Myers Industries, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 06:30 am EDT
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Myers Industries, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 197.8 million compared to USD 228.07 million a year ago. Net income was USD 12.75 million compared to USD 13.67 million a year ago. Basic earnings per share from continuing operations was USD 0.35 compared to USD 0.37 a year ago. Diluted earnings per share from continuing operations was USD 0.34 compared to USD 0.37 a year ago.
For the nine months, sales was USD 621.99 million compared to USD 686.71 million a year ago. Net income was USD 36.33 million compared to USD 46.84 million a year ago. Basic earnings per share from continuing operations was USD 0.99 compared to USD 1.29 a year ago. Diluted earnings per share from continuing operations was USD 0.98 compared to USD 1.28 a year ago.
Myers Industries, Inc. is a manufacturer of a range of polymer products for industrial, agricultural, automotive, commercial and consumer markets. It is also a distributor of tools, equipment and supplies for the tire, wheel and under-vehicle service industry in the United States. It operates through two segments. The Material Handling segment manufactures a selection of durable plastic reusable containers that are used repeatedly. Its products include pallets, small parts bins, bulk shipping containers, storage and organization products, custom plastic products, consumer fuel containers, and tanks for water, fuel and waste handling. The Distribution Segment is engaged in the distribution of tools, equipment and supplies used for tire servicing, wheel, and automotive under-vehicle service on passenger, heavy truck, and off-road vehicles and the manufacturing of tire repair materials and custom rubber. It also manufactures composite matting ground protection for industrial applications.