This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Myers Industries Shares Surge On Robust Outlook

NEW YORK (AP) ¿ Myers Industries Inc. stock jumped Monday, one trading day after the plastic and rubber products maker issued a first-quarter earnings estimate that dramatically exceeded Wall Street expectations.

After the market closed Thursday, the Akron, Ohio, company said it expects earnings per share in the range of 11 cents to 14 cents, including expenses primarily related to restructuring programs.

Excluding restructuring expenses, Myers expects first-quarter earnings per share to be in the range of 21 cents to 24 cents.

Analysts surveyed by Thomson Reuters, who generally exclude one-time expenses from their estimates, were anticipating earnings per share of 9 cents.

Myers, a leading maker of plastic material handling containers, horticultural containers and flower planters, attributed its surprisingly robust first-quarter outlook to "pricing initiatives, expense controls, raw material costs and benefits from restructuring."

Markets were closed for the Good Friday holiday but by midday Monday shares had risen $1.58, or 21.4 percent, to $8.97.

CL King analyst Gary Farber said the company's first-quarter tends to be "one of the seasonally stronger ones for the company." He reiterated his "Hold" rating on the shares.

The company is scheduled to report first-quarter results Thursday.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
MYE $16.69 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs