AKRON—Myers Industries Inc.'s first quarter net earnings fell 21.1 percent to $7.9 million despite an 8.1-percent jump in sales to $215 million.
Akron-based Myers attributed the surge in sales primarily to the acquisitions of two companies last year and sales increases in the Material Handling and Lawn & Garden segments that more than offset relatively flat sales in the Distribution and Engineered Products units.
The Distribution Segment, which includes Myers Tire Supply, recorded $42.6 million in sales, nearly on par with the year-ago quarter, while operating income dropped 19.1 percent to $2.84 million. Myers attributed the income drop to a change in product mix of equipment vs. supplies combined with planned information technology expenditures.
“We continue to anticipate that our full year 2013 results should improve over 2012,” President and CEO John Orr said. “This improvement is driven by our efforts in cost reductions, new product innovation and increased sales.”
During the first quarter, capital expenditures totaled $4.5 million and Myers said it plans to allocate $30 million to $35 million in capital expenditures for the year.