AKRON (Nov. 10, 2008) — Myers Industries Inc.'s net profits slipped 13.3 percent on flat sales in the third quarter, caused by lower volumes resulting from weak conditions in end markets.
The firm reported net income of $1.3 million on flat sales of $214 million for the three months. For the nine-month period, net income fell 60 percent to $14.6 million and sales slid 1.1 percent to $677.9 million.
The company said raw material costs for the nine months were 30 percent higher than that of the previous year. Myers said product pricing initiatives were implemented to cover the higher costs, and that mitigated the impact of lower unit volumes.