Myers Industries Inc. announced results for the first quarter ended March 31.
Myers Industries’ President and CEO Aaron Schapper said, “We are pleased to report first quarter results of improved profitability on flat sales driven by the contribution of our Signature acquisition and strong performance of our Scepter military products. Further, we reduced our SG&A across the businesses. Our ‘Focused Transformation’ program, launched earlier this year, is gaining momentum as we foster a culture of accountability and ignite a renewed drive among employees. I have been encouraged by conversations with our teams as we identify opportunities and actions to drive enterprise-wide improvements. During the quarter, we activated our previously announced $10 million 2025 Share Repurchase Program, demonstrating our commitment to return cash to shareholders. Finally, the fact that fifteen of our sixteen manufacturing sites are located within the U.S. enables us to provide our customers with supply chain sourcing optionality and a level of insulation from potential tariff impacts. As we move forward, we remain committed to transforming our organization by building a culture rooted in accountability, continuous improvement, and a profitable growth mindset.”
- Net sales: Slightly lower as higher demand in Infrastructure and Industrial, particularly military applications, was offset by lower Food & Beverage demand due to cyclicality of seed box demand and lower Automotive Aftermarket demand.
- Gross profit: Increased due to product sales mix, led by higher sales in Infrastructure due to the Signature acquisition.
- Operating income: Increased due to improved mix and lower material and manufacturing costs. The 2024 comparison period also includes $6.5 million of Signature acquisition and integration costs, including acquisition-related inventory step up.
