Myers Industries (NYSE:MYE) Releases FY 2024 Earnings Guidance

Myers Industries (NYSE:MYE) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 0.920-1.020 for the period, compared to the consensus EPS estimate of 1.140. The company issued revenue guidance of $813.1 million-$853.7 million, compared to the consensus revenue estimate of $862.5 million.

Analyst Ratings Changes

Separately, KeyCorp cut Myers Industries from an “overweight” rating to a “sector weight” rating in a research report on Wednesday.

Myers Industries Stock Performance

NYSE:MYE traded up $0.60 on Wednesday, hitting $11.99. The company’s stock had a trading volume of 341,383 shares, compared to its average volume of 251,976. The company has a current ratio of 1.81, a quick ratio of 1.16 and a debt-to-equity ratio of 1.32. The stock has a fifty day moving average of $13.33 and a two-hundred day moving average of $14.83. The firm has a market capitalization of $446.27 million, a P/E ratio of 10.85 and a beta of 1.23. Myers Industries has a one year low of $10.77 and a one year high of $23.63.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The company had revenue of $205.07 million for the quarter. Myers Industries had a return on equity of 16.27% and a net margin of 4.79%. During the same quarter in the prior year, the company earned $0.38 earnings per share. Research analysts predict that Myers Industries will post 1.13 earnings per share for the current year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend is Tuesday, December 3rd. Myers Industries’s dividend payout ratio is currently 51.43%.

About Myers Industries

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.