AKRON, Ohio -- Myers Industries has reported its results for the fourth quarter and year ended Dec. 31, 2010.
Net sales were $188.2 million, compared to $188.3 million in the fourth quarter of 2009. The company reported a loss from continuing operations of $50.5 million or $1.43 per share, compared to income from continuing operations of $2 million or 6 cents per share in the fourth quarter of 2009.
Gross profit was 23.5 percent in the fourth quarter, compared to 20 percent in the fourth quarter of 2009. Higher gross margins were achieved through pricing, favorable product mix and operations excellence initiatives.
For the year, net sales were $737.6 million, an increase of 5 percent compared to $701.8 million in 2009, primarily due to continued end market recovery, the company said.
Loss from continuing operations was $42.8 million or $1.21 per share compared to income from continuing operations of $7 million or 20 cents per share in 2009.
Commenting on the company’s results, President and CEO John Orr said, “I am pleased with the progress we made toward improved operating results during the fourth quarter. We remain focused on pricing and operations excellence initiatives to strengthen our performance, especially in our Lawn and Garden Segment, where we are starting to realize benefits from these actions.”
The company said its end-markets continued to provide gradual recovery over the course of 2010. Through the application of its five strategic principles – Customer Dedication, Innovation, Operations Excellence, Organization Development and Financial Strength – the company says it believes it is prepared for significant improvement. The company’s focus on these five principles across its leadership brands aggressively positions it to pursue growth opportunities as its markets and customers rebound.
“While challenges remain, Myers Industries is producing solid operating results,” Orr said. “This momentum is flowing into 2011, and we are confident that we have set the stage for stronger levels of performance in our businesses.”
