24/7 Market News Snapshot 06 March, 2025 – Myers Industries, Inc. (NYSE:MYE)

March 6, 2025

DENVER, Colo., 06 March, 2025 (247marketnews.com) – (NYSE:MYE) are discussed in this article.
Myers Industries, Inc. (NASDAQ:MYE) is experiencing a remarkable surge in its stock performance, opening at $11.12 and reaching a high of $12.08, equating to a substantial gain of approximately 24.02%. This increase follows a previous close of $9.74, demonstrating heightened investor confidence with a trading volume of 1.01 million shares. Such momentum suggests growing enthusiasm around the company’s future prospects.

In conjunction with this stock performance, Myers Industries has also reported strong financial results for the fourth quarter and the full year ending December 31, 2024. The fourth quarter generated net sales of $203.9 million, marking a 6.7% increase compared to the previous year. The full year’s sales reached $836.3 million, a 2.9% annual growth. Notably, gross margins improved to 32.3% in the fourth quarter, up 230 basis points from the prior year, driven in part by solid performances from the Signature and Scepter brands. Adjusted EBITDA for the fourth quarter surged to $27.5 million, reflecting a remarkable 26.2% increase propelled by effective operational execution and an advantageous product mix.

Newly appointed President and CEO Aaron Schapper articulated the company’s vision moving forward, noting the launch of the ‘Focused Transformation’ program aimed at delivering $20 million in annualized cost savings by year-end 2025. Despite a reduction in overall net income for the year, the company effectively managed its debts, paying down $26 million since March 31, 2024. Furthermore, Myers Industries announced a new share repurchase initiative, authorizing up to $10 million in common stock purchases, signaling its commitment to enhancing shareholder returns.

As Myers Industries continues to navigate transformative opportunities, the company’s strong financial metrics and strategic initiatives position it well for sustained growth and value creation in 2025 and beyond.

Related news for (MYE)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.