Myers Industries Turns To Profit In Q3; But Cuts 2019 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 third quarter ended September 30, 2019 was $5.22 million, compared to a loss $21.14 million in the prior year.

GAAP income per share from continuing operations was $0.15, compared to a loss of $0.60 for the third quarter of 2018, which included a charge of $33.3 million related to the 2015 sale of the Company's Lawn and Garden business.

Adjusted income per share from continuing operations was $0.15, which was flat compared to the third quarter of 2018. Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Third quarter 2019 net sales decreased $9.7 million or 7.2% to $125.5 million, compared to the third quarter of 2018. The decrease was the result of a sales decline in the Material Handling Segment. Analysts expected revenue of $134.90 million for the quarter.

For 2019, GAAP income per share from continuing operations is estimated to be in the range of $0.65 to $0.70, which is updated from the Company's previous estimate of $0.62 to $0.72.

The company anticipates that annual adjusted income per share from continuing operations will be in the range of $0.75 to $0.80, which is updated from the Company's previous estimate of $0.75 to $0.85.

For the full-year 2019, the company now anticipates that total revenue year-over-year will be down high single digits versus its previous expectation of down low-to-mid single digits year-over-year.

Wall Street currently is looking for fiscal year 2019 earnings of $0.79 per share on annual revenues of $548.35 million.