Posted April 20, 2011
Myers Industries sales up 4%
Myers Industries said its net sales for the first quarter were $193.4 million compared to $186.4 million in the first quarter of 2010, an increase of 4%.
Gross profit increased to 26.9% in the first quarter compared to 24.1% in the first quarter of 2010, as price increases helped mitigate raw material cost inflation and favorable mix and increased volumes led to improved margins. Net income was $5.5 million or 16 cents per share.
President and chief executive officer John C. Orr said, "Although there is still more work to do, we are pleased with the results of the quarter. Together with a sustained increase in demand across most of our end markets, our continued focus on customer dedication, innovation and productivity initiatives delivered improved operating results, on an adjusted basis, for the third consecutive quarter."
Myers Industries is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The company is also the largest wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S.
