Myers Industries in Akron rebrands and has strong 2nd quarter

Cecilia Nysing

A newly rebranded Myers Industries Inc. reported strong second quarter results and said it expects a significant sales boost this year from its two newest acquisitions.

Akron-based Myers, a polymer products company and specialty tools distributor, on Thursday said it had net income of $11.1 million, or 30 cents per share, on revenue of $187.4 million for the quarter ending June 30. That compares to net income of $8.4 million, or 23 cents per share, on revenue of $118.4 million a year ago.

Results beat analyst estimates. Shares of Myers Industries closed up 23 cents, or 1.1%, to $21.38. Over the past 52 weeks, shares have ranged from a low of $12.75 to a high of $23.98.

Sales growth of more than 40% expected

The company said it expects sales growth in the mid 40% range for fiscal 2021, with about half of that growth coming from its purchase of rotomolding companies Elkhart Plastics last year and then on July 30,  Alliance-based Trilogy Plastics. Rotomolding is a process that uses resin and heat to make precise hollow plastic pieces.

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