Plus   Neg

Myers Industries Boosts FY20 Revenue Growth Outlook - Quick Facts

While reporting financial results for the third quarter on Thursday, polymer products maker Myers Industries, Inc. (MYE) said it now expects total revenue for the full-year 2020 to decline in the low-to-mid single digits, which is a slight improvement from its previous guidance of a decline in the mid-to-high single digit range.

On average, analysts polled by Thomson Reuters expect the company to report a revenue decline of 7.0 percent to $479.48 million for the year.

While reporting financial results for the first quarter in early May, the company had withdrawn its earnings per share guidance for the full-year 2020 that was provided during its fourth quarter 2019 earnings call.

Myers also announced today the unveiling of a new, multi-phased strategic vision. The current phase, "Horizon 1," runs through 2023 and is focused on strengthening the Company through organic growth initiatives, commercial and operational excellence, pursuing bolt-on acquisitions in value added plastics molding, and driving a high-performance culture.

Executing on this new strategy will transform the Company's Material Handling Segment into a high-growth, customer centric innovator of engineered plastic solutions, while continuing to optimize and grow its Distribution Segment.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Airlines announced the launch of Flagship Cellars, its home delivery service for premium wines usually available onboard. The airline's move is said to be due to the excess wine it has amid the weakness in air travel demand following the coronavirus pandemic crisis. The company expects the new at-home wine program to generate about $40,000 to $50,000 in sales during the first quarter. Intel Corp. is planning to manufacture majority of its 2023 products internally, while it may outsource some, according to the incoming Chief Executive Officer Pat Gelsinger. At the fourth-quarter earnings webcast, while talking about 7nm program development, Gelsinger said, "I am confident that the majority of our 2023 products will be manufactured internally...." American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until March 31 in response to lower travel demand due to the coronavirus pandemic. This means that travelers are provided additional flexibility by not asking them to pay penalties for changing the origin and destination cities.
Follow RTT