Posted November 3, 2022

Allied Motion's 3Q sales soar 30 percent

Allied Motion Technologies said its third-quarter revenue increased 30% to a record $134.4 million, compared to $103.5 million in the same period last year.

Allied MotionThe gain reflected higher demand across each of the Company’s target markets, as well as incremental sales from acquisitions.

Net income was $6.6 million, or 41 cents per diluted share, compared to $6.0 million, or 41 cents per, in the prior-year period.

Aerospace & Defense revenue grew 159% due to incremental demand from acquisitions, defense program timing and solid organic growth. Revenue from Industrial markets was up 39% in the quarter, benefitting from new solutions offerings, acquisitions and strong end market demand within industrial automation, pumps, and oil & gas. Revenue in the Vehicle and Medical markets each grew 4%.