Thursday, Myers Industries Inc. (MYE), a manufacturer of polymer products, reported a decline in first-quarter profit compared to last year, primarily due to lower sales across the operating segments as a result of lower demand from customers. On a per share basis, adjusted earnings came in above analysts' estimate.
The Akron, Ohio-based company posted a first quarter net income of $5.1 million or $0.14 per share, compared to net income of $10.4 million or $0.30 per share in the same period a year ago. In the previous year, income from continuing operations was $8.648 million or $0.25 per share. Excluding special expenses, earnings per share was $0.25 per share, flat with the previous year.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Special expenses in quarter were $6.4 million including about $5.4 million related to restructuring in the Lawn and Garden Segment and about $1.0 million related to the closure of one facility in the Auto and Custom Segment.
Gross profit as a percent of sales improved to 29% compared to 24% in the prior-year quarter primarily due to favorable pricing and raw material costs, as well as LIFO inventory reductions and benefits from ongoing restructuring plans.
Quarterly net sales declined to $190.1 million from $249.4 million last year.
Sales of Lawn and Garden segments declined to $76.4 million from $92.4 million, while Material Handling segment sales declined to $58.0 million from $72.7 million last year. Distribution segment sales decreased to $36.3 million from $44.5 million and Auto & Custom segment sales to $27.1 million from $46.4 million in the earlier year period.
The decline in sales across the segments was the result of weaker volumes, as customers continued to purchase cautiously and reduce inventory. However, pricing, product mix and development of sales in niches of industrial, agriculture, horticulture and other markets helped to mitigate the impact of lower demand, primarily in the Material Handling and Lawn and Garden Segments.
Commenting on the results, John Orr, president and chief executive officer said, "Pricing initiatives, benefits from our restructuring and optimization programs and higher-value sales opportunities were contributing factors. While we are encouraged by these results, we remain cautious given the weak economic environment."
MYE is currently trading at $8.20, up $0.09 or 1.11% on the NYSE.
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