Myers Industries Inc., parent company of Myers Tire Supply and Patch Rubber Co., said its net income soared 86.3 percent in the second quarter on higher unit sales, improved pricing and operating efficiency.
Earnings rose to $6.1 million, from $3.28 million last year, as sales grew 16.4 percent to $196.8 million from $169.0 million a year ago.
For the first six months of the year, Akron-based Myers reported net sales of $382.3 million, up 15.1 percent from $332.2 million in 2003.
Net income improved 42.9 percent to $15 million from $10.5 million last year.
For the quarter, sales in the manufacturing segment increased 19 percent. Sales in the distribution segment grew 5 percent in the period.
``Our performance for the second quarter and six months benefited from higher unit sales, improved pricing and continued emphasis on operating efficiency in both of our business segments,'' said Stephen Myers, chairman and CEO. ``These helped to offset the continued increase in the price for plastic resins used in our manufacturing segment.''