Boulder City, Nevada — Amerityre , which makes polyurethane tyres for industrial applications, had total net sales of $2 m in the third quarter 2019 up 26.92% on the same period last year.
Gross Profit across the business rose 41.8% and reached $587,000 in the third quarter 2019.
Strong demand for light duty polyurethane tyres 'exceeded our expectations,' said the company. It cited a stable US economy as on reason for the growth. Business was hit by the tariff on imports of steel products from China, which is where a number of its wheel rims are sourced from.
Industrial tyres made from polyurethanes saw little sales growth, although samples have gone to potential clients for new projects, said the company.
Sales of agricultural tyres have been hit by the tariff battle between the US and China. However, now that tariffs on US agricultural imports have been lifted, the company is more optimistic.