AKRON (May 1) — Myers Industries Inc. reported record sales and earnings in the first quarter as business improved in each of the firm´s sectors.
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.
In its automotive and custom segment, which makes rubber and plastic parts, sales gained 8.1 percent to $51.9 million because of continued strength in the sector´s markets and gains made with product pricing. Income before taxes jumped 46.2 percent to $3.8 million.
Business in 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 $42.1 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.
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.