Business
Allied Motion Reports 10% Revenue Growth and Record Backlog in 2021
Revenue grew 10% to $403.5 million in 2021, driven by broad-based recovery in target markets and new solutions offerings; Fourth quarter revenue was $96.8
About this update from Allient Inc.
[{"type":"text","content":"\n\nRevenue grew 10% to $403.5 million in 2021, driven by broad-based recovery in target markets and new solutions offerings; Fourth quarter revenue was $96.8 million, up 4% from the prior year quarter\n\n\nGross margin expanded 40 basis points to 30.0% in the year on higher volume, improved mix and strategic pricing; Fourth quarter gross margin was 28.7%, up 80 basis points despite ongoing supply chain disruptions as well as material and labor inflation\n\n\nAnnual net income increased 77% to $24.1 million, or $1.66 per diluted share; Excluding net tax benefits and business development costs, adjusted net income was $1.26 per diluted share, up 26% for the year\n\n\nFourth quarter orders of $114.9 million drove a book-to-bill ratio of 1.2x\n\n\nRecord backlog of $249.9 million, up 35% sequentially on demand and incremental backlog from recent acquisitions\n\n\nGenerated $25.4 million of cash from operations in 2021\n\n\nCompleted three acquisitions in the fourth quarter that further enhance technology and capabilities\n\n\n AMHERST, N.Y.--(BUSINESS WIRE)--\nAllied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or “Company”), a designer and manufacturer of precision and specialty controlled motion products and solutions for the global market, today reported financial results for its fourth quarter and year ended December 31, 2021. Results include the acquisitions of ORMEC Systems Corp. on November 2, 2021, ALIO Industries on November 4, 2021, and Spectrum Controls, Inc. on December 30, 2021. All share and per share information reflect the April 30, 2021 3-for-2 stock dividend.\n\n“Our results continue to demonstrate the successful execution of our strategic growth initiatives. For 2021, sales to our Industrial markets reached all-time highs and our Vehicle markets returned to pre-pandemic levels. Encouragingly, we also grew our Medical markets despite extremely tough comparisons from the prior year that saw significant demand for our products and solutions during the height of the pandemic,” commented Dick Warzala, Chairman and CEO. “We are also pleased with our gross margin expansion in both the quarter and full year period in spite of the overall inefficiencies created by the global supply chain and labor constraints. We believe our diversified market strategy that is focused on margin enhancing solutions, as well as ...