Sales, income up for Myers Industries
Myers Industries Inc. has announced results for the full year and fourth quarter ended Dec. 31, 2012.
Net sales for the full year of 2012 were $791.2 million compared with $755.7 million for the full year of 2011. Net income for the full year was $30 million compared to net income of $24.5 million in 2011.
Net sales in the fourth quarter were $214.0 million compared with $192.5 million in the fourth quarter of 2011. Net income in the fourth quarter of 2012 was $8.5 million compared to net income of $5.9 million in the fourth quarter of 2011.
President and CEO John Orr said, "We are pleased with our performance in 2012, particularly the strong growth we had in earnings on moderate top-line growth. Our results continue to demonstrate the value creation impact of our Innovation and Operations Excellence programs. Additionally, our strong free cash flow generation and balance sheet enabled us to make two key acquisitions, Novel and Jamco, which were accretive. We also continued to return cash to shareholders through share repurchases and increased dividends.
"As part of the ongoing success of our Innovation initiative, we introduced more than 40 new products and services in 2012 which will further help to drive top-end growth in 2013," Orr said. "While we expect continued weakness in the markets we serve, we also expect another year of performance improvement in 2013. The year is expected to start slowly partially due to investments in information technology infrastructure and other projects. However, after the first quarter, we expect our results to improve year-over-year.”
For more information, see www.myersindustries.com.