Myers Industries (NYSE: MYE), Akron, Ohio, a manufacturer and distributor of polymer and metal products, reported sales for its fiscal 2023 first quarter were $215.7 million, down 4.3% from the prior-year period.
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Net income for the quarter was $12.9 million, down 25.2% from the prior-year period.
Sales for its material handling segment totaled $152.6 million, and sales for its distribution segment totaled $63.2 million.
“We are pleased with our gross margin expansion and increased cash flow generation in the first quarter,” said Mike McGaugh, President and CEO. “Countering those great results, though, was continued and anticipated reduced demand for our products that serve the Recreational Vehicle end-market and our products that are high-quality, high-dollar discretionary purchases for the consumer. Inflationary trends are impacting overall consumption and performance in those two markets year-over-year. To help offset these demand headwinds, we are laser-focused on pursuing growth and winning new business in our other end-markets.”