Myers Industries (Akron, OH) — the parent company to, among other things, Myers Tire Supply — has released preliminary financial information for the third quarter of 2018 indicating that net sales will come in around $135 million. This would be flat compared to the third quarter of last year.
“While our third-quarter financial performance reflected the traditional seasonal slowdown in the second half of each year, results were further impacted by lower-than-expected sales in the distribution segment,” Myers Industries president and CEO Dave Banyard said in an announcement dated Oct. 4. “Because of continued disappointing performance in this segment, we are reviewing several more aggressive actions and will communicate those actions in the coming weeks.”
The distribution segment — which is composed mainly of Myers Tire Supply — sells tools, equipment and supplies to the tire, wheel and under vehicle service market.
In related news, management now expects that Myers Industries’ full-year 2018 sales will come in flat to up low-single-digits (on a constant-currency basis) compared with the prior year.