Akron, OH-based Myers Industries came through with strong results for the second quarter of 2013. Net sales increased 12.7 percent to $204.02 million due, in large part, to a 39-percent rise in material handling segment sales. Net income increased 47 percent to $8.31 million.
The distribution segment (a.k.a. Myers Tire Supply) saw sales increase 4 percent to $45.89 million in the quarter. Management attributed the rise to new product sales and market share gains in equipment sales. Segment income before taxes fell 10.1 percent to $3.86 million, partially attributable to costs associated with an information technology system upgrade.
Looking ahead, Myers expects its distribution segment to continue producing market share gains that will more than offset the ongoing slow replacement tire market, resulting in increased profitability in the second half of 2013.
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