Myers Industries, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 04:00 pm IST
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Myers Industries, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 208.45 million compared to USD 233.16 million a year ago. Net income was USD 10.61 million compared to USD 15.83 million a year ago. Basic earnings per share from continuing operations was USD 0.29 compared to USD 0.43 a year ago. Diluted earnings per share from continuing operations was USD 0.29 compared to USD 0.43 a year ago.
For the six months, sales was USD 424.19 million compared to USD 458.64 million a year ago. Net income was USD 23.58 million compared to USD 33.17 million a year ago. Basic earnings per share from continuing operations was USD 0.64 compared to USD 0.91 a year ago. Diluted earnings per share from continuing operations was USD 0.64 compared to USD 0.91 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.