AKRON (July 24, 2003) — Myers Industries reported mixed second quarter results, with net sales up 10 percent yet net income dipped 52 percent, pushed down in part by high raw materials costs and pricing pressures.
The Akron-based company reported net sales of $169.0 million, up from $153.1 million last year. Net income fell to $3.28 million from $6.80 million in 2002's second quarter. Favorable foreign currency translation increased second quarter sales by $8.4 million and net income by $256,000, Myers said.
For the six months ended June 30, Myers reported net sales of $332.2 million, up 10 percent from $302.0 million in 2002. Net income was $10.5 million, a drop of 38 percent from $16.8 million in 2002. In this period, favorable currency rates increased sales by $15.6 million and net income by $476,000.
“We are encouraged by the continued improvement in unit sales, despite the lingering weakness of the economy in general and the industrial sector in particular,” said Stephen Myers, president and CEO. “However, as we indicated in our June 13 news release, substantially higher costs for plastic raw materials and pricing pressures in the markets for our plastic products are depressing profitability.”
Myers manufactures polymer products for industrial, agricultural, automotive, commercial and consumer markets. The company also distributes tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S.