Allied Motion revenues up 6.4 percent
Allied Motion Technologies Inc. reported that its third-quarter revenue grew 6.4 percent to $65.0 million.
The improvement reflects significantly higher sales to the company’s Industrial/Electronics markets, solid growth in its Medical markets and improvement in distribution sales.
The designer and manufacturer of precision motion control products reported net income of $3.1 million, up 8.4 percent compared with $2.8 million in the third quarter of 2016. On a per diluted share basis, earnings were 33 cents, compared to 30 cents per diluted share in the same period last year.
Sales to U.S. customers were 53% of total sales for the quarter compared with 56% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
“Third quarter results exceeded our expectations, a result of improving economic conditions and increased demand from our target markets,” said Dick Warzala, chairman and CEO of Allied Motion. “We achieved considerable growth within our Medical and Industrial/Electronics markets including increased demand for our servo motor products that are used in factory automation solutions. As previously announced last month, we secured a contract for $6.8 million in the Defense market which is further evidence that our target market strategy and focused selling efforts are beginning to yield benefits.”
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