Net sales from Myers Industries’ distribution segment rose 43.6% to $72.42 million in the third quarter of 2022, primarily because of incremental sales from the acquisition of Mohawk Rubber in May 2022; higher pricing; and higher volume/mix. Excluding Mohawk, the segment’s organic net sales increased 10.8%.
Distribution segment operating income increased 11.9% to $4.90 million, as the contribution from higher pricing and increased volume was partially offset by an increase in product costs and higher selling, general and administrative (SG&A) expenses.
Segment-adjusted EBITDA grew 22.9% to $6.02 million.
Myers’ distribution segment is engaged in the distribution of equipment, tools and supplies used for tire servicing and automotive under-vehicle repair as well as the manufacture of tire repair and retreading products.