Myers Industries, Inc. - MYE STOCK NEWS

Myers Industries (NYSE: MYE) reported Q3 2024 results with net sales of $205.1 million, up 3.7% from prior year. The company recorded a net loss of $10.9 million, including a $22.0 million non-cash goodwill impairment charge. Adjusted EBITDA increased to $30.7 million from $25.6 million. The company updated its full-year guidance, now expecting adjusted earnings per share of $0.92-$1.02. Management announced targeting additional $15 million in annualized cost savings by 2025, while facing ongoing demand headwinds in certain markets.

Myers Tire Supply, the largest distributor of tools and equipment for the tire and under-vehicle service industry, will showcase its MTS Xpress digital platform at the 2024 SEMA Show in Las Vegas from Nov. 5-8. Launched in 2023, MTS Xpress is a mobile app-based system that helps users consolidate suppliers, control inventory levels, and reduce labor costs. The platform features barcode scanning for easy reordering, same-day shipping capabilities, and free installation by Myers professionals. The system includes a rack-and-bin storage solution for qualified customers and is already used by thousands of tire dealers and National Accounts.

Myers Industries (NYSE: MYE) has declared a quarterly cash dividend of $0.135 per share. The dividend will be paid on January 3, 2025, to shareholders of record as of December 3, 2024. Myers Industries is a leading manufacturer of polymer and metal products serving industrial, agricultural, automotive, commercial and consumer markets, and is the largest distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the U.S.

Myers Industries' Connect-A-Dock brand has been named the Official Dock Supplier for the Head Of The Charles Regatta (HOCR), the world's largest rowing event. Connect-A-Dock has supported HOCR for over two decades. The event, held annually since 1965 on the Charles River in Cambridge, Mass., will take place from Oct. 18 to 20 this year, expecting to attract over 12,000 athletes and thousands of spectators.

Connect-A-Dock's floating dock systems are known for their versatility and stability, making them popular among regattas, boat houses, and rowing clubs across the US and Canada. For the 2024 event, a new 120-foot by 7.5-foot Connect-A-Dock system will serve as the main launching platform on the Charles River.

Myers Industries (NYSE: MYE) has announced the reporting date for its 2024 third quarter financial results. The company will release its results on Monday, November 4, 2024, after market close. A conference call will be held the same day at 4:30 p.m. Eastern Time to review the performance.

Investors and analysts can access the call by registering through a provided participation link. Alternatively, a live webcast will be available on the company's website. An archived replay of the call will be accessible shortly after the event, with dial-in details provided for telephone replay access.

Myers Industries, based in Akron, Ohio, is a manufacturer of sustainable plastic and metal products for various markets and the largest distributor of tools and equipment for the tire and vehicle service industry in the United States.

Scepter, a Myers Industries company, has won a prestigious 2024 Pro Tool Innovation Award for its Powered Fueling Station (PFS). This professional-grade mobile refueling container is designed to deliver gasoline with the flip of a switch. The PFS features a rapid dispensing system, a 14-gallon capacity, and rugged six-inch wheels for easy mobility.

Mike Miller, Business Vice President-Blow Molding Platform at Myers Industries, highlighted the PFS's ability to minimize refueling downtime and reclaim valuable hours. The Pro Tool Innovation Awards judges praised the PFS as an ideal solution for ranchers, commercial users, and industrial settings, noting its durable fuel hose and ability to handle tough jobsite conditions.

The Powered Fueling Station will be showcased at Scepter's booth (#10030) during Equip Exposition 2024 in Louisville, Ky., from Oct. 15 to 18.

Myers Industries (NYSE: MYE) has announced a leadership transition, appointing Dave Basque as Interim President and CEO, replacing Mike McGaugh effective immediately. Basque, previously Vice President of Special Projects and former VP in the Material Handling Segment, will serve until a new CEO is appointed. The Board has engaged a search firm to find a permanent replacement.

Chairman F. Jack Liebau Jr. praised McGaugh's contributions over the past 4.5 years, noting the company's improved position. Basque, an industry veteran with over 35 years of experience at Dow Chemical, joined Myers in 2020 and has been important in building the company's acquisition integration capabilities. The transition aims to support Myers' continued transformation, focusing on operational excellence, improved profitability, and increased cash flow generation.

Myers Industries (NYSE: MYE) has announced a quarterly cash dividend of $0.135 per share, payable on October 3, 2024, to shareholders of record as of September 13, 2024. This decision was approved by the company's Board of Directors. Myers Industries, headquartered in Akron, Ohio, is a manufacturer of sustainable plastic and metal products for various markets including industrial, agricultural, automotive, commercial, and consumer sectors. The company is also the largest distributor of tools, equipment, and supplies for the tire, wheel, and under-vehicle service industry in the United States.

Myers Industries (NYSE: MYE) reported Q2 2024 results with net sales of $220.2 million, up 5.7% year-over-year. Net income was $10.3 million, slightly down from $10.6 million in Q2 2023. Adjusted EBITDA increased significantly to $38.9 million, compared to $24.7 million last year. The company's gross margin improved to 34.3%, up 150 basis points.

Despite strong performance from Signature Systems, Myers lowered its full-year guidance due to continued demand pressure in Recreational Vehicle, Marine, and Automotive Aftermarket end markets. The company now expects adjusted EPS of $1.05 - $1.20 for 2024. Myers is executing cost reduction initiatives, including facility consolidations, targeting $7M-$9M in annualized savings by 2025.