Motion control manufacturer Allied Motion Technologies Inc. (NASDAQ: AMOT), Amherst, NY, reported 2014 sales of $249.7 million, a 99 percent increase from 2013. Sales to U.S. customers were up 130 percent and foreign sales were up 58 percent. The overall improvement in sales was the result of a sales volume increase of 101 percent, offset by a 2 percent decrease due to foreign currencies. Profit increased to $13.9 million, compared to $4 million the previous year.
Sales for the fourth quarter were $61.9 million, a 23 percent increase year-over-year, with U.S. sales up 31 percent and foreign sales up 11 percent. Profit increased 266 percent to $4.9 million, compared to $1.3 million in the same period a year ago.
"The year 2014 was truly transformative for Allied Motion and a year of record performance with sales nearly doubling," said CEO Dick Warzala. "As per the plan, Globe Motors and the core Allied Companies concentrated on growth synergies while allowing the operations to continue functioning with limited structural changes being made during the year."