Posted May 2, 2019

Allied Motion revenues up 22.6 percent

Allied Motion Technologies reported record revenue of $93.9 million in the first quarter was up 22.6 percent compared to the same period last year.

The increase reflects organic growth of 12.8 percent. Results include the December 2018 acquisition of TCI, a developer and manufacturer of electronic and magnetic products to resolve power quality and harmonic issues associated with industrial power conversion.

Net income of $4.5 million, or 48 cents per share, compared to $4.2 million, or 45 cents, in the same quarter last year.