Sales up, income down at Myers
Myers Industries Inc. posted net sales of $249.3 million during the first quarter, up $2.8 million from the same period last year. However, Myers' first quarter income was $13.8 million, down from $23.4 million during 1Q 2007.
Income from continuing operations was $8.6 million versus $14.7 million during the first quarter of 2007.
"A less favorable product mix and significantly higher resin prices impacted our margins," says Myers CEO and President John Orr.
"To help offset these pressures, we remain focused on appropriate selling price adjustments, tight expense controls and continuous productivity initiatives."