Myers Industries reported 2012 net sales of $791 million, up from 2011’s $755 million, and net income of $30 million compared to $24.5 million the year prior.
Myers reported "strong sales performance in the Engineered Products and Material Handling segments more than offset sales decreases in the Distribution and Lawn & Garden segments. Gross margin for the year expanded to 27.2% compared to 26.2% in 2011."
Net sales in the fourth quarter were $214 million, compared with $192.5 million in Q4 2011. Net income in Q4 2012 was $8.5 million, compared to net income of $5.9 million the same period in 2011.
“We are pleased with our performance in 2012, particularly the strong growth we had in earnings on moderate top-line growth,” said President and CEO John Orr. “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.”
