Myers Industries Shares Tanks In Spite Of Improved Quarterly Results

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Shares of Plastics and rubber products maker Myers Industries, Inc. (MYE) are falling more than 18% Wednesday morning despite improved quarterly results.

Profit in the fourth quarter increased to $13.43 million or $0.36 per share from $7.26 million or $0.20 per share in the same quarter a year ago. Excluding one-time items, earnings were $11.8 million or $0.32 per share

Quarterly sales increased 6.6% to $212.84 million from $199.58 million last year.

MYE, currently at $21.09, has traded in the range of $15.88-$26.49 in the last 1 year.

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