Myers Industries Q3 Profit Drops; Cuts Annual Outlook - Update

(RTTNews) - (Adds Outlook)

Myers Industries Inc. (MYE) released earnings for third quarter that decreased from last year

The company's bottom line totaled $12.747 million, or $0.34 per share. This compares with $13.671 million, or $0.37 per share, in last year's third quarter.

Excluding items, Myers Industries Inc. reported adjusted earnings of $13.875 million or $0.38 per share for the period.

The company's revenue for the quarter fell 13.3% to $197.798 million from $228.065 million last year.

Outlook:

Looking ahead, for full year 2023, Myers has revised down its full-year outlook. Excluding items, the company now expects earnings per share of $1.35 to $1.40 against previous expectation of $1.55 to $1.85 for the year. Net income per share now projected to be in the range of $1.20 to $1.28, lesser than its previous forecast for $1.41 to $1.73.

Myers now expects net sales to decline in the mid to high single digit range against earlier guidance for a decline in the mid single digit range.

Myers Industries Inc. Q3 earnings at a glance (GAAP) :

-Earnings (Q3): $12.747 Mln. vs. $13.671 Mln. last year. -EPS (Q3): $0.34 vs. $0.37 last year. -Revenue (Q3): $197.798 Mln vs. $228.065 Mln last year.