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Motion control manufacturer Allied Motion Technologies Inc. (NASDAQ: AMOT), Amherst, NY, reported sales for the first quarter of $60.4 million, an increase of 140 percent compared to the same period a year ago, with foreign sales up 78 percent and sales in the U.S. doubling. Profit increased to $2.1 million.
"We expect our revenues for 2014 to more than double relative to Allied’s 2013 pre-acquisition revenues and for the Globe acquisition to be accretive to earnings. The record results for the first quarter 2014 are in line with these expectations." said Dick Warzala, chairman and CEO. “We experienced growth in almost all of our served markets and converted several new potential opportunities into design-in wins.”