Allied Motion sales climb by 17 percent
Allied Motion Technologies reported that its second-quarter revenue increased 17 percent to $101.5 million, driven by strong demand in the vehicle and industrial markets.
In the second quarter of 2020, revenue was $86.6 million.
Sales to U.S. customers were 55 percent of total sales compared with 50 percent for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia-Pacific.
Net income was $4.6 million, or 32 cents per diluted share, up from $2.9 million, or 20 cents, in the same quarter last year.
The second quarter was highlighted by double-digit organic growth, margin expansion and strengthened earnings,” said Dick Warzala, Chairman and CEO. “While the economic recovery has accelerated demand in our Vehicle and Industrial markets, we also attribute our growth to strong execution around the roll out and ramping of new projects and solutions. We are still facing significant supply chain challenges resulting in stretched lead times and higher material costs. The One Allied team has managed this ever-changing environment well as evidenced by our improved operating performance.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
