Posted March 11, 2021

Allied Motion 2020 sales down 1 percent

Allied Motion Technologies finished 2020 with revenues of $366.7 million, which was down 1 percent from $371.1 million a year ago.

The results reflected strong growth in medical markets of more than 61 percent, which included the contribution from the Dynamic Controls acquisition. All other market verticals saw reduced demand as a result of the global economic impact of the COVID-19 pandemic.

Net income was $13.6 million, or $1.43 per diluted share, compared to $17.0 million in 2019, or $1.80 pre share.

Fourth-quarter revenue of $93.0 million was up 6 percent, reflecting strong demand in the medical markets, which increased 69 percent and included the contribution from Dynamic Controls.

Fourth quarter net income was $2.7 million, or 28 cents per diluted share, compared with $3.5 million, or 37 cents, in the 2019 fourth quarter.

In a separate announcement, Allied Motion said its board of directors approved a three-for-two stock split of the company's common share, and a quarterly cash dividend of 3 cents per share. 

“These actions reflect our continuing growth prospects and confidence in our strategy to be a leading global provider of controlled motion solutions. We also expect the share split to enhance the trading volume in our common stock and assist in expanding our investor base,” said Dick Warzala, chairman, president and CEO.