Allied Motion income soars
Allied Motion Technologies Inc. said its net income increased 394% to $4.1 million for the third quarter, boosted by the acquisition of Globe Motors.
Revenues for the quarter increased 162% to $65.2 million compared to $24.8 million last year, with sales to U.S. customers up 233% and foreign sales up 81%.
“We are very pleased with the record results for the third quarter 2014 as they once again validate our previous comments that we expected our revenues for 2014 to more than double relative to Allied’s 2013 pre-acquisition revenues and for the Globe acquisition to be accretive to earnings,” said Dick Warzala, chairman and CEO of Allied Motion. “When comparing the actual results of Allied and Globe for the nine months ended September 30, 2014 to the pro forma results of Allied and Globe for the same period of 2013, our revenues increased to $187.8M in 2014 from a pro forma of $164.6M in 2013 and our earnings increased to 98 cents/share in 2014 from a pro forma of 67 cents/share in 2013."
During the first nine months of the year, Allied Motion had net income of $8.9 million, or 98 cents per diluted share, compared to net income of $2.6 million, or 30 cents, for the same nine months last year. Revenues increased 149% to $187.7 million compared to $75.3 million last year, with sales to U.S. customers up 209% and foreign sales up 82%.
The total 149% increase in sales was due to sales volume, the impact of foreign currencies was minimal.
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