Myers Industries Withdraws FY20 EPS Outlook Amid COVID-19 - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Wednesday, polymer products maker Myers Industries, Inc. (MYE) said it is withdrawing its earnings per share guidance for the full-year 2020 that was provided during its fourth quarter 2019 earnings call.

That being said, the company said it will continue to provide quarterly updates regarding sales trends and its revised outlook for end markets.

However, the company now expects total revenue to decline approximately 10 percent year-over-year in 2020, down from its previous guidance of a mid-single-digit percentage increase.

On average, analysts polled by Thomson Reuters expect the company to report revenue growth of 0.10 percent to $516.36 million for the year.

The company also anticipates that sales will be down approximately 20 percent year-over-year in the second quarter, with approximately 60 percent of the decline coming from continued sales decreases in its food and beverage, industrial and vehicle end markets. The Street is looking for sales of $132.42 million for the quarter.