AKRON (Oct. 22)—Myers Industries Inc. suffered a recession-induced 46.3-percent drop in third-quarter earnings to $1.69 million, as sales fell 7.9 percent to $141.5 million. Polymer manufacturing segment sales suffered more than the distribution segment, falling 9 percent in the quarter vs. 4 percent for distribution. "Third-quarter resultsàdemonstrate that while we are quite diversified, we are not immune to the recession experienced in most manufacturing enterprises since late 2000," said Stephen E. Myers, president and CEO. In the distribution sector, profitability improved over the comparable three- and nine-month periods, Myers said, as a result of a favorable product ratio of consumable supplies to capital equipment. For the nine-month period, net earnings dropped 34.2 percent to $12.9 million, while sales slipped 4.6 percent to $459.4 million.
Myers sales, earnings fall in third quarter
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