Business
Allied Motion Reports 9% Revenue Growth and Record Orders and Backlog in Third Quarter 2021
Revenue grew 9% to $103.5 million over the prior-year period, driven by strong recovery in Industrial markets Gross margin expanded 120 basis points to 30.9%
About this update from Allient Inc.
[{"type":"text","content":"\n\nRevenue grew 9% to $103.5 million over the prior-year period, driven by strong recovery in Industrial markets\n\n\nGross margin expanded 120 basis points to 30.9% year-over-year and 20 basis points sequentially on higher volume, strategic pricing and improved mix\n\n\nAchieved net income of $6.0 million, or $0.41 per diluted share, up 49%\n\n\nRecord orders of $119.9 million drove a book-to-bill ratio of 1.2x\n\n\nRecord backlog of $185.6 million, up 9% sequentially\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 third quarter ended September 30, 2021. All share and per share information reflect the April 30, 2021 3-for-2 stock dividend.\n\n“Our results reflect continued strength in most of our served markets, particularly within our broad-based Industrial vertical. We had strong demand for products and solutions tied to industrial automation, vehicle handling, and the oil & gas sector,” commented Dick Warzala, Chairman and CEO. “Navigating the current environment has continued to be a challenge given ongoing inflationary pressures, global supply chain disruptions and labor shortages. While we do not see these challenges abating in the near-term, we are adeptly managing the situation in cooperation with our suppliers and customers. We have implemented actions within our control to mitigate the impact which we believe is evident by our measurable expansion in margins and profitability during the quarter.\n\n“As we look out, demand remains strong and most customers will accept all product that we can deliver. While we expect some seasonality in the fourth quarter given typical holiday shutdowns and inventory adjustments, our current backlog indicates that the “normal” dip in revenues could be less than what we’ve experienced in prior years. Ultimately, we remain confident in our strategy and have a positive outlook for our business over the long term.”\n\nThird Quarter 2021 Results (Narrative compares with prior-year period unless otherwise noted)\n\nRevenue increased 9% to $103.5 million, driven by strong demand in the Industrial and Vehicle markets. The Industrial markets benefitted from continued ...