Myers Industries Q2 Profit Down; Cuts FY EPS Outlook

(RTTNews) - Myers Industries Inc. (MYE), a manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets, reported that its net income for the second quarter ended June 30, 2019 decreased to $6.61 million or $0.18 per share from $8.61 million or $0.26 per share in the prior year.

Adjusted income per share from continuing operations was $0.27, which was flat compared to the second quarter of 2018.

Second quarter 2019 net sales decreased $6.3 million or 4.5% to $134.3 million from last year, as a result of a sales decline in the Material Handling Segment.

For the full-year 2019, the Company now anticipates that total revenue year-over-year will be down low-to-mid-single digits on a constant currency basis versus its previous expectation of flat year-over-year revenue.

Annual GAAP income per share from continuing operations is now estimated to be in the range of $0.62 to $0.72, which is updated from its previous estimates in the range of $0.70 to $0.80, primarily as a result of a $4 million charge in the second quarter for estimated environmental liabilities.

The company continues to expect adjusted income per hare from continuing operations to be in the range of $0.75 to $0.85.