Posted May 3, 2017

Allied Motion sales decline 3.6 percent

Allied Motion Technologies reported that revenue for the fist quarter was down 3.6 percent to $61.4 million.

Sales to U.S. customers were 54% of total sales for the quarter compared with 55% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia. Excluding the unfavorable effects of foreign currency exchange, first quarter revenue was $62.5 million, down 2% from the prior-year period.

Net income of $2.7 million for the quarter, or 29 cents per share, compared to income of $2.4 million, or 25 cents, in the same quarter last year.

“Cost discipline and the effectiveness of our refinancing last year enabled net income growth on moderately softer revenue,” said Dick Warzala, chairman and CEO of Allied Motion. “With regard to our markets, on a trailing twelve-month basis, our Aerospace & Defense, Medical, and Industrial/Electronics increased while our Vehicle markets were down due to weakness and end-of-life in certain applications.”