Akron, Ohio-based consumer goods manufacturer and distributor Myers Industries, Inc. (MYE), Thursday, reported a loss for the second quarter, reflecting mainly volume declines on weak end markets and demand across segments as well as charges. On an adjusted basis, earnings per share declined, but came in above analysts' estimates.
Net loss was $1.40 million or $0.04 per share compared with a net income of $2.88 million or $0.08 per share in the last-year quarter.
Excluding special expenses, income was $3.1 million or $0.09 per share in the second quarter compared with $3.9 million or $0.11 per share in the year-ago quarter. Special expenses for the quarter amounted to $7.4 million compared to $1.6 million in the year-ago quarter.
On average, 3 analysts polled by Thomson Reuters expected the company to report profit of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales were down 19% to $173.15 million from $214.61 million in the latest quarter, due to the weak economy.
For the second quarter, Lawn & Garden segment sales dropped 32% to $42.8 million from $62.9 million in the year-ago quarter. Auto & Custom segment sales fell 39% to $29.1 million from $47.8 million last year, due to weaker original equipment and custom products markets.
Distribution segment sales dropped 18% to $40.2 million, while sales from Material Handling segment grew 6% to $65.5 million.
Net income for the six months ended June 30 declined to $3.70 million or $0.10 per share from $13.26 million or $0.38 per share for the same period in 2008. Net sales for the six months decreased 22% to $363.25 million from $463.95 million in the year-ago period.
Looking ahead, Myers Industries continues to be cautious in outlook for overall economic and end market improvements in 2009, amid limited visibility in the prevailing recessionary climate. Further, the company expects pre-tax savings of around $13 million - $16 million on an annualized run-rate basis by way of a manufacturing and productivity optimization program in its Material Handling segment.
MYE is currently trading at $9.44, up $0.41 or 4.60%, on the NYSE.
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