Allied Motion 2Q sales up 21 percent
Allied Motion Technologies said its second-quarter 2022 revenue increased 21 percent to a record $122.7 million. That compares to revenue of $101.5 million in the same period last year.
The increase reflected higher demand across Industrial, Aerospace & Defense and Distribution markets, while Medical and Vehicle were slightly lower than the year ago period.
Net income was
“Our sales highlights were within our Industrial market, which increased 40 percent year-over-year from new solution offerings, both organically developed and acquired. Also contributing was strong growth in our Aerospace & Defense markets, largely aided by recent acquisitions," said Dick Warzala, chairman and CEO.
Industrial markets were up 40 percent in the quarter, benefitting from new solutions offerings, acquisitions and continued economic recovery in broader end market verticals, including industrial automation, oil & gas, material handling, HVAC, and instrumentation.
Acquisitions also contributed to the Aerospace & Defense market, which doubled from the year ago period. Partially offsetting were lower sales in the Vehicle markets of 3 percent largely due to broad supply chain challenges within commercial automotive, and Medical markets which declined less than 1 percent due to the lapping of a strong prior-year period that was still benefiting in a greater way from pandemic related sales.
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