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

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

How CEO Santi is changing ITW

April 23, 2014 2:48 pm ET

Scott Santi is showing he can do more than just cut costs at Illinois Tool Works Inc.    More

Image

Unilever puts Dove brand on a MuCell diet

April 23, 2014 1:57 pm ET

New technology employed by Unilever NV in the manufacture of bottles for its Dove Body Wash range of products could end up saving the brand owner up...    More

Image

Coffee roaster looks to improve footprint of single cup systems

April 22, 2014 1:30 pm ET

One of the largest coffee and tea manufacturers in North America has introduced a single-serve beverage capsule intended to curb the waste created by ...    More

Image

German electronics firm expanding in Hungary

April 22, 2014 9:46 am ET

German electronics manufacturer Provertha GmbH has announced plans to set up a new plastic galvanizing plant at the Kapuvár Industrial Park, in...    More

Image

Inventor taps into TV exposure, crowd funding for water bottle project

April 21, 2014 3:26 pm ET

An Australian inventor has developed a reusable plastic water bottle with a filter in a bid to get more people to drink tap water instead of buying di...    More

Market Reports

Market Data Book - Rankings & Lists

A one-stop download of Plastic News' exclusive annual lists and processor rankings containing essential data including sales, employees, end markets, materials and more.
EXCLUSIVE EXCEL FEATURE: full mailing address details for available plant locations.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Mold Making and Tooling Review and Outlook 2014 – North America

This report provides in-depth analysis of the mold and toolmaking market for North America, including discussions of trends, opportunities, threats, the latest developments in production and labor and equipment trends impacting moldmakers.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events