Myers Industries, Inc. (NYSE: MYE), Akron, OH, reported sales for the fourth quarter were $195.4 million, up 3.8 percent over the same period a year ago. The increase was primarily driven by sales generated by new product and customer sales and improved pricing. Profit was $5.9 million versus a year-ago loss of $50.5 million.
Sales increased 2.4 percent for the full year of 2011 to $755.7 million compared to $737.6 million in 2010. Profit for the full year was $24.5 million compared to a net loss in 2010 of $42.8 million.
\”Despite the challenges of an uncertain economy and higher raw material costs throughout most of the year, we delivered improved operating results,\” said John C. Orr, president and CEO.
The Material Handling Segment’s net sales in the fourth quarter decreased 13 percent to $57 million. An $8.2 million lease sale occurred in 2010 and did not repeat in 2011, accounting for the majority of the decline in sales. Material Handling’s income before taxes was $6.6 million in the fourth quarter of 2011 compared to $6.9 million in 2010. Lower manufacturing costs resulting from the Company’s operations excellence initiatives as well as a favorable customer and product mix helped to offset the lost margin on lower sales.
Net sales in the Material Handling Segment increased 1.6 percent to $261.8 million in 2011 compared to $257.8 million in 2010. Income before taxes in 2011 was $34.1 million compared to $23.3 million in 2010.
The Lawn & Garden Segment’s net sales in the fourth quarter increased 9.5 percent to $65.1 million year over year. Lawn & Garden’s income before taxes was $3.7 million compared to $0.8 million in the fourth quarter of 2010.
Net sales in the Lawn and Garden Segment in 2011 were $217.1 million, a decrease of 3.0 percent compared to sales in 2010. Income before taxes in 2011 was $4.6 million compared to a loss of $2.2 million in 2010.
Distribution Segment sales were $47.2 million in the fourth quarter, an increase of 2.1 percent over the fourth quarter of 2010. Income before taxes was $4.7 million in the fourth quarter of 2011 compared to $4.3 million in 2010.
Net sales in the Distribution Segment increased to $183.7 million in 2011 compared to $174.9 million in 2010. The increase of 5 percent was due mainly to the success of new product and service sales initiatives and a broader customer base. Income before taxes in 2011 was $17 million compared to $15.8 million in 2010.
Engineered Products Segment sales were $31.1 million in the fourth quarter, a year-over-year increase of 37.6 percent. Engineered Product’s income before taxes was $2.9 million in the fourth quarter of 2011 compared to $1.1 million in the fourth quarter of 2010. Increased unit volumes across all businesses within the segment drove the higher sales and income in the quarter.
In the Engineered Products Segment, net sales in 2011 increased 11 percent to $116.2 million from $104.8 million in 2010. Income before taxes was $11.5 million compared to $9.8 million in 2010, an increase of 17.3 percent.