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Myers Industries Turns To Profit In Q4; Results Beat View

(RTTNews) - Myers Industries, Inc. (MYE), a manufacturer of polymer products, on Thursday reported a turnaround to profit in the fourth quarter as a decline in sales was offset by lower costs and wider margins. Both revenue and adjusted earnings for the quarter beat analysts' estimates. Looking ahead, the company forecast fiscal 2019 earnings in line with expectations.

The company's net income for the fourth quarter was $2.34 million or $0.07 per share, compared to net loss of $18.25 million or $0.59 per share in the year-ago period.

Excluding items, adjusted income from continuing operations for the quarter was $0.13 per share, compared to $0.09 per share in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased 1.2 percent to $138.39 million from $140.11 million in the year-ago period. Analysts had a consensus revenue estimate of $129.39 million.

The decrease was the result of a sales decline in the Material Handling Segment, partially offset by a sales increase in the Distribution Segment.

Dave Banyard, President and CEO of Myers Industries, said, "We made progress in our Myers Tire Supply business during the fourth quarter, growing top line at a low single digit rate. In addition, we increased our enterprise gross profit margin significantly, contributing to a more than 35 percent increase in our adjusted operating income for the quarter."

Net sales in the Material Handling Segment decreased 2.0 percent from the year-ago period to $99.58 million, while Distribution Segment net sales rose 0.6 percent to $38.82 million.

Gross margin for the quarter expanded 310 basis points from last year to 30.4 percent.

Looking ahead to fiscal 2019, Myer's forecast income from continuing operations between $0.75 and $0.85 per share, and total revenue to be flat on a constant currency basis compared to the prior year.

The Street expects the company to report earnings of $0.81 per share for the year on revenues of $568.84 million.
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