NEWMARKET, Ontario—AirBoss of America Corp. recorded gains in both earnings and sales in the second quarter and the first six months of the year.
Net income of $3.8 million were up from earnings of a little more than $3 million in last year's second quarter, while sales came in at $79.5 million, up 33.2 percent from the three-month period in 2014. The results reflect the benefit of the Flexible Products acquisition in October 2013, the company said.
AirBoss' compounding business continues to see weakness in the mining industry, the Newmarket-based firm said, but a strengthening in the tire market. Raw material prices are expected to be stable in the near future, it said.
Its Flexible Products automotive business continues to benefit from a strong U.S. auto market and the company expects that to continue throughout 2014.
AirBoss' engineered products business, including the defense sector, is down compared to the prior year because of an overall weakness in the defense market. However, the firm said, new product development in the defense group continues to progress well, it said.
The company has experienced success in new markets, including gas and oil, where it continues to perform well and sees growth opportunities in that market. It plans to accelerate growth both organically and through additional acquisitions.