Myers Industries’ Aftermarket Sales Grew 9.7% Largely Due To Pricing

May 23, 2022

Myers Industries’ distribution segment (its automotive aftermarket unit) saw its net sales grow 9.7% to $48.86 million in the first quarter of 2022, primarily because of higher pricing.

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. The product line includes such categories as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair and retread supplies.

Segment operating income rose 129.6% to $3.30 million. Adjusted operating income was up 68% year over year, attributable to higher pricing. This was partially offset by an increase in product costs and in selling, general and administrative (SG&A) expenses, which came from higher salaries, benefits and incentive compensation costs. Distribution’s adjusted operating margin grew 240 basis points to 6.8%.

Segment adjusted EBITDA increased 53.9% to $3.86 million, while its adjusted EBITDA margin grew 230 basis points to 7.9%.

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