Why Myers Industries Stock Dropped on Wednesday
Plastic and metal product specialist Myers Industries (NYSE: MYE) underperformed a declining market on Wednesday. Shares were down 14% by 3 p.m. ET today, compared with a 0.6% drop in the S&P 500. That drop put Myers' stock back in negative territory for 2023, although shares are still comfortably beating the market over the past full year.
The drop was sparked by a lukewarm reception on Wall Street to management's fourth-quarter earnings report.
Myers executives said before the market opened that sales rose 7% for the selling period that ended in late December, while adjusted earnings rose 39%. The company achieved solid profitability and cash flow, too, with help from a growing brand portfolio that now includes Mohawk Rubber. "2022 was a strong year," CEO Mike McGaugh said in a press release .
Source Fool.com
