Allied Motion revenues decline 8.4 percent
Allied Motion Technologies reported second-quarter revenue was down 8.4 percent to $60.3 million.
The company said the decline reflects higher sales to the Industrial/Electronics and Medical markets as well as a significant increase in distribution sales, more than offset by sluggish demand within the Vehicle market and the timing of some Aerospace business.
Net income was $2.2 million, or 24 cents per diluted share, compared with $3.2 million, or 34 cents per diluted share in the same period last year.
The company also announced that it is reorganizing and realigning its North America motor operations into one business as Allied Motion - North American Motors.
“Through the year, we have been adapting operations to address lower volume from our Vehicle market, and are now implementing major organizational changes to our motor operations in North America to eliminate redundancies and accelerate efforts to capture operational and sales synergies," said
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