Business
Allied Motion Reports Fourth Quarter and Full Year 2020 Results
Fourth quarter revenue of $93.0 million was up 6% on strong Medical and Vehicle market demand Achieved record orders of $108.5 million and record backlog of
About this update from Allient Inc.
[{"type":"text","content":"\n\nFourth quarter revenue of $93.0 million was up 6% on strong Medical and Vehicle market demand\n\n\nAchieved record orders of $108.5 million and record backlog of $141.3 million at year-end\n\n\nContinued strong cash generation despite challenging macro environment: \n\n\nQuarter: Cash flow from operations of $9.8 million and $7.0 million of free cash flow* \n\n\nFull year: Cash flow from operations of $24.8 million and $15.5 million of free cash flow* \n\n\n\n\nPaid down $4.6 million of debt in the quarter and nearly $17.0 million during the full year 2020\n\n\n*Free cash flow is a non-GAAP metric defined as cash flow from operations less capital expenditures\n\n AMHERST, N.Y.--(BUSINESS WIRE)--\nAllied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or “Company”), a designer and manufacturer that sells precision and specialty controlled motion products and solutions to the global market, today reported financial results for its fourth quarter and full year ended December 31, 2020. Results include the Dynamic Controls Group (“Dynamic Controls”) acquisition that was completed on March 7, 2020.\n\n“I am incredibly proud of the passion, teamwork and dedication shown throughout our organization as we navigated a difficult environment while advancing our strategic priorities and delivering solid results,” commented Dick Warzala, Chairman and CEO. “Our fourth quarter performance was supported by record orders from favorable trends within our Medical markets, and exceptional engagement and focus on executing a significant recovery in the powersports portion of our Vehicle markets. This demand, combined with supply chain constraints, resulted in some inefficiencies and unintended costs as our teams worked hard to meet our commitments. We also incurred additional tariffs given the expiration of certain exemptions during the fourth quarter. Ultimately, we believe we will mitigate these costs over time, though some impact is expected to continue over the coming quarters.\n\nHe added, “While the economic and operating outlooks for 2021 remain uncertain, we are in a strong financial and operational position. Our record level of backlog, diversified end market penetration and demonstrated agility positions us well to perform across varying market trends and gives us confidence that we can drive further profitable growth, efficien...