Myers Industries sees second-quarter earnings climb

Published: July 19, 2012 6:00 am ET

Related to this story

Topics Consumer Products, Injection Molding, Rotomolding, Thermoforming

AKRON, OHIO (July 10, 1:15 p.m. ET) — Myers Industries Inc. has reported a solid increase in second-quarter earnings despite a modest 2 percent increase in sales from a year earlier.

The Akron-based manufacturing and distribution company said its net income in the quarter climbed 21 percent, to $5.66 million from $4.66 million. Diluted per-share profits rose even more, increasing 31 percent to 17 cents from 13 cents, because of fewer shares outstanding this year.

Sales at Myers edged up to $181.1 million from $177.3 million in the second quarter of 2011. The company’s cost of sales essentially was flat, at $133.7 million in the latest second quarter versus $132.8 million in the year-earlier period.

Myers said its gross margin expanded to 26.2 percent in the second quarter of 2012 from 25.1 percent in the second quarter of 2011. It said the expansion “was due mostly to reduced costs and productivity improvements resulting from continued execution of the company’s operations excellence initiatives.”

Myers said it expects some mixed trends in the second half of 2012.

“Results should benefit from the shifting of orders from the second quarter to late in the second half of 2012 as well as from the company’s operations excellence program,” Myers said. “However, the soft economy may offset a portion of these benefits. The company expects full-year results to reflect continued solid performance.”

Myers did not offer a specific earnings forecast.


Comments

Myers Industries sees second-quarter earnings climb

Published: July 19, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Delphi buying connector maker Antaya

September 22, 2014 2:25 pm ET

Delphi Automotive plc will buy Antaya Technologies Corp., a Rhode Island company that supplies wire harnesses and other technologies that connect...    More

Image

New medical firm buys Clairson Plastics

September 19, 2014 4:33 pm ET

Custom injection molder Clairson Plastics is being sold to a new start-up that plans to dive into the medical market with a new dialyzer, a key...    More

Image

Hong Kong's TK eyes expansion, may buy Nypro Tool operation

September 19, 2014 2:49 pm ET

Hong Kong-based mold maker and plastics processor TK Group (Holdings) Ltd. said it's reached a tentative agreement to buy a tooling factory in...    More

Exo-s buys injection and blow molder in Mexico, expands footprint

September 19, 2014 2:15 pm ET

Custom molder Exo-s Inc. has bought an injection and blow molding operation in San Juan del Rio, Querétaro, Mexico.    More

Image

P&G removing PE microbeads from its Crest brand toothpaste

September 18, 2014 1:57 pm ET

After months of prodding, Procter & Gamble Co., the makers of Crest brand toothpastes, say polyethlene microbeads will be completely removed from its ...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events