NEWMARKET, Ontario—AirBoss of America Corp. returned increases in both net sales and net income for the fourth quarter of 2017.
Net sales increased to $74.2 million in the fourth quarter of 2017, compared to $63 million in 2016, a growth of 17.7 percent, according to AirBoss's report. Overall for the year, net sales increased to $289.9 million from $267.6 million the prior year.
Net income rose to $3.77 million in the fourth quarter compared to $1.4 million in 2016. But for the year overall, net income fell 8.6 percent to $12.6 million.
Its Rubber Solutions segment, which consists of its rubber compounding and industrial products businesses, saw a 26.7 percent increase in sales to $31.2 million for the fourth quarter. Gross profit was $5.04 million.AirBoss said the sales gains reflect price increases, which were driven by rising raw materials costs of about 24.2 percent. The company's gains also were the result of a 15.2 percent increase in volume shipped—measured by pounds—primarily in the off-the-road, conveyor belt, track and mining sectors. That was partially offset by softness in the solid tire and chemical sectors.
For Engineered Products, net sales increased 11.9 percent to $43 million for the quarter. AirBoss saw sales in the defense business increase by $6.6 million in the quarter, but revenues in automotive dropped by $2.01 million.