.99%	33.93%	33.72%	33.21%	32.41%	32.31%	32.14%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $259,086K ÷ $813,105K
= 31.86%

Myers Industries Inc.'s gross profit margin has shown a consistent improvement over the past eight quarters, indicating positive trends in the company's ability to generate profits from its core business activities. The company's gross profit margin increased gradually from 28.67% in Q1 2022 to 31.87% in Q4 2023. This steady improvement suggests that Myers Industries has been effectively managing its production and distribution costs, resulting in a higher percentage of revenue retained as gross profit.

The upward trend in gross profit margin reflects positively on the company's pricing strategy, cost controls, and operational efficiency. It indicates that Myers Industries has been successful in optimizing its production processes, negotiating favorable terms with suppliers, or increasing selling prices to enhance profitability.

Overall, the consistent improvement in gross profit margin for Myers Industries Inc. suggests that the company is on a positive trajectory in terms of its financial performance and operational efficiency.