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Myers Industries Reports Fourth-Quarter Gains

February 13, 2013 by · Leave a Comment 

Myers Industries Inc. today announced results for its full year and fourth quarter, ended Dec. 31. Through its Engineered Products division, the company supplies the RV industry with water and waste tanks along with interior and exterior components.

Net sales in the fourth quarter were $214 million compared with $192.5 million in the fourth quarter of 2011. Gross margin was 26.7% in the fourth quarter of 2012 compared to 27 in the fourth quarter of 2011.

Net income in the fourth quarter of 2012 was $8.5 million, or 25 cents per diluted share, compared to net income of $5.9 million, or 18 cents per diluted share, in the fourth quarter of 2011.

Net sales for the full year of 2012 were $791.2 million compared with $755.7 million for the full year of 2011. Strong sales performance in the Engineered Products and Material Handling Segments more than offset sales decreases in the Distribution and Lawn & Garden Segments. Gross margin for the year expanded to 27.2% compared to 26.2% in 2011.

Net income for the full year was $30 million, or 88 cents per diluted share, compared to net income of $24.5 million, or 71 cents per diluted share, for the full year of 2011.

The Engineered Products Segment’s net sales were $30.1 million in the fourth quarter of 2012 compared to $31.1 million in the fourth quarter of 2011. A decline in sales of custom products was partially offset by sales increases in the RV and marine markets during the quarter. Engineered Products’ adjusted income before taxes was $2.4 million in the fourth quarter of 2012 compared to $2.9 million in the fourth quarter of 2011.

 

 

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