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

Myers Industries (NYSE:MYE) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.920-1.020 for the period, compared to the consensus earnings per share 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.

Myers Industries Stock Performance

MYE stock traded up $0.60 during midday trading on Wednesday, reaching $11.99. 341,383 shares of the company’s stock traded hands, compared to its average volume of 251,976. The firm has a market capitalization of $446.27 million, a PE ratio of 10.85 and a beta of 1.23. Myers Industries has a 52 week low of $10.77 and a 52 week high of $23.63. The company has a 50-day moving average price of $13.33 and a two-hundred day moving average price of $14.83. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.16 and a current ratio of 1.81.

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

Myers Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Myers Industries Company Profile

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.