The 2020 Mid-Year Economic Update_long

Myers Industries Sales Down 0.5% in 2Q

Year-to-date sales up 1.6 percent year-over-year.

Myers Industries Inc. (NYSE: MYE), Akron, OH, reported sales for the second quarter of $152.8 million, down 0.5 percent year-over-year. Profit decreased 30.8 percent to $5.7 million.

"The material handling segment realized strong sales in its agriculture markets, however profits were somewhat impacted due to a competitive pricing pressure in one of its businesses," said John Orr, president and CEO. "In addition, the segment was also impacted by a significant slowdown in orders and sales in Brazil as a result of the World Cup activities."

Sales in the distribution segment in the second quarter were $49.8 million, down 6.4 percent year-over-year. Material handling segment sales rose 2.5 percent to $103 million.

Year-to-date sales were $303.3 million, an increase of 1.6 percent over the prior-year period. Profit was $6.4 million, compared to a profit of $16.2 million in the first half of 2013.

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