Allied Motion (NASDAQ:AMOT) ($12.14) -GeoBargain on the Radar AMOT designs, manufactures and sells motion control products into applications that serve many industry sectors. The company reported strong Q2 2014 results:
- Revenues was $62.1 million, an increase of 145% from $25.4 million in the same quarter last year.
- Adjusted diluted EPS was $0.37 vs $0.09 in prior year.
Quotes from management,
“We are very pleased with the record results for the second quarter 2014 as they continue to validate our previous comments that 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,” commented Dick Warzala, Chairman and CEO of Allied Motion. “When comparing the pro forma results of Allied and Globe for the six months ended June 30, 2013 to the actual results of Allied and Globe for the same period of 2014, our revenues increased from a pro forma of $104.1M in 2013 to $122.5M in 2014 and our earnings per share increased from a pro forma of $0.43/share in 2013 to $0.53/share in 2014. Also, on a year to date basis, we experienced growth in our served markets of Medical, Vehicle and Aerospace and Defense, while our Industrial and Electronics markets were flat. The Allied/Globe integration process, in which we have focused primarily on leveraging growth opportunities for the combined entity, is proceeding well. In September of 2014, we will take the process to the next level when we update our long term strategy and establish the goals and objectives for our company for the next three to five years. While we consider 2014 to be a transformative year for Allied Motion, our long term success will be further enhanced by leveraging the capabilities of both companies to design innovative “Motion Solutions That Change the Game” and meet the current and emerging needs of our customers in our served market segments.”