25.02.2016, 16:08
Myers Industries Reports 2015 Full Year Results
OREANDA-NEWS. Myers Industries, Inc. (NYSE: MYE) today announced results for the fourth quarter and full year ended December 31, 2015.
Net sales in the Material Handling Segment for the fourth quarter of 2015 were down 15% (10% excluding currency fluctuation) vs. the fourth quarter of 2014. Material Handling's adjusted income before taxes was $9.6 million for the fourth quarter of 2015 compared to $9.0 million for the fourth quarter of 2014 (2014 included $2.5 million of charges related to the Brazil business). The Material Handling Segment's net sales for the full year of 2015 were down 4% (flat excluding currency fluctuation) vs. the full year of 2014. The flat sales were the result of weakness in the Agriculture market and the Brazilian beverage market, offset by incremental sales of $52.8 million from the Scepter acquisition which was completed in July 2014. Material Handling's adjusted income before taxes was $50.1 million for the full year of 2015 compared to $42.3 million for the full year of 2014 (2014 included $2.5 million of charges related to the Brazil business).
Net sales in the Distribution Segment for the fourth quarter of 2015 were down 5% vs. the fourth quarter of 2014. Distribution’s adjusted income before taxes was $2.9 million for the fourth quarter of 2015 compared to $3.3 million for the fourth quarter of 2014. The Distribution Segment's net sales for the full year of 2015 were down 2% vs. the full year of 2014. The decline was the result of market softness, the impact of a strong dollar on export sales, and the closure of the Canadian branches in 2014. Distribution’s adjusted income before taxes was $16.6 million for the full year of 2015 compared to $17.0 million for the full year of 2014.
The Company anticipates that total revenue will be flat to down low-single digits on a constant currency basis in fiscal year 2016 as the impacts of softer demand conditions persist across many of its end markets.
Mr. Banyard concluded, “After my first 80 days at Myers, I am 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. We have a portfolio of great brands and products that provide tangible value to our customers, and we are focused on making improvements to how we analyze our end markets and understand customer needs. I look forward to communicating our progress to shareholders as we make these improvements.”
Net sales in the Material Handling Segment for the fourth quarter of 2015 were down 15% (10% excluding currency fluctuation) vs. the fourth quarter of 2014. Material Handling's adjusted income before taxes was $9.6 million for the fourth quarter of 2015 compared to $9.0 million for the fourth quarter of 2014 (2014 included $2.5 million of charges related to the Brazil business). The Material Handling Segment's net sales for the full year of 2015 were down 4% (flat excluding currency fluctuation) vs. the full year of 2014. The flat sales were the result of weakness in the Agriculture market and the Brazilian beverage market, offset by incremental sales of $52.8 million from the Scepter acquisition which was completed in July 2014. Material Handling's adjusted income before taxes was $50.1 million for the full year of 2015 compared to $42.3 million for the full year of 2014 (2014 included $2.5 million of charges related to the Brazil business).
Net sales in the Distribution Segment for the fourth quarter of 2015 were down 5% vs. the fourth quarter of 2014. Distribution’s adjusted income before taxes was $2.9 million for the fourth quarter of 2015 compared to $3.3 million for the fourth quarter of 2014. The Distribution Segment's net sales for the full year of 2015 were down 2% vs. the full year of 2014. The decline was the result of market softness, the impact of a strong dollar on export sales, and the closure of the Canadian branches in 2014. Distribution’s adjusted income before taxes was $16.6 million for the full year of 2015 compared to $17.0 million for the full year of 2014.
The Company anticipates that total revenue will be flat to down low-single digits on a constant currency basis in fiscal year 2016 as the impacts of softer demand conditions persist across many of its end markets.
Mr. Banyard concluded, “After my first 80 days at Myers, I am 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. We have a portfolio of great brands and products that provide tangible value to our customers, and we are focused on making improvements to how we analyze our end markets and understand customer needs. I look forward to communicating our progress to shareholders as we make these improvements.”
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