Net sales were $246.5 million, compared to $205.7 million reported for the first quarter of 2006.
Net income for the first quarter increased 47%, to $14.7 million, compared to $10 million for the first quarter of 2006. Total net income for the first quarter of 2007, including discontinued operations, was $32.5 million.
“Our performance in the first quarter was strong, driven by favorable product mix across our segments, continued focus on strategic selling within our markets, and enhancements to improve productivity and workflow in our operations,” said John C. Orr, president and chief executive officer. “We will be working to continue our growth momentum for the rest of 2007. However, we are cautious about our outlook as industrial, automotive, and other markets are showing signs of sluggish growth this year, and sales of OE commercial truck vehicles are forecasted to drop off sharply.”
As a result of the news earlier this week that Myers has signed a definitive agreement to be acquired by GS Capital Partners, there will be no conference call to discuss first-quarter financial results.
