Myers Industries Inc., a supplier of plastic tanks and other plastic products to the RV industry, reports its resin costs have risen an average of 60% beginning in the first quarter of this year.
The higher costs primarily involve the resin for high-density polyethylene and co-polymer polypropylene, according to the company, which is the parent of RV industry supplier Ameri-Kart.
However, because of competitive pressures, Myers will not be able to pass the full amount of its cost increases on to its customers. Consequently, Myers, a New York Stock Exchange-listed company, will report “substantially lower” net income and earnings per share for the second quarter, when compared with the April-through-June portion of 2002.
During the second quarter of 2002, Myers’ net income totaled $6.8 million and it earned 28 cents per share.