Allied Motion sees 8.9 percent sales gain
Allied Motion Technologies reported sales of $65.84 million for the second quarter, a gain of 8.9 percent from $60.48 million in the second quarter of 2015.
The increase was driven by the acquisition of Heidrive, a German manufacturer of synchronous motion systems.
Strong sales in most markets helped to counter lower sales in the Vehicle market. Sales to U.S. customers were 55% of total sales for the quarter compared with 64% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
Net income of $2.9 million, or 31 cents per share, declined from $3.1 million and 34 cents in the same period last year.