Boulder City, Nevada — Amerityre, which makes polyurethane tires for farm, leisure and warehouse use, has posted a 9.8% year-on-year increase in sales to $3.94m (€3.3 million) in the 2020 fiscal year.
Gross profit across the business rose by 4.6% to $1.10 million in the year ended 30 June.
Slightly higher raw material costs and higher sales of lower-margin products were the main drivers of the company's performance, said Amerityre in its annual report published 11 Sept.
The company increased spending on R&D in the year, with a new bike tire evaluation.
Sales in the light duty foam tires business were hit by coronavirus in the final quarter of the year. However, sales rebounded steadily from a heavily depressed level in April.
Import tariffs on steel wheel rims from China continue to be a drag on the division, according to the company.
Amerityre is promoting its new Elastothane 500 formulation in the polyurethane elastomer industrial tires business. This is designed to offer higher static load-bearing capacity and greater abrasion resistance than closed-cell foam formulations. Sales into garden and lawn markets grew in 2020.
The agricultural tires division was hit again by low farm commodity prices, with Chinese tariffs on US soybeans having hit US producers.