Allied Motion earning up 16%
Allied Motion Technologies Inc. announced net income increased 16% to $3.1 million for its fiscal fourth quarter.
That compares to income of $2.7 million for the same period last year. Earnings per diluted share of 34 cents compared to 29 cents last year during the same quarter.
Revenues for the quarter declined 3% to $60.5 million compared to $62.1 million last year. The strength of the U.S. dollar against foreign currencies continued to have an impact on the reported results of the second quarter as well as for the year.
“The continued strength of the U.S. dollar poses a challenge in comparing our reported results on a true comparative basis to reflect the real change year over year," said Dick Warzala, chairman and CEO of Allied Motion. "Without the strengthening of the U.S. dollar, revenues for the second quarter of 2015 would have increased 5% and fully diluted earnings per share would have increased 30% compared to the same quarter in 2014, as measured in constant currency.
He added that during the quarter the designer and manufacturer of motion control products experienced growth in Aerospace and Defense, Medical and Electronics markets. Vehicle markets were flat, while Industrial and Distribution markets were down.
INDUSTRIAL SUPPLY MAGAZINE
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