Business
Allient Reports 34% Operating Income Growth on Revenue of $578.6 Million in 2023
“Simplify to Accelerate” sets strategic imperatives for 2024: footprint rationalization and organizational simplification, improved customer interaction,
About this update from Allient Inc.
[{"type":"text","content":"\n“Simplify to Accelerate” sets strategic imperatives for 2024: footprint rationalization and organizational simplification, improved customer interaction, margin expansion and cash generation to reduce debt\n\n\n\n2023 results validate strategic efforts to drive growth, margin expansion and cash flow\n\n\nRevenue increased 15% to record $578.6 million with organic growth of 13% on a constant currency basis\n\n\n\nAchieved record gross margin of 31.7% in 2023, 40 basis point expansion year over year\n\n\n\nNet income per diluted share increased 36% to $1.48; Adjusted net income per share was $2.30, up 22% for the year\n\n\n\nGenerated a record $45.0 million of cash from operations in 2023 and reduced debt balance by $17.1 million\n\n\n\n\n\n\nFourth quarter 2023 demonstrated continued progress\n\n\nRevenue grew 8% with organic growth of 6% on a constant currency basis\n\n\n\nGross margin expanded 40 basis points to 31.5%\n\n\n\nFourth quarter net income per diluted share increased 13% to $0.26 per diluted share; Adjusted net income per diluted share improved $0.12 to $0.55\n\n\n\n\n\n\nSubsequent to year-end, extended the maturity on the existing revolving credit facility\n\n\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nAllient Inc. (Nasdaq: ALNT) (“Allient” or the “Company”), a global designer and manufacturer of precision and specialty Motion, Controls and Power products and solutions for targeted industries and applications, today reported financial results for its fourth quarter and full year ended December 31, 2023. Results include the Sierramotion Inc. acquisition, which was completed in September 2023.\n\n\n“With a backdrop of macro uncertainty and other challenges, the Allient team once again delivered on a number of successes during the past year,” commented Dick Warzala, Chairman and CEO. “We embarked on our next stage of growth with a refined strategy and new name while continuing to drive organic growth at more than double the industry and executing on key acquisitions. We added Sierramotion to advance our integrated motion solutions strategy and extend our reach into key target markets in 2023 and acquired SNC Manufacturing in early January 2024. SNC was our first tuck in acquisition for our Power technology pillar. Ultimately, our top-line growth combined with margin expansion translated into stronger earnings and a recor...