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.