AKRON (April 21, 2004) — Net sales jumped 14 percent in the first quarter for Myers Industries Inc., mostly on favorable exchange rates and contributions from recent acquisitions.
The company posted sales of $185.5 million, up from $163.2 million last year. Akron-based Myers also reported net income of $8.86 million, a 23-percent jump from last year's $7.19 million. Currency translation improved sales by $6.7 million, and the acquisitions of Michigan Rubber Products and WEK Industries helped sales by $4.4 million.
“We benefited during the quarter from an improved economy and from our actions to advance internal growth, margins and cost controls,” said Stephen Myers, chairman and CEO. “These helped to offset higher prices for plastic raw materials, which continued an upward trend.”
Myers said its distribution segment increased 18 percent in the quarter from higher sales to car dealers and from increased spending by tire dealers and other customers on equipment and supplies.
Myers manufactures polymer products for various markets and also distributes tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S.