AKRON, Ohio — Myers Industries has announced results for the second quarter ended June 30. Net sales for the second quarter were $176.8 million compared to $175.9 million in the second quarter of 2010.
Net income, which includes approximately $0.6 million of pre-tax restructuring costs, was $4.7 million or 13 cents per share for the second quarter of 2011. Net loss in the second quarter of 2010 was ($1.1) million or (3 cents) per share and included $1.6 million of special pre-tax costs. Adjusting for special items, earnings per share was 14 cents compared to a break-even second quarter of 2010.
“Our strong second quarter operating results were driven primarily by gross margin expansion, which is a direct reflection of our continuing ability to offset raw material cost increases,” said President and CEO John Orr. “This is the fourth consecutive quarter that we have delivered improved operating results, on an adjusted basis. Our improved results over these past four quarters demonstrate the positive operating momentum being created through the successful execution of our performance improvement plans.”
For the second half of 2011, the company said it believes its improved operating momentum over the past four quarters demonstrates its ability to execute the performance improvement plans initiated in the second half of 2010 as well as its longer-term strategic initiatives.
