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Motion control manufacturer Allied Motion Technologies Inc. (NASDAQ: AMOT), Amherst, NY, reported sales for the third quarter of $65.3 million, an increase of 162 percent compared to the same period a year ago, with U.S. sales up 233 percent and foreign sales up 81 percent. Profit increased 394 percent to $4.1 million.
The drastic improvements in revenue and income can be attributed to the October 2013 acquisition of Globe Motors.
“We are very pleased with the record results for the third quarter 2014 as they once again validate our previous comments that we expected 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,” said Allied CEO Dick Warzala.
For the first nine months, sales were $187.8 million, an increase of 149.1 percent compared to the same period a year ago. Profit increased 242.9 percent to $9 million.