Myers Industries, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
March 05, 2024 at 06:30 am EST
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Myers Industries, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 191.08 million compared to USD 212.84 million a year ago. Net income was USD 12.54 million compared to USD 13.43 million a year ago. Basic earnings per share from continuing operations was USD 0.34 compared to USD 0.37 a year ago. Diluted earnings per share from continuing operations was USD 0.34 compared to USD 0.36 a year ago.
For the full year, sales was USD 813.07 million compared to USD 899.55 million a year ago. Net income was USD 48.87 million compared to USD 60.27 million a year ago. Basic earnings per share from continuing operations was USD 1.33 compared to USD 1.66 a year ago. Diluted earnings per share from continuing operations was USD 1.32 compared to USD 1.64 a year ago.
Myers Industries, Inc. is a manufacturer of a range of polymer products for industrial, agricultural, automotive, commercial and consumer markets. It is also a distributor of tools, equipment and supplies for the tire, wheel and under-vehicle service industry in the United States. It operates through two segments. The Material Handling segment manufactures a selection of durable plastic reusable containers that are used repeatedly. Its products include pallets, small parts bins, bulk shipping containers, storage and organization products, custom plastic products, consumer fuel containers, and tanks for water, fuel and waste handling. The Distribution Segment is engaged in the distribution of tools, equipment and supplies used for tire servicing, wheel, and automotive under-vehicle service on passenger, heavy truck, and off-road vehicles and the manufacturing of tire repair materials and custom rubber. It also manufactures composite matting ground protection for industrial applications.