Myers Industries Expects FY24 Net Sales Growth Of 5%-10% YoY Vs $915.8M Est, Adj EPS Of $1.05-$1.20 Vs $1.28 Est
Portfolio Pulse from Benzinga Newsdesk
Myers Industries (MYE) has provided its fiscal 2024 outlook, expecting net sales growth of 5%-10% year-over-year, net income per diluted share between $0.76 and $0.91, and adjusted EPS between $1.05 and $1.20, which is below the $1.28 estimate. Capital expenditures are projected to be $30 million to $35 million, with an effective tax rate of approximately 26%.
August 01, 2024 | 11:25 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Myers Industries (MYE) has provided its fiscal 2024 outlook, expecting net sales growth of 5%-10% year-over-year, net income per diluted share between $0.76 and $0.91, and adjusted EPS between $1.05 and $1.20, which is below the $1.28 estimate. Capital expenditures are projected to be $30 million to $35 million, with an effective tax rate of approximately 26%.
The adjusted EPS guidance of $1.05-$1.20 is below the market estimate of $1.28, which could lead to a negative short-term impact on the stock price. However, the projected net sales growth of 5%-10% and controlled capital expenditures may provide some support.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100