Allied Motion sales up 13 percent
Allied Motion Technologies reported fourth-quarter revenue of $74.0 million was up 13 percent from $65 million in the same period last year.
Organic growth was approximately 5 percent. Sales to U.S. customers were 52 percent of total sales for the quarter compared with 49 percent for the fourth quarter last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
Net income was $2.6 million, or 28 cents per diluted share, compared with $95 thousand, or 1 cent per diluted share.
For the full year, record revenue of $310.6 million was up 23 percent. Organic growth was up 15 percent in 2018. Sales to U.S. customers were 53 percent of total sales, consistent with 2017, with the balance of sales to customers primarily in Europe, Canada and Asia.
Net income of $15.9 million, or $1.72 per share, compared to income of $8 million, or 88 cents, in 2017.
Results include the acquisition of Maval Industries in January 2018 and a partial month of operations of the TCI acquisition that was completed Dec., 2018.
“We have been particularly pleased with our recent acquisition of TCI as it further broadened our offerings and strengthened our position as a global leader of application-focused controlled motion solutions. The integration is on track and we believe there is excellent long-term growth opportunity as we leverage the technology, expanded channels and extended footprint of the combined businesses,” said Dick Warzala, chairman and CEO.
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