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Myers Industries earnings, revenue drop in 2nd quarter

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Myers Industries Inc. reported lower net income and revenue for its second quarter and reduced its revenue outlook for the full year.

The Akron plastics and rubber manufacturer and specialty tool distributor on Wednesday said it earned $5.5 million, or 18 cents per share, on revenue of $144.1 million for the quarter ending June 30. That compares to net income of $11.4 million, or 37 cents per share, on revenue of $164.3 million a year ago.

Myers Industries said it had adjusted net income per share of 21 cents for the second quarter, compared to 30 cents per share for the second quarter of 2015.

The company reported results before the stock market opened Wednesday.

“A weakened environment for capital spending in some of our key end markets contributed to the shortfall in sales in both the Material Handling and Distribution segments during the second quarter. Based on these results and our current indicators, we now expect full-year revenue to be down mid-to-high single digits,” President and Chief Executive Officer Dave Banyard said in a news release.

“Despite the lower sales volume, we delivered solid margins and concurrently made progress on our strategic plans during the quarter,” Banyard said. “I am pleased with the extensive strategic marketing work we completed and the key initiatives we established for each of our businesses. In light of the current market environment, we are accelerating certain cost actions within those initiatives and expect to provide a more comprehensive update of our long-term strategy later this year.”

Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ.


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