Myers Industries reports higher sales, lower earnings

Published: October 18, 2012 6:00 am ET

Related to this story

Topics Consumer Products Injection Molding Rotomolding
Companies & Associations

AKRON, OHIO (Oct. 18, 10 a.m. ET) — Myers Industries Inc. has reported lower third-quarter earnings than a year earlier as it benefited in last year's third quarter from what it termed “favorable income tax adjustments.”

The diversified manufacturing and distribution company said its net income in the quarter declined 19 percent, to $5.8 million, or 17 cents a share, from $7.2 million, or 21 cents a share. Myers recorded an income tax expense of $2.8 million in the latest third quarter, but had an income tax benefit of $1.2 million in the year-earlier period.

Sales at Akron-based Myers rose 3.7 percent, to $197.3 million from $190.3 million.

“Despite current market challenges, we are encouraged by our financial performance for the third quarter of 2012,” Myers president and CEO John C. Orr said in a statement. “Our income before taxes improved 43.1 percent over last year's third quarter. This was due to a strong performance in Material Handling, including our Brazil-based Novel acquisition. We had improved results versus last year in Lawn & Garden as well.

“We expect that both our fourth-quarter and full-year performance will show improved results compared to last year,” Orr said. “On Oct. 2, we announced that we acquired Jamco Products Inc., a leading designer and manufacturer of heavy-duty industrial steel carts and safety cabinets. This acquisition further expands our Material Handling business, specifically in storage and safety products, which we have identified as a key growth platform."


Comments

Myers Industries reports higher sales, lower earnings

Published: October 18, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Clopay Plastics suing Berry over breathable film trade secrets

April 23, 2015 2:08 pm ET

Clopay Plastics Products Co. is alleging Berry Plastics Group Inc. stole trade secrets involving its breathable film technology used for baby and...    More

Image

Appliance giant eyes in-house recycling, compounding

April 22, 2015 6:00 am ET

The world's largest residential air conditioner manufacturer is looking into in-house compounding of recycled plastics.    More

Image

Economic déjà vu: strong spring growth expected after a rough winter

April 15, 2015 2:03 pm ET

The long, harsh winter is finally over, and the first quarter of the calendar is history. So now is an appropriate time to review the emerging trends ...    More

Market Reports

North American Thermoformed Packaging Market Outlook & Review 2015

Our annual report provides a thorough review and analysis of economic and political conditions, emerging market trends, packaging design advances, materials pricing and sustainable packaging issues impacting supply and demand in the TP segment. Our analysts identify key drivers of growth and opportunities for processors to remain competitive in the years ahead through innovation, production efficiencies and more.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

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

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events