Myers Industries (MYE) Tops Q4 EPS by 3c

Myers Industries (NYSE: MYE) reported Q4 EPS of $0.04, $0.03 better than the analyst estimate of $0.01. Revenue for the quarter came in at $130.06 million versus the consensus estimate of $129.14 million.

President and Chief Executive Officer Dave Banyard commented, “Fourth-quarter results were in line with our expectations as we faced the continued impact of a reduced capital spending environment that persisted across many industrial markets for most of 2016. Demand in agriculture markets has been notably weak with record sales declines in some channels over the previous two years. Some of our most strategic products sell into these customers. While we are disappointed with our sales performance during the year, we managed costs well and made tangible improvements in the management of working capital and capital spending, both of which will continue to be part of our strengths moving forward.”

“This past year was a transition period for Myers Industries. We enter 2017 with a strong enterprise strategy focused on delivering safety and efficiency solutions to our customers. We have established a solid foundation of operating principles within our strategy that focus on niche markets, flexible operations and strong cash flow. Instilling a culture of ownership within our team will drive execution of the strategy and help deliver strong results in the future.”

For earnings history and earnings-related data on Myers Industries (MYE) click here.

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