NEWMARKET, Ontario—Consolidated earnings before interest, taxes, depreciation and amortization at AirBoss of America Corp. grew 12.1 percent to $6 million in the third quarter of 2019 compared with the same quarter last year, according to the company.
AirBoss' basic and diluted earnings per share in the quarter ended Sept. 30, 2019 rose 16.7 percent to 7 cents per share U.S. from 6 cents in the third quarter of 2018, AirBoss said in a Nov. 6 press release.
The company also paid a quarterly dividend of 7 cents Canadian per share, the release said.
Among AirBoss' most important initiatives in the first nine months of 2019 were capital expenditures on corporate growth initiatives and equipment upgrades, according to the company. It also added a new research and development facility at its plant in Kitchener, Ontario, it said.
Net sales were $77.2 million in 2019's third quarter, down slightly from $77.8 million in 2018, the company said. For the nine months, sales rose slightly to $242.4 million from $240.1 million, it said.
Net income was $1.5 million in the third quarter and $7.8 million for the nine months, compared with $1.3 million and $7.2 million for the same periods in 2018, AirBoss said.
Sales in AirBoss' Rubber Solutions segment fell 3.5 percent to $35.9 million in the third quarter, because of lower net sales in the track, conveyor belt and off-the-road sectors, according to the press release. In Engineered Products, third-quarter sales increased 1.7 percent to $41.3 million, the company said. Higher sales in AirBoss' anti-vibration business offset a decline in defense sales, it said.
AirBoss has four core priorities in its strategy going forward, the company said. These are:
• Growing the Rubber Solutions segment by positioning it as a specialty supplier of choice in the North American market;
• Completing the transaction to create the AirBoss Defense Group, then leveraging its enhanced scale and capabilities to pursue growth in the broader defense sector;
• Improving performance in AirBoss' anti-vibration business through disciplined cost containment, client relationships, new product development and sector diversification; and
• Targeting additional acquisition opportunities, with a focus on strategic fit and reasonable valuations.