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Raw Material Costs Hurt Myers Industries' 2Q Earnings

Myers Industries, Inc. (NYSE: MYE), Akron, OH, reported sales for the second quarter 2010 were $175.9 million, an increase of 6 percent from the prior-year period. The company reported a loss of $1.1 million, compared with a loss of $0.7 million in the prior-year period.

"Raw material cost pressures during the quarter created a severe impact on our performance, primarily in the Lawn and Garden segment," said President and CEO John C. Orr. “The unusual timing of cost increases, during that industry’s busy spring season, adversely affected our ability to recover costs through the segment’s pricing options in place at the time. Despite the frustrating challenge with Lawn and Garden costs, our other three business segments continued to show positive signs from recovery in their markets.”

Gross profit was 19.3 percent in the second quarter compared to 25 percent in the same period of 2009. The decline in gross profit was primarily due to the impact of higher raw material costs on the Lawn and Garden Segment. Volume, pricing and restructuring benefits offset higher raw material costs in the Material Handling and Engineered Products Segments.

 

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