Myers Industries shares rose slightly Wednesday after the Akron polymer products manufacturer and tool distributor reported a profitable first quarter.
Myers reported net income of nearly $6.8 million, or 19 cents per share, on revenue of $139.1 million for the quarter ending March 31. That compares to net income of $6.8 million, or 25 cents per share, on revenue of $152.6 million a year ago.
Sales fell by $13.5 million from a year ago largely because of a decline in the company’s Material Handling Segment, primarily a drop in seed box demand after an unusually strong 2018 first quarter. Declining recreational vehicle sales also impacted the segment, the company said.
Adjusted net income was 23 cents per share compared to 24 cents per share in the first quarter of 2018.
Net income beat analyst expectations while revenue fell short. The company reaffirmed its full 2019 income outlook.
Shares of Myers closed Wednesday up 6 cents, or 0.34 percent, to $17.65. Over the past 52 weeks, shares have ranged from a low of $14.24 to a high of $25.70.
“Our first quarter financial performance was in line with our expectations as we continued to improve our operations and margins,” Dave Banyard, president and chief executive officer, said in a news release. “We continued to execute our Distribution Segment transformation and delivered sales growth for the second consecutive quarter, despite one less selling day compared to the first quarter of 2018.”
The company expanded gross profit margins and its adjusted operating income, “demonstrating the impact of our continuous improvement operating model,” Banyard said. “We anticipate that our cash flow performance over the remainder of the year will return to more consistent levels seen in the last couple of years.”
Myers Industries said it expects revenue for all of 2019 will be flat compared to 2018.