Allied Motion sales up 8.9 percent in 4Q
Allied Motion Technologies reported fourth quarter revenue rose 8.9% to $55.3 million.
Sales to U.S. customers were 51% of total sales for the quarter compared with 65% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
Net income of $709,000 for the quarter, or 8 cents per share, compared to net income of $695,000, or 7 cents, in the same period last year.
For the full year, revenue of $245.9 million was up nearly 6% primarily due to the Heidrive acquisition. Sales to U.S. customers were 54% of total sales compared with 66% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
Net income for the year was $9.1 million, or $1.00 per share, compared to $11.1 million, or $1.20 per share, in 2015.
“We had growth in our Industrial/Electronics, Medical and Aerospace & Defense markets that was generated both organically as well as from our Heidrive acquisition,” said Dick Warzala, chairman and CEO.
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