Business
Allied Motion Reports Record Revenue of $96.6 Million and Expanded Margins in Third Quarter 2019
One Allied strategy drives revenue growth of 21% to a record $96.6 million Gross margin expanded 140 basis points to 31.1% Operating income grew 22% to $8.8
About this update from Allient Inc.
[{"type":"text","content":"\n\nOne Allied strategy drives revenue growth of 21% to a record $96.6 million\n\n\nGross margin expanded 140 basis points to 31.1%\n\n\nOperating income grew 22% to $8.8 million with operating margin of 9.1%\n\n\nNet income was $4.6 million, or $0.49 per diluted share; Excluding atypical foreign tax assessment charges, adjusted net income* grew 12% to $5.4 million, or $0.57 per diluted share\n\n\nYear-to-date cash generated from operations was $17.0 million, up 51%\n\n\n AMHERST, N.Y.--(BUSINESS WIRE)--\n\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 third quarter ended September 30, 2019. Results include the TCI, LLC (“TCI”) acquisition that was completed December 6, 2018.\n\n\n“We performed well in the quarter, delivering strong operating results as we execute on our strategy for growth. Organic revenue grew 10% driven by strong demand from market share gains in our Medical and Aerospace & Defense markets. Importantly, we also realized the positive effect that volume has on our margin profile,” commented Dick Warzala, Chairman and CEO. “While our bottom line was impacted by $0.08 per diluted share in the quarter from atypical foreign tax adjustments, our results validate that our business is capable of generating stronger earnings as we continue to grow.”\n\n\nThird Quarter 2019 Results (Narrative compares with prior-year period unless otherwise noted) \n\n\nRecord revenue of $96.6 million was up $16.5 million, or 21%, and reflects considerable growth in Medical and Aerospace & Defense, and contributions from TCI. Revenue increased 23%, excluding a $1.6 million unfavorable impact of changes in foreign currency exchange rates. The Company achieved organic growth of nearly 10%, which reflects the continued strength in the U.S. Sales to U.S. customers were 59% of total sales for the quarter compared with 55% from the third quarter last year, with the balance of sales to customers primarily in Europe, Canada and Asia. The Company believes that Revenue excluding foreign currency exchange impacts, which is a non-GAAP measurement, is a useful measure in analyzing organic sales results. See the attached table for a description of non-GA...