Myers Industries, an international manufacturer of polymer products, has announced select preliminary third quarter 2018 financial information.
The company’s preliminary financial information for the third quarter ended Sept. 30 is based on unaudited information and is subject to the company completing its customary quarterly close and review procedures.
- Net sales of approximately $135 million, flat to the third quarter of last year
- The Company expects to recognize a non-cash, pre-tax impairment charge of $23 million in the third quarter of 2018 related to the sale in 2015 of the company’s lawn and garden business and the associated promissory note
- The company now expects that fiscal year 2018 total sales will be flat to up low-single-digits on a constant currency basis compared with the prior year
“While our third quarter financial performance reflected the traditional seasonal slowdown in the second half of each year, results were further impacted by lower-than-expected sales in the Distribution Segment. Because of continued disappointing performance in this segment, we are reviewing several more aggressive actions and will communicate those actions in the coming weeks,” said Dave Banyard, president and CEO of Myers Industries. “Within the Material Handling Segment, we also saw a more pronounced slowdown than anticipated in the RV market. … Despite these challenges, we continue to generate strong cash flow, and we remain confident about the future outlook for Myers Industries.”