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NEW YORK - Myers Industries Inc . (NYSE:MYE) reported better-than-expected fourth quarter results on Thursday.
Following the release the company’s shares were up 3.08% in premarket trading.
The manufacturer of polymer products posted adjusted earnings of $0.19 per share, surpassing analyst estimates of $0.10 per share. Revenue rose 6.7% YoY to $203.9 million, also topping expectations of $203.1 million.
"In closing 2024, we reported solid fourth quarter financial results with margin growth led by our Signature and Scepter brands, demonstrating the valuable assets we have within our portfolio," said Myers’ new President and CEO Aaron Schapper.
The Material Handling segment saw sales jump 20.3% to $152.7 million, driven by contributions from the acquisition of Signature Systems. However, the Distribution segment’s sales fell 20.2% to $51.2 million due to lower volumes and pricing.
Gross margin improved 230 basis points YoY to 32.3%, benefiting from favorable product mix and Signature Systems’ performance.
Looking ahead, Myers is launching a "Focused Transformation" program targeting $20 million in annualized cost savings, primarily in SG&A, by year-end 2025. The company suspended its practice of issuing formal annual guidance as it completes a business assessment.
Myers also announced a new $10 million share repurchase program, reflecting confidence in its business strength.
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