Posted May 3, 2018

Allied Motion posts record sales

Allied Motion Technologies reported first-quarter revenue increased 25 percent to a record $76.6 million driven primarily by organic growth.

Net income rose 58 percent to $4.2 million, or 45 cents per share, compared to $2.7 million, or 29 cents, in the same period a year ago.

During the quarter, Allied Motion acquired the original equipment steering business of Maval Industries.

“Building market momentum, the traction gained in our targeted markets, and our recent acquisition contributed to record sales in the first quarter,” said Dick Warzala, chairman and CEO of Allied Motion.