Myers Industries Shares 2015 Financial Results - Tire Review Magazine

Myers Industries Shares 2015 Financial Results

Myers Industries Inc. shared in its 2015 full year financial results that net sales are down overall and in its distribution segment, while overall gross profit increased.

“As we have highlighted throughout the year, declines in our key agriculture market and economic challenges in Brazil had a large impact on our business,” Myers President and CEO Dave Banyard said. “Our team’s operational execution combined with lower input costs resulted in higher gross profit margins, which was a key contributor to our earnings performance.”

Overall net sales decreased 3.5% to roughly $601 million while gross profit increased 10.5% to roughly $178 million.

The parent company of Myers Tire Supply, Myers Industries Inc. saw a 2% decrease in its distribution segment’s net sales as a result of market softness, the affect of a strong dollar on export sales, and the closure of the Canadian branches in 2014, Myers said. Distribution’s adjusted income before taxes was down to $16.6 million compared to last year’s $17.0 million.

“After my first 80 days at Myers, I am optimistic that we have the building blocks to drive long term shareholder value. While certain of our end markets remain soft in the near term, the company is demonstrating an encouraging ability to generate cash flow in this choppy environment,” Banyard said. “We have a portfolio of great brands and products that provide tangible value to our customers, and we are focused on making improvements to how we analyze our end markets and understand customer needs. I look forward to communicating our progress to shareholders.”

 

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