Myers Industries Q4 Results Miss Estimates; But Hikes Dividend

(RTTNews) - Myers Industries Inc. (MYE) reported that its fourth-quarter net income was $3.32 million or $0.10 per share, down from $8.52 million or $0.25 per share in the same quarter last year.

Net income per share as adjusted was $0.26 for the fourth quarter of 2013 and the fourth quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share. Analysts' estimates typically exclude special items.

Net sales for the fourth quarter of 2013 were $211.3 million compared to $214.0 million for the fourth quarter of 2012. Two analysts had consensus revenue estimate of $220.75 million for the quarter.

President and Chief Executive Officer John Orr said, "The first quarter of 2014 will be impacted by weather and transportation challenges. However, we anticipate that our full year 2014 results will show another consistent year of profit improvement and increased shareholder value. New product introductions, margin improvement through productivity gains such as phase two of the Lawn and Garden Segment project, material substitutions and elimination of low margin business and reliable cash flow generation are all expected to deliver continued consistent improved results."

The company board declared an increased quarterly dividend of $0.13 per share payable April 1, 2014 to shareholders of record as of March 10, 2014. The board continues to believe that it is important to increase a return to shareholders through the Company's dividend. The quarterly dividend represents a 44% increase compared to the $0.09 per share paid last quarter.

Myers Industries announced that its Board has authorized additional share repurchases of $40 million of common stock with expectations for the share repurchases to be completed in 2014.