Business
Strong Results in Fourth Quarter 2019 Drove Record Annual Revenue and Net Income for Allied Motion
For the Quarter, revenue grew 19% to $87.9 million and net income grew 32% to $3.5 million For the Quarter, achieved gross margin of 30.1%, a 90 basis point
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[{"type":"text","content":"\n\nFor the Quarter, revenue grew 19% to $87.9 million and net income grew 32% to $3.5 million \n\n\nFor the Quarter, achieved gross margin of 30.1%, a 90 basis point improvement driven by lean manufacturing improvements, enhanced mix and higher volume, while strong operating leverage drove a 200 basis point expansion in operating margin.\n\n\nFor the Year, revenue grew 19% to a record level of $371.1 million, supported by 9% organic growth, and margin expansion delivered record net income of $17.0 million, or $1.80 per diluted share.\n\n\nFor the Year cash generated from operations nearly doubled to $34.5 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 fourth quarter and full year ended December 31, 2019. Results include the TCI, LLC (“TCI”) acquisition that was completed December 6, 2018.\n\n\n“We delivered an excellent year in 2019 as our focused investments and One Allied approach continued to drive solid organic growth with measurable share gains in many of our served markets. The advancement of our sales team and our strategy to focus on diversification into targeted verticals has been instrumental in our success. Concurrently, we have enhanced our margin profile by furthering our Allied Systematic Tools throughout the organization, focusing on continuous improvement and realizing the full-year benefit of TCI,” commented Dick Warzala, Chairman and CEO.\n\n\nHe added, “While there are some headwinds to contend with, such as softness in Europe, we believe that solid execution of our strategy, including a healthy pipeline of organic and acquisition opportunities, enables us to more than offset the challenges and supports our confidence moving forward into 2020.”\n\n\nHe concluded, “Our most recent acquisition, Dynamic Controls Group, is further testament to our strategy of expanding our electronics and software capabilities to create unique, solutions for our markets. With Dynamic, we have furthered our position in the medical market and we will leverage the talent and know-how of the Dynamic team across other targeted market verticals as well.”\n\n\nFourth Quarter 2019 Results (Narra...