Allied Motion earnings up on lower revenue
Allied Motion Technologies said its net revenues for the first quarter declined 1% to $59.58 million compared to $60.43 million last year.
Net income increased 39% to $2.97 million, or 32 cents per diluted share, compared to $2.14 million, or 24 cents, for the same quarter last year.
The revenue decline resulted from the strengthening of the U.S. dollar against foreign currencies. Sales volumes for the quarter were up over last year by 6%, while the currency impact reduced sales by 7%. Sales to U.S. customers were up 3% and foreign sales down 9%.
“Although the strengthening of the U.S dollar posed a significant hurdle, we had a good start to 2015 with net income increasing 39% and gross margin improving by 1.1% when compared to the same quarter of 2014,” said Dick Warzala, chairman and CEO of Allied Motion. “For the quarter, we experienced growth in our Aerospace and Defense, Medical and Electronics markets. Our Vehicle and Industrial markets were flat, while our Distribution market was down.”
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