Myers Industries of Akron reports positive net income for fourth quarter

Myers Industries Inc., the Akron plastics and rubber manufacturer, reported net income of $180,000, or 1 cent per share, on revenue of $139 million for the fourth quarter ending Dec. 31.
That compares to a loss of $12.4 million, or 39 cents a share, on revenue of $158.3 million a year ago.
The company said adjusted income per share from continuing operations was 6 cents, compared to 8 cents for the fourth quarter of 2014.
Shares of Myers were up 39 cents, to $11.92 at 3:31 p.m. Thursday.
President and CEO Dave Banyard said in a news release that fourth quarter results fell short of expectations. “Several of our key segments, including food, auto aftermarket... and our Brazil business, did not perform as we had anticipated.”
Myers said it anticipates that for the current fiscal year, revenue will be flat to “down low-single digits on a constant currency basis” as the “impacts of softer demand conditions persist across many of [the company’s] end markets.”
Banyard said that after his first 80 days at Myers, he is “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 succeeded John Orr, who retired in December after 10 years as the company’s chief executive. Banyard previously was group president at Roper Technologies, where he was group president of Fluid Handling Technologies. Roper is headquartered in Sarasota, Fla.
Myers said for the full fiscal 2015 year, net sales were $601.5 million, compared with $623.6 million for fiscal 2014.
The company said gross profit for the full year, however, increased to $178.3 million, compared with $161.3 million for fiscal 2014.
Locally, Myers owns the Akro-Mils plant in Wadsworth, where workers make plastic and steel storage products for industrial, commercial and consumer use. The company’s corporate headquarters are on South Main Street in Akron.