NEWMARKET, Ontario—AirBoss of America Corp. saw both revenue and profit increase during the first quarter of 2021.
The Newmarket-based maker of custom rubber compounds and finished rubber products had an adjusted profit of $6.32 million on revenue of $107.3 million. This compares with adjusted profit of $1.77 million on sales of $94.2 million during the first quarter of 2020.
"I'm pleased to report another strong quarter of growth driven by continued performance and production efficiency by AirBoss Defense Group as well as increased volumes and sales within our Rubber Solutions and Engineered Products segments," Chief Operating Officer Chris Bitsakakis said in a statement.
AirBoss said the company has completed delivery of powered air purifying respirators to the federal government, and that work led to a purchase order for up to $288 million for nitrile rubber gloves. That order is expected to be delivered during the second half of this year and could lead to a similar order in the future.
The company also has received a $23 million contract from the U.S. Department of Defense for extreme cold weather boots. This continues "our decades-long position as a preferred supplier of various protective rubber wearables," Bitsakakis said.
The Ontario-based company reports its financials in U.S. dollars, but pays out dividends in Canadian dollars. AirBoss is increasing its quarterly dividend from 7 cents to 10 cents (CAD) per common share.