Allied Motion sales rise 6.9 percent
Allied Motion Technologies reported sales for the first quarter were $63.7 million, a 6.9% increase from $59.6 million in the 2015 first quarter.
The increase reflects the incremental sales from the January 2016 acquisition of Heidrive GmbH, a German-based motor and drive solutions company, partially offset by lower sales in the Vehicle and Aerospace & Defense markets. Sales to U.S. customers were 55% of total sales for the quarter compared with 67% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
Net income of $2.1 million decreased 28.5 percent from the $2.9 million reported in the same quarter last year. Diluted earnings per share of 23 cents compared to diluted earnings per share of 32 cents in last year's first quarter.
“The decline in earnings from last year reflects higher operating costs in the quarter from increased investment in engineering and development for multi-product motion system offerings and the investments we continue to make to realign our organization for greater efficiency and accelerated growth," said Dick Warzala, chairman and CEO of Allied Motion.