Myers Industries reports 40% increase in full-year EPS

Myers Industries has reported full-year 2012 figures, which feature a 40 per cent increase in earnings per share (EPS) growth. This was reportedly driven by productivity gains and new product introductions. 2012 net sales were US$791.2 million compared with $755.7 million in 2011. However, it has to be said that this was mainly held up by strong sales performance in the Engineered Products and Material Handling Segments. In fact, according to the company, it was the relative strength of these segments that “more than offset sales decreases in the Distribution and Lawn & Garden Segments.

And it is the Distribution Segment that is of most interest to us in the tyre industry as it is this part of the business that is responsible for the tyre shop tools and supplies that are most relevant. Sales in this part of the business fell, totalling $176.6 million in 2012 compared to $183.7 million in 2011. This was attributed to a decline in the replacement tyre industry, combined with lower equipment sales during part of the year led to the decrease in sales year-over-year. Distribution’s adjusted income before taxes also fell and was $14.7 million for the full year of 2012 compared to $17.0 million for the full year of 2011. Net sales were $44.7 million in the fourth quarter of 2012 compared to $47.2 million in the fourth quarter of 2011.