AKRON, Ohio — Myers Industries has announced results for the first quarter ended March 31. Net sales for the first quarter were $193.4 million compared to $186.4 million in the first quarter of 2010, an increase of 4 percent. Gross profit increased to 26.9 percent in the first quarter compared to 24.1 percent in the first quarter of 2010, as price increases helped mitigate raw material cost inflation and favorable mix and increased volumes led to improved margins.
Net income, which includes approximately $0.6 million of pre-tax restructuring costs, was $6.7 million or 19 cents per share. Net income in the first quarter of 2010 was $5.5 million or 16 cents per share and included $0.2 million of special pre-tax costs. Additionally, a higher effective tax rate in the first quarter of 2011 as compared to the first quarter of 2010 reduced earnings per share by 1 cent.
President and CEO John Orr said, “Although there is still more work to do, we are pleased with the results of the quarter. Together with a sustained increase in demand across most of our end-markets, our continued focus on customer dedication, innovation and productivity initiatives delivered improved operating results, on an adjusted basis, for the third consecutive quarter.”
The company added that its performance in the first quarter demonstrates an ability to execute improvement plans in a difficult cost inflation environment.
