Allied Motion sales up 2.3 percent
Allied Motion Technologies announced that its third-quarter revenues increased 2.3 percent to $24.87 million.
Net income for the quarter was $1.23 million, or 14 cents per share, compared to $1.32 million, or 15 per diluted share, for the same period last year.
Foreign sales were up 13.0% and sales in the U.S. were down 5.4%.
“We believe our markets have stabilized as the third quarter 2013 results were in line with our expectations and provided us with a slight revenue improvement when compared to the third quarter of 2012,” said Dick Warzala, president and CEO. “Comparing the third quarter of 2013 to the same quarter in 2012, our served markets in Medical, Industrial, and Distribution were up, while Vehicle and Aerospace and Defense were down and Electronics was flat."
The company completed the acquisition of Globe Motors on Oct.18, impacting expenses during the quarter.
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