Business
Allied Motion Reports Operating Income Growth of 60% to a Record $12.0 Million on Revenue of $146.8 Million in Second Quarter 2023
Revenue grew 20% to a record $146.8 million with organic growth of 17% on a constant currency basis for the quarter Gross margin was 31.3% with operating
About this update from Allient Inc.
[{"type":"text","content":"\n\nRevenue grew 20% to a record $146.8 million with organic growth of 17% on a constant currency basis for the quarter\n\n\n\nGross margin was 31.3% with operating income up 60% to a record $12.0 million, up 210 basis points\n\n\n\nNet income up 48% to $6.8 million or $0.42 per diluted share\n\n\n\nAdjusted net income up 23% to $0.58 per share\n\n\n\nGenerated $13.7 million of cash from operations and reduced debt balance $9.4 million during the quarter\n\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 second quarter ended June 30, 2023. Results include the acquisitions completed during the second quarter of 2022.\n\n\n“Driving overall margin improvement continues to be an emphasis within Allied and while we did experience a slight contraction in our gross margin, primarily due to mix, our operating leverage improvements delivered record operating income of $12.0 million and a 210 basis point improvement for the quarter. Once again, we delivered record sales and strong organic growth of 17% for the quarter. Industrial Markets were up 39% over last year’s second quarter, largely driven by industrial automation projects and power quality solutions. Solid demand from our other target market verticals also contributed to our overall sales growth in the quarter,” commented Dick Warzala, Chairman and CEO.\n\n\nHe added, “While we have experienced positive improvements in the supply chain, which has helped to reduce our backlogs, we do expect some near-term challenges with macro-economic softness in parts of Europe. For the long term, we still see tremendous opportunities for growth and value creation across our global platform. Ultimately, we have confidence that we can continue to successfully execute our proven strategy well into the future.”\n\n\nSecond Quarter 2023 Results (Narrative compares with prior-year period unless otherwise noted)\n\n\nRevenue increased 20%, or $24.0 million, to a record $146.8 million and reflected higher demand across most target markets and incremental revenue from acquisitions completed during last year’s second quarter. Excluding the unfavorable impact of foreign currency e...