By Jim Mackinnon
Beacon Journal business writer
Akron-based Myers Industries Inc. on Thursday reported net income of $6.5 million, or 19 cents a share, on sales of $194.9 million for its third quarter ended Sept. 30.
Myers a year ago had a quarterly profit of $5.8 million, or 17 cents a share, on sales of $197.3 million. Shares of Myers fell 7 cents to $18.85. Shares are up 26.5 percent, including dividends, since Jan. 1 and are up 31.3 percent from a year ago.
Sales came in slightly below the company’s expectations because a poor tomato crop hurt Myer’s material handling segment that makes, among other things, specialized plastic bulk tomato containers. Material handling revenue was $76 million, down from $76.2 million a year ago. Net income for the segment was also lower compared to a year ago.
Sales overall are up 6.4 percent from a year ago, said John Orr, president and chief executive officer.
“We expect year-over-year sales growth in the fourth quarter, helped by new product sales,” Orr said in a statement.
Orr said the company’s focus on improving profits caused adjusted earnings per share to increase 25 percent from a year ago. Earnings improvements were driven by the company’s lawn and garden and distribution segments.
Lawn and garden segment sales totaled $44.9 million, down from $45.3 million, while adjusted income was $2.5 million compared to break-even a year ago.
Distribution segment sales were $45 million, down slightly from $45.1 million a year ago. Adjusted income was up from the third quarter of 2012.
Engineered product segment sales were $33.8 million, down from $35.7 million a year ago. Adjusted income was down slightly from a year ago.
Third-quarter adjusted net earnings were 25 cents per share compared to 20 cents a year ago, the company reported.
For the first nine months of the year, Myers said it had net income of $22.7 million on sales of $613.9 million. For the same nine-month period in 2012, Myers had net income of $21.4 million on revenue of $577.2 million.
Myers makes, among other things, plastic and rubber products used in material handling and for the wholesale and retail lawn and garden industry. It describes itself as the largest wholesale distributor of specialized tire and so-called “under vehicle” tools.
Brands include Akro-Mils, Jamco, Buckhorn, Planters Pride and Patch Rubber.
Jim Mackinnon can be reached at 330-996-3544 or firstname.lastname@example.org.