Myers Industries reports strong first quarter

Akron, OH — Myers Industries Inc. reported a sharp increase in first-quarter profit and margins, driven by cost reductions, improved product mix and ongoing transformation initiatives, while also announcing continued portfolio restructuring efforts.

The manufacturer of industrial and consumer products said net income from continuing operations rose 92% year over year to $13.8 million for the quarter ended March 31, 2026. Earnings per diluted share from continuing operations climbed 94.7% to $0.37.

Adjusted earnings per diluted share increased 57.1% to $0.44.

President and CEO Aaron Schapper said the company started 2026 with “improved earnings and strong cash flow,” adding that recent actions to strengthen margins and streamline operations contributed to the results.

“We are well on our way to deliver consistent, reliable results and create sustainable shareholder value,” Schapper said.

Net sales rose 1.8% to $164.6 million, though the company said sales increased about 5% excluding the impact of its decision to exit roughly $5 million in low-margin products and idle two rotational molding facilities late last year.

Gross profit increased 12.6% to $56.5 million, while gross margin expanded to 34.4%, up 330 basis points from a year earlier.

Operating income rose 44.5% to $24.9 million, with operating margin improving to 15.1%, an increase of 450 basis points. Adjusted EBITDA climbed 27% to $35.1 million, with margins expanding to 21.3%.

The company said performance was supported by favorable product mix, lower material costs and reduced manufacturing expenses tied to its “Focused Transformation” program.

Myers also reported $23.9 million in free cash flow, up 28.5% from the prior quarter, and $26.7 million in cash flow from operations. Total liquidity stood at $289.3 million, including cash and available credit.

The company reduced net debt by $18.3 million, bringing its net leverage ratio to 2.2 times.

As part of its restructuring, Myers said it has classified Myers Tire Supply as a discontinued operation and now reports results as a single operating segment. The company also said it has revised its reporting structure to improve comparability and reflect shareholder feedback.

Segment performance showed infrastructure sales rising 26% and consumer sales up 14%, while vehicle sales fell 14% and food and beverage sales declined 12%.

Myers said it expects moderate growth in industrial markets, strong growth in infrastructure, stable conditions in vehicle and consumer segments, and a slight decline in food and beverage markets for 2026, excluding the impact of recent facility changes and product exits.