Business
Allied Motion Reports Third Quarter 2020 Results
Strong demand in Medical market drove total quarterly revenue of $94.7 million, up 9% over the sequential second quarter 2020 Operating margin expanded 100
About this update from Allient Inc.
[{"type":"text","content":"\n\nStrong demand in Medical market drove total quarterly revenue of $94.7 million, up 9% over the sequential second quarter 2020\n\n\nOperating margin expanded 100 basis points sequentially from operating leverage on higher volume \n\n\nStrong cash generation: Cash from operations of $8.4 million in the quarter and $5.5 million of free cash flow* \n\n\nStrengthening balance sheet: Paid down $4.4 million of debt in the quarter\n\n*Free cash flow is a non-GAAP metric defined as cash flow from operations less capital expenditures of $2.9 million\n\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 third quarter ended September 30, 2020. Results include the Dynamic Controls Group (“Dynamic Controls”) acquisition that was completed on March 7, 2020.\n\n“Our global team continues to perform very well in the face of uncertainty. Our third quarter results demonstrated the tremendous focus and dedication of our employees and is reflective of our diverse market channel strategy. Continued strong demand in our Medical market and a rebound in our Vehicle market were met with superior execution, resulting in sales growth of 9% sequentially, and nearly offset the impact of the pandemic on our other markets on a year-over-year basis for the third quarter,” commented Dick Warzala, Chairman and CEO. “We continued to improve our financial strength, generating cash to pay down debt while making the necessary investments to drive momentum and emerge in an even stronger position.”\n\nHe added, “Given the recent global uptick in COVID-19 positive test results, we remain diligent in our actions to ensure the ongoing safety of our workforce, and we continue to closely monitor the potential impacts on our business and our served markets. Moving forward, we will continue to focus on areas that we can control, including proactive new product development to address the emerging needs of our served markets, optimally meeting the requirements of several new project opportunities, and last, but not least, utilizing our AST Toolkit to drive continuous improvement in all areas of our business.”\n\nThird Quarter 2020 Results (Narrat...