Myers Industries Inc., parent of Myers Tire Supply and Patch Rubber Co., reported record sales and earnings in the first quarter as business improved in each of the firm's sectors.
The company's distribution segment-which handles equipment, tools and supplies for tire servicing and undervehicle repair-reported a 29.7-percent jump in pre-tax income while sales rose 10.4 percent to $46.5 million.
Myers credited higher sales, better pricing and effective cost controls for the earnings improvement and said demand and sales in all major product categories remained steady across the segment's markets.
Overall, Myers reported a 38.4-percent increase in net income, to $10.8 million, on 3.7-percent better sales of $244.9 million.
Looking forward, Myers said it is optimistic its North American end markets will remain strong throughout the year and that improvements will be made in the European markets.
Efforts in selling prices, cost controls, productivity and other operating initiatives are expected to yield further benefits throughout the year.