Allied Motion posts big gains
Allied Motion Technologies said its net income increased 266% to $4.9 million, or 53 cents per diluted share, for the fourth quarter.
That compares to income of $1.3 million, or 15 cents, in the same period last year. Revenues for the quarter increased 23% to $61.9 million compared to $50.1 million last year with sales to U.S. customers up 31% and foreign sales up 11%.
For the full year, net income was $13.8 million, or $1.51 per diluted share compared to net income of $3.9 million, or 45 cents, for 2013. Revenues increased 99% to $249.6 million compared to $125.5 million last year with sales to U.S. customers up 130% and foreign sales up 58%.
Allied Motion acquired Globe Motors in 2013.
“For the year, we experienced growth in most of our served markets including Vehicle, Aerospace and Defense, Medical and Industrial, while our Electronics market was down. In the fourth quarter we began the process of aligning our combined team to begin the implementation of our long term strategy in support of our new growth and profitability objectives,” said Dick Warzala, chairman and CEO of Allied Motion.
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