AKRON (March 10, 2017) — Myers Industries Inc. suffered double-digit drops in operating and net income for the year ended Dec. 31, as lower sales resulted in operational inefficiencies.
Operating income fell 47.6 percent to $16.2 million on 7.2-percent lower sales of $558.1 million, yielding an operating margin of 2.9 percent. Net income was off 25.8 percent to $13.1 million.
Myers cited decreased capital spending in several of its key end markets for its lower sales.
Myers' Distribution Segment, which includes Myers Tire Supply, reported a 20.4 percent drop in operating income, to $12.8 million, on 9 percent lower sales of $170.7 million.
Myers said lower equipment sales and lower sales volume in the retread market segment — partially offset by higher pricing — led to the segment's lower sales.