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While reporting financial results for the first quarter in early May, the company had withdrawn its earnings per share guidance for the full-year 2020 that was provided during its fourth quarter 2019 earnings call.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

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