Meyers Industries Sales Down 12.1% in 1Q

Profit was $16.7 million, compared to $6.7 million in the first quarter of 2019.

Myers Industries, Inc. (NYSE: MYE), Akron, Ohio, a manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets, reported sales for the first quarter of $122.3 million, a 12.1% decrease over the same period a year ago. Profit was $16.7 million, compared to $6.7 million in the first quarter of 2019.

“During the first quarter, our teams continued to perform well, delivering gross margin expansion despite a decline in sales due to the softening of several end markets,” said Mike McGaugh, president and CEO of Myers Industries. “As I step into my role as the new CEO of Myers, we will continue to execute our strategic objectives, while maintaining our focus on minimizing the impact of COVID-19. Our primary concern is the safety and well-being of our employees and their families, our communities, our customers, and our suppliers. We have implemented operational protocols at each of our locations providing our sites with detailed guidelines and procedures for responding to the COVID-19 pandemic, consistent with federal, state and local requirements. The Myers teams remain committed to meeting our customers’ needs during this unprecedented time of uncertainty and have quickly adapted to ensure our customers get the essential products they need.”

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