Myers Financial Results Down in 2014 - Tire Review Magazine

Myers Financial Results Down in 2014

Gross profit was down in 2014 despite an increase in net sales year-over-year for Myers Industries Inc.Myers Logo2 CMYK [Converted]

The international manufacturer and distributor posted $623,649 million in sales for 2014, a 6.7% increase versus 2013. The company reported gross profit decreased 3.4% in 2014 to $163,715 million.

President and CEO John C. Orr stated that “weakened demand for our material handling segment’s agricultural and food processing products, together with a challenging Brazilian economy, led to lower profitability versus last year.”

Orr added that the company has a “strong market position” in its distribution segment despite reporting a decrease in both net sales and income for the segment in 2014. The distribution segment’s net sales for the full year of 2014 were $191.9 million compared to $204.5 million for the full year of 2013. Distribution’s adjusted income before taxes for the full year of 2014 was $16.8 million compared to $21.9 million for the full year of 2013. Myers Tire Supply falls under the distribution segment of the company.

Myers Industries cited a decline in custom sales and lower Canadian sales due to the closure of the Canadian branches Q1 2014. Adjust income declined as a result of lower customer sales volumes, change in product mix and higher freight costs, according to Myers.

The decrease in sales compared to 2013 was due to a decline in custom sales and lower Canadian sales due to the closure of the Canadian branches in the first quarter of 2014. The decrease in adjusted income before taxes year-over-year was due mostly to the lower custom sales volumes, a change in product mix and higher freight costs, which were partially offset by lower general and administrative expenses and other cost reductions.

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