AKRON (Oct. 22, 2004) — Myers Industries Inc.'s sales rose 30.8 percent to a quarterly record as net income jumped 153.7 percent in the third quarter.
For the third period, Myers reported net sales of $199.4 million, up from $152.4 million last year. Net income reached $3.82 million from $1.51 million the previous year. Myers said the net income includes a gain of about $914,000 from the sale of a warehouse in California.
In the year's first nine months, Myers posted net sales of $581.7 million, up 20 percent from $484.6 million in 2003. Net income rose 56.8 percent to $18.8 million from $12 million last year.
“Sales continued to be strong in most of our markets,” said Stephen Myers, chairman and CEO. “We have increased selling prices where possible while maintaining our cost reduction initiatives, to attempt to mitigate the impact of large increases in the cost of raw materials to which we have been subjected this year.”
Among Myers' manufacturing functions, the company also is a wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S. Sales in this distribution segment rose 9 percent in the third quarter and 10 percent for the nine months. Myers said the increase was driven by strong sales of equipment items.