Allied Motion income soars
Allied Motion Technologies announced net income increased 229% to $2.69 million, or 29 cents per diluted share for the quarter ended June 30.
That compares to net income of $819,000, or 9 cents, in the same quarter last year.
Revenues for the quarter increased 145% to $62.06 million compared to $25.32 million last year with sales to U.S. customers up 191% and foreign sales up 91%.
"We are very pleased with the record results for the second quarter 2014 as they continue to validate our previous comments that we expect our revenues for 2014 to more than double relative to Allied’s 2013 pre-acquisition revenues and for the Globe acquisition to be accretive to earnings,” said Dick Warzala, chairman and CEO of Allied Motion.
The company said that medical, vehicle and aerospace and defense markets experienced growth, while industrial and electronics markets were flat. The Allied/Globe integration process, in which we have focused primarily on leveraging growth opportunities for the combined entity, is proceeding well," Warzala added.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
