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Myers Industries, Inc. reports company news tied to its role as a manufacturer of sustainable plastic and metal products for Consumer, Vehicle, Food & Beverage, Industrial, Infrastructure, and Automotive Aftermarket end markets. Its Products that Protect portfolio includes durable products and solutions used in material handling, storage, organization, OEM applications, and related industrial uses.
Recurring developments include quarterly and annual earnings, single-segment financial reporting, focused transformation initiatives, manufacturing cost actions, cash flow and leverage updates, dividends, annual meeting matters, and board composition. Company updates also address changes in financial presentation, end-market demand, raw material and production-cost risks, and governance actions approved by shareholders or the board.
Myers Industries, Inc. (NYSE: MYE) announced an 8% price increase effective March 1, 2021, across most of its product portfolio. This decision comes as a response to rapidly increasing raw material costs, particularly resin. Key brands affected by this price adjustment include Akro-Mils, Ameri-Kart, Buckhorn, Elkhart Plastics, Jamco Products, Patch Rubber Company, and Scepter.
Myers Industries is a major manufacturer of polymer products and a leader in the distribution of tools and supplies for the tire service industry in the U.S.
Myers Industries (NYSE: MYE) will release its financial results for Q4 and full year ended December 31, 2020, on March 11, 2021, before market opening. This will be followed by a conference call at 8:30 a.m. ET to discuss the performance. Investors can register for the call via a specific online link and it will also be available through a live webcast on the company's website. Additionally, the Annual Meeting of Shareholders is set for April 29, 2021, at 9:00 a.m. ET with a record date of March 5, 2021.
Myers Industries (NYSE: MYE) has appointed Yvette Dapremont Bright and Jeffrey Kramer to its Board of Directors, effective February 12, 2021. Yvette, former COO of Independence Blue Cross, brings expertise in corporate transformation with a background in managing revenues exceeding $6 billion. Jeffrey, CEO of Schweitzer-Mauduit International, is recognized for driving positive organic growth and improving operating margins. Their leadership will enhance Myers’ mission to centralize functions and drive growth, as stated by Chairman F. Jack Liebau, Jr.
Myers Industries, Inc. (NYSE: MYE) has appointed Sonal P. Robinson as Executive Vice President of Finance, effective February 1, 2021. Robinson will later become Chief Financial Officer in March 2021. With over 30 years of experience, she previously worked at The J.M. Smucker Company, where she served as Vice President and Treasurer. President Mike McGaugh expressed confidence in Robinson's leadership abilities and strategic experience in capital markets. Dan Hoehn, the interim CFO since September 2020, will return to his previous role as Vice President and Corporate Controller.
Myers Industries (NYSE: MYE) has announced the acquisition of Elkhart Plastics, a leading rotational molding company, as part of its strategic growth plan. Founded in 1988, Elkhart reported revenues of approximately $100 million in 2019. The acquisition, which will create the fifth-largest rotational molding business in the U.S., is expected to be immediately accretive to earnings and generate annual cost synergies of $4 million to $6 million within two years. This move aims to enhance Myers' product portfolio and supply-chain efficiencies.
Myers Industries, Inc. (NYSE: MYE) announced that CEO Mike McGaugh will present at the Baird 2020 Global Industrial Conference on November 12, 2020, from 9:05 – 9:35 a.m. EST. The virtual conference will include a presentation on the company's strategy, followed by one-on-one meetings with management. Myers Industries is a leading manufacturer of polymer products and the largest distributor of tools and supplies in the tire, wheel, and under-vehicle service industry in the U.S.
Myers Industries (NYSE: MYE) reported a strong performance for Q3 2020, with net sales increasing by 5.4% to $132.3 million and gross margin rising to 35.6%. GAAP income per diluted share rose to $0.24 from $0.15 in Q3 2019, while adjusted income per diluted share was $0.30. The company unveiled a multi-phased strategic vision aimed at organic growth and operational excellence. However, it has revised 2020 revenue expectations to a low-to-mid single-digit decline, reflecting a cautious outlook for Q4. The company's focus is on strengthening through enhanced customer-centric innovations.
Myers Industries, Inc. (NYSE: MYE) has announced a quarterly cash dividend of $0.135 per share, scheduled for payment on January 5, 2021, to shareholders of record as of December 7, 2020. This dividend reflects the company's ongoing commitment to providing returns to its shareholders. Myers Industries is a manufacturer of polymer products catering to various markets, including industrial, agricultural, and automotive sectors.
Myers Industries (NYSE: MYE) has joined the Alliance to End Plastic Waste, a global nonprofit aimed at eliminating plastic waste. This partnership includes nearly fifty companies from the plastics value chain, focusing on infrastructure, innovation, education, and cleanup efforts. CEO Mike McGaugh emphasized the company's commitment to shaping future projects that recover and eliminate plastic waste. The Alliance aims to develop solutions to prevent environmental contamination and promote a circular economy.
Myers Industries, Inc. (NYSE: MYE) will announce its financial results for Q3 2020 on October 29, 2020, before market opening. A conference call will take place at 8:30 a.m. ET on the same day to discuss the results. Investors can register for the call online or access a live webcast through the company's website. A replay of the teleconference will be available until November 5, 2020. Myers Industries is a leading manufacturer of polymer products and the top distributor of service tools and supplies in the U.S.