AKRON (April 22, 2005) — Myers Industries Inc. reported record net sales in its first quarter—a 27.3-percent increase—yet net income slipped 12.3 percent primarily on high raw material costs.
Favorable currency translation helped push net sales to $236.2 million from $185.5 million in the prior period. Net income fell to $7.77 million from $8.86 million last year.
“Sales in all business segments were strong during the first quarter,” said Stephen Myers, chairman and CEO. “Our modest success with product price increases and internal cost reduction could not, however, offset higher costs for plastic raw materials, which penalized earnings.”
In the company's distribution segment, sales were up 12 percent to $42.1 million. Myers said its tire dealer markets and others delivered strong sales for tire and undervehicle service equipment and supplies.