AKRON (Nov. 6, 2002)—Myers Industries Inc., parent of Myers Tire Supply and Patch Rubber Co., reported an 81.4-percent surge in net income to $3.07 million for the third quarter. Net sales for the quarter rose 3.7 percent to $146.6 million.
For the nine-month period, Myers' net income soared 54.9 percent to $19.9 million. Net sales, however, dipped 2.3 percent to $448.7 million due mainly to uneven market conditions that heightened competitive circumstances and product pricing pressures, according to Myers.
The company said foreign currency translation increased total sales and manufacturing segment sales by $3 million for the third quarter and $2.5 million for the nine-month period.
Continued weakness in the industrial markets squeezed volume and margins in the manufacturing segment, according to Stephen Myers, president and CEO.