Allied Motion sales and earnings fall
Allied Motion Technologies reported first quarter net income of $960,000 or 11 cents per diluted share, compared to $1.15 million, or 14 cents, for the same period last year.
The maker of motion control products said revenues for the quarter decreased 6.3% to $25.14 million compared to $26.84 million last year.
“Sales in the first quarter of 2013 were down 6.3% compared to the first quarter of 2012, with sales in Europe flat and sales in the U.S. down 11.6%. During the quarter, our served markets of medical, vehicle and electronics were down, while the industrial and aerospace and defense markets were up,” said Dick Warzala, president and CEO. “On the positive side, the quarter to quarter downward sales trend we experienced throughout 2012 was reversed in the first quarter of this year, with sales increasing by 4.9% in the first quarter of 2013 compared to the fourth quarter of 2012. During the remainder of 2013, we will continue to closely monitor our served markets as we expect them to stabilize and provide growth as we move through the year."
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