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AKRON - Myers Industries Inc (NYSE:MYE) reported third-quarter earnings that fell short of analyst expectations on Thursday. The manufacturer of polymer products reported adjusted earnings per share of $0.26 for the third quarter of fiscal 2025, missing the analyst estimate of $0.28, while revenue came in at $205.4 million versus the consensus estimate of $206.4 million.
The company’s shares climbed 1.55% in pre-market trading following the results.
Despite the slight miss, the company’s revenue increased 0.2% YoY, while adjusted earnings per share rose 4% from $0.25 in the same quarter last year. Gross profit grew 5.3% to $68.6 million, with adjusted operating income increasing 1.8% to $20.9 million.
The company’s Material Handling segment, which represents 75% of total sales, saw revenue increase 1.9% with strong growth in Infrastructure and Industrial markets, partially offsetting weakness in Vehicle and Consumer segments. Meanwhile, the Distribution segment experienced a 4.4% decline in sales.
"We remain on track to deliver $20 million targeted cost reductions, primarily in SG&A, by end of 2025," said Aaron Schapper, President and CEO of Myers Industries. "We’re making steady progress on our ’Focused Transformation’ with intent to sell Myers Tire Supply."
The company generated strong free cash flow of $21.5 million in the quarter, more than double the $10.1 million generated in the same period last year. Total debt was reduced by $10 million, lowering the company’s net leverage ratio to 2.6x.
Myers Industries maintained its end market outlook for 2025, projecting moderate growth in Industrial markets, strong growth in Infrastructure, and declines in Vehicle, Consumer, and Automotive Aftermarket segments.
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