Posted August 2, 2018

Allied Motion revenues soar 33 percent

Allied Motion Technologies reported second quarter revenue increased 33 percent to a record $80.0 million, driven primarily by organic growth.

The increase was due to growth across all of the company’s served markets and reflects significantly higher sales to the vehicle and industrial/electronics markets.

Sales to U.S. customers were 52 percent of total sales for the quarter compared with 54 percent for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.

Net income nearly doubled to $4.2 million, or 45 cents per diluted share, from $2.2 million, or 24 cents per diluted share.