NEWMARKET, Ontario—AirBoss of America Corp. is reporting both higher profits and overall sales thanks to its rubber compounding and finished products segments.
The Newmarket-based company posted a profit of $10.2 million, or 44 cents per diluted share, on sales of $328.1 million in 2019. That compares with a profit of $8.5 million, or 37 cents per diluted share, on sales of $316.6 million in 2018.
AirBoss is based in Canada, but reports its financial results in U.S. dollars.
For the fourth quarter of 2019, the company had a profit of $2.46 million, or 11 cents per diluted share, on sales of $85.8 million. That compares with earnings of $1.33 million, or 6 cents per diluted share, on sales of $76.5 million for the fourth quarter of 2018.
"We generated record consolidated net sales and EBITDA thanks to continued solid performance in the Rubber Solutions segment and meaningful growth in the defense business as we delivered against the contracts we were awarded in late 2018 and 2019," Chris Bitsakakis, Airboss' president and chief operating officer, said about 2019 results.
AirBoss also focused on product offering diversification last year aimed at creating long-term growth, he said.
The Rubber Solutions segment has about 400 million pounds of compounding capacity, with mixing facilities in Kitchener, Ontario; Acton Vale, Quebec; and Scotland Neck, N.C.
Finished products are a growing segment for the company, which counts automotive and defense as key markets. Those markets include anti-vibration and noise-dampening products for the automotive industry and personal protective equipment used by military personal and first responders.
AirBoss Automotive has a manufacturing site in Auburn Hills, Mich., and AirBoss Defense is in both Acton Vale and Landover, Md.
AirBoss also announced the retirement of Robert Hagerman, who helped start the business, from the company's board. Hagerman was CEO for more than 20 years, starting in 1992.
"Bob was one of our founders, an original director and served as the company's CEO for more than 20 years," current CEO Gren Schoch said in a statement.