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."