Allied Motion reports record revenue
Allied Motion Technologies reported third-quarter revenue of $96.6 million, up 21 percent from the same period last year.
The record gain reflected growth in medical, aerospace and defense industries, and contributions from the TCI acquisition.
Net income of $4.6 million, or 49 cents per share, compared to income of $4.8 million, or 52 cents, in last year's third quarter. The decline in net income resulted from an increase in the income tax provision related to the unusual tax assessment in a foreign jurisdiction, the company said.
“While our bottom line was impacted by 8 cents per diluted share in the quarter from atypical foreign tax adjustments, our results validate that our business is capable of generating stronger earnings as we continue to grow,” said Dick Warzala, chairman and CEO.
INDUSTRIAL SUPPLY MAGAZINE
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