Allied Motion Technologies income falls
Allied Motion Technologies announced net income increased 4% to $4.3 million, or 46 cents per diluted share for the quarter, compared to $4.1 million, or 45 cents, for the same period last year.
Revenues for the quarter declined 6% to $61.5 million compared to $65.3 million last year. The strength of the U.S. dollar against foreign currencies continued to have an impact on the reported results of the third quarter as well as for the year.
“Measured in constant currency, revenues for the third quarter of 2015 would have been consistent with the prior year, and fully diluted earnings per share would have increased 11% compared to the same quarter in 2014. Year to date, revenues would have increased 4% and fully diluted earnings per share would have increased 26% as compared to the same period in 2014," said Dick Warzala, chairman and CEO of Allied Motion. “For the quarter, we experienced growth in our Electronics and Medical markets. Our Aerospace and Defense, Industrial, Distribution and Vehicle markets were down. While the overall market has not met our improvement expectations during the year, we continue to focus on improving internal operations efficiencies through the utilization of our Allied Systematic Tools.”
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