ERJ staff report (R&PN)
Akron, Ohio -- Myers Industries Inc. suffered a $1.1 million (Euro 850 000) net loss for the second quarter, compared with a $725 000 loss a year ago, despite a 6.4-percent increase in sales to $175.9 million.
However, its Myers Tire Supply distribution segment boosted its EBIT earnings 44 percent to $3.6 million on a 9.5-percent jump in sales to $44 million, compared with the year-ago quarter. The company said revenues benefited from stronger replacement tyre sales.
The Akron-based company attributed its overall loss to a â€œrapid increase in raw material costs. Given the seasonal timing of this pressure, higher costs were not fully recoverable in the Lawn and Garden segment. This negative effect offset strong profit improvement in the Engineered Products and Distribution segments.â€
For the first six months, Myers Industries' net earnings dropped 20 percent to $4.4 million as sales edged up 4.1 percent to $362.3 million, compared with the year-ago period.
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Rubber and Plastics News (a Crain publication)