Myers Industries, Inc. Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Myers Industries, Inc. (NYSE:MYE) just released its latest first-quarter report and things are not looking great. Unfortunately, Myers Industries delivered a serious earnings miss. Revenues of US$207m were 14% below expectations, and statutory earnings per share of US$0.09 missed estimates by 72%. The analyst typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We thought readers would find it interesting to see the analyst latest (statutory) post-earnings forecasts for next year.

Check out our latest analysis for Myers Industries

Following the latest results, Myers Industries' one analyst are now forecasting revenues of US$915.8m in 2024. This would be a solid 14% improvement in revenue compared to the last 12 months. Per-share earnings are expected to increase 9.5% to US$1.16. Yet prior to the latest earnings, the analyst had been anticipated revenues of US$941.7m and earnings per share (EPS) of US$1.37 in 2024. From this we can that sentiment has definitely become more bearish after the latest results, leading to lower revenue forecasts and a real cut to earnings per share estimates.

What's most unexpected is that the consensus price target rose 36% to US$30.00, strongly implying the downgrade to forecasts is not expected to be more than a temporary blip.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. It's clear from the latest estimates that Myers Industries' rate of growth is expected to accelerate meaningfully, with the forecast 19% annualised revenue growth to the end of 2024 noticeably faster than its historical growth of 13% p.a. over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 2.9% per year. Factoring in the forecast acceleration in revenue, it's pretty clear that Myers Industries is expected to grow much faster than its industry.

The Bottom Line

The biggest concern is that the analyst reduced their earnings per share estimates, suggesting business headwinds could lay ahead for Myers Industries. Regrettably, they also downgraded their revenue estimates, but the latest forecasts still imply the business will grow faster than the wider industry. There was also a nice increase in the price target, with the analyst clearly feeling that the intrinsic value of the business is improving.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have analyst estimates for Myers Industries going out as far as 2026, and you can see them free on our platform here.

Don't forget that there may still be risks. For instance, we've identified 1 warning sign for Myers Industries that you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.