Myers Industries Inc. (NYSE: MYE), Akron, OH, reported sales for the second quarter of $204 million, an increase of 12.7 percent compared to the same period a year earlier. Profit jumped 46.9 percent to $8.3 million.
Distribution segment sales were $45.9 million for the second quarter of 2013, a 3.8 percent increase from the second quarter of 2012. The increase was due mostly to sales of new products and market share gains in equipment sales. Distribution's adjusted income before taxes was $3.9 million for the second quarter, a decrease of 9.8 percent from the prior-year period.
Distribution continues to be impacted by a slow replacement tire market. Costs associated with an upgrade in the segment's information technology system contributed to the decline in adjusted income before taxes year-over-year.
Sales in the material handling segment for the second quarter increased 39 percent to $83.8 million compared to 2013’s second quarter, driven by the Novel and Jamco acquisitions, a shift in customer orders into the second quarter and organic growth. Material Handling's adjusted income before taxes increased 19.6 percent to $11 million.
Sales in the lawn and garden segment were $40.9 million, 3.8 percent below the second quarter of 2012. Adjusted income before taxes was $1.2 million, down 20 percent from the second quarter of 2012.
Sales in the engineered products segment were $37.6 million for the second quarter of 2013, a decrease of 2.6 percent compared to the second quarter of 2012. Strong sales in the marine and recreational vehicle markets were more than offset by a decline in custom sales year-over-year. Engineered Products' adjusted income before taxes increased 8.5 percent to $5.1 million.
For the first six months, sales for Myers Industries were $419 million, a 10.3 percent increase from the prior-year period. Profit increased 3.5 percent to $16.2 million.
