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Myers Industries Inc. - MYE STOCK NEWS

Welcome to our dedicated news page for Myers Industries (Ticker: MYE), a resource for investors and traders seeking the latest updates and insights on Myers Industries.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Myers Industries's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Myers Industries's position in the market.

Rhea-AI Summary
Myers Industries, Inc. has completed the acquisition of Signature Systems, strengthening its portfolio of market-leading brands and enhancing its margin and EPS growth profiles. The $350 million cash transaction was funded through an amendment and restatement of Myers' existing loan agreement, with a $400 million 5-year senior secured term loan A being added. The acquisition is expected to deliver double-digit EPS accretion and $8 million of run-rate synergies by 2025, with the Company's net leverage ratio at approximately 3.0x, within management's target range. Pro forma for the acquisition, Signature Systems' financial results are expected to be included within Myers' Material Handling segment. The transaction is expected to be neutral to slightly dilutive to US GAAP EPS in fiscal year 2024 but is anticipated to deliver EPS accretion of $0.20 to $0.30 in 2025 and $0.40 to $0.50 in 2026, with additional meaningful EPS accretion beyond 2026. Moelis & Company LLC served as the exclusive financial advisor to Myers with respect to the transaction, while Vorys, Sater, Seymour and Pease LLP and Davis Polk & Wardwell LLP provided legal counsel.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.89%
Tags
acquisition
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Rhea-AI Summary
Myers Industries, Inc. (NYSE: MYE) will report Q4 and full year 2023 financial results on March 5, 2024. The conference call will be available via webcast, with an archived replay. The Annual Meeting of Shareholders is scheduled for April 25, 2024, with both in-person and webcast options.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.55%
Tags
none
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Rhea-AI Summary
Myers Industries, Inc. (NYSE: MYE) announced the acquisition of Signature Systems, a leader in composite ground protection solutions, to bolster its margin and profitability profile. The acquisition is projected to deliver $8 million in annualized operational and cost synergies by 2025, with US GAAP EPS projected to be flat to slightly dilutive in 2024, and $0.20 - $0.30 per share accretion in 2025, $0.40 - $0.50 per share accretion in 2026, and additional meaningful accretion beyond 2026.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.41%
Tags
acquisition
Rhea-AI Summary
Myers Industries, Inc. (NYSE: MYE) announced the appointment of Meghan Beringer as Senior Director of Investor Relations. Beringer brings twenty years of leadership experience and a strong network from her previous roles in the utility and banking industries. She will focus on driving transparency in communications with the investment community, reporting to Grant Fitz, Chief Financial Officer.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.67%
Tags
none
-
Rhea-AI Summary
Myers Industries, Inc. reported net sales of $197.8 million for Q3 2023, a decrease of 13.3% compared to the prior year period. Gross margin increased by 10 basis points to 31.5%. GAAP net income per diluted share was $0.34, while adjusted earnings per diluted share were $0.38. Cash flow provided by operations was $22.1 million and free cash flow was $18.1 million. The Material Handling segment saw a decrease in net sales and operating income, while the Distribution segment experienced a decrease in net sales but an increase in operating income. The company's cash on hand was $24.8 million and total debt was $69.3 million as of September 30, 2023. The company revised its outlook for fiscal 2023, expecting a decline in net sales and adjusted earnings per diluted share.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.62%
Tags
earnings
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Rhea-AI Summary
Myers Industries, Inc. (NYSE: MYE) approves quarterly cash dividend of $0.135 per share.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.49%
Tags
dividends
Rhea-AI Summary
Myers Industries, Inc. announces its participation in two upcoming investor conferences.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.41%
Tags
conferences
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Rhea-AI Summary
Myers Industries, Inc. will report Q3 2023 financial results on November 1, 2023, before the market opens. A conference call will be held at 8:30 a.m. ET to review performance.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.94%
Tags
earnings
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Rhea-AI Summary
Myers Industries, Inc. approves quarterly cash dividend of $0.135 per share.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
dividends
Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.33%
Tags
earnings
Myers Industries Inc.

NYSE:MYE

MYE Rankings

MYE Stock Data

715.77M
36.28M
1.41%
91.88%
1.24%
Metal Can Manufacturing
Manufacturing
Link
US
Akron

About MYE

founded in 1933 in akron, ohio, myers industries is a leading manufacturer of polymer products for material handling and a distributor of tire retread and repair products, serving growing markets from agricultural to medical and automotive to commercial. the company’s diversified portfolio of branded products fall under 2 key segments: material handling: the industry’s most recognized brands for reusable boxes, bins, and pallets to replace cardboard and other disposable packaging, reducing waste and cost. the industry’s leading oem supplier of fuel, waste, and water tanks, and portable fuel containers for marine, rv, and military applications. plastic reusable bulk boxes and pallets plastic storage bins and systems metal shelving systems fuel tanks and portable fuel containers water tanks military containers key markets agriculture food and beverage industrial, retail, and consumer distribution healthcare manufacturing marine and recreational vehicle distribution: north america’s large