Myers Industries Expects FY23 Net Sales To Decline In The Mid To High Single Digit Range (Prior Decline In The Mid-Single Digit Range); Sees Adjusted EPS Of $1.35 To $1.40 (Prior $1.55 To $1.85) Vs. $1.56 Consensus
Portfolio Pulse from Benzinga Newsdesk
Myers Industries has revised its fiscal 2023 outlook, expecting a decline in net sales in the mid to high single digit range, down from a previous forecast of a mid-single digit decline. The company also lowered its adjusted earnings per share (EPS) forecast to $1.35 to $1.40, down from a previous range of $1.55 to $1.85. Capital expenditures are expected to be between $25 to $30 million, with an effective tax rate of approximately 25%.
November 01, 2023 | 10:50 am
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Myers Industries has lowered its FY23 outlook, which could negatively impact investor sentiment and potentially lead to a decrease in the company's stock price.
The company's revised outlook indicates a larger than previously expected decline in net sales and a lower EPS, which could be seen as negative indicators of the company's future performance. This could lead to a decrease in investor confidence and a potential drop in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100