The 2020 Mid-Year Economic Update_long

Myers Industries Sales Up 6.7% in 2014

Fourth quarter sales increased 9.4 percent year-over-year.

Myers Industries Inc. (NYSE: MYE), Akron, OH, reported sales for 2014 of $623.6 million, an increase of 6.7 percent from the previous year. The company reported a loss of $6.4 million for the year, compared to a profit of $26 million in 2013.

Fourth quarter sales were $158.3 million, an increase of 9.4 percent from the same period the previous year. The company reported a loss of $10.1 million for the quarter, compared to a profit of $3.3 million year-over-year.

Material handling segment sales for the quarter were $110.1 million, up 15.1 percent year-over-year. Sales for 2014 were $432.1 million, up 13.5 percent from the previous year. Distribution segment sales were down 1.8 percent to $48.3 million for the quarter and down 6.2 percent to $191.9 million for the year.

"We continued to streamline our business portfolio in 2014 to realize our strategic goal to strengthen our leadership position in the Material Handling Segment, while preserving a strong market position in our Distribution Segment," said John C. Orr, president and CEO.

As part of the strategic initiative, the company sold WEK Industries and acquired Scepter in 2014. In February of this year, the company also completed the sale of the lawn and garden business.

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