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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV