AKRON, Ohio (AP) — Myers Industries Inc. posted strong second-quarter results Thursday and announced that it is closing two plants in Texas and Canada while opening a plant in Nevada as it restructures its lawn and garden segment.
Its shares briefly climbed to their highest level in more than 6½ years.
The maker of plastic products for industrial, agricultural, automotive markets said the plants being closed are in Waco, Texas, and Brantford, Ontario, while the one that will be opened is in Sparks, Nev.
The Akron, Ohio, company earned $8.3 million, or 25 cents per share, in the three months ending June 30. That's up from $5.7 million, or 17 cents per share, in the same quarter a year ago.
Revenue rose 13 percent to $204 million from $181 million.
Analysts, on average, expected earnings of 21 cents per share and revenue of $198.9 million, according to FactSet.
The company said that the restructuring in its lawn and garden segment would generate $5 million of annual savings by 2014. The plant closings will mean 250 employees at its Canadian plant and 75 employees at the Texas plant will lose their jobs. The company doesn't know how many jobs will be created at the new plant in Nevada, a Myers Industries representative said.
Myers Industries shares rose $1.10, or 6.7 percent, to $17.47 in trading Thursday after rising as high as $18.30 earlier in the session, it highest level since October 2006.