Allied Motion (AMOT) Tops Q1 EPS by 21c

Allied Motion (NASDAQ: AMOT) reported Q1 EPS of $0.44, $0.21 better than the analyst estimate of $0.23. Revenue for the quarter came in at $92.4 million versus the consensus estimate of $86.74 million.

Dick Warzala, Chairman and CEO, commented, “The business impact due to COVID-19 started in March and was primarily related to a decline in demand in our Vehicle markets. As we worked through the various issues caused by COVID-19, our first and foremost commitment was to our workforce and to ensure the health and safety of all employees and their families. I personally want to thank our global management team and all our employees who worked tirelessly together to create a safe environment, while at the same time making the necessary adjustments to ensure the needs of our customers were continuing to be met. Wherever possible, our team is working remotely, and our manufacturing operations have continued to produce under stringent practices to protect our employees. I believe we will come out of this crisis stronger and better than ever as we operate within the guiding principles of our One Allied Culture and the focus provided by our Long-Term Strategy.”

Mr. Warzala continued, “Our first quarter results were relatively solid as we benefitted from the acquisition of Dynamic Controls and the diversity of the markets we serve. Our global operations worked closely together to ensure we responded quickly to the rapidly evolving situation and to meet the significant increases in demand for several of our products supplied to the medical market. To ensure we meet short term demand, we have built inventory in some facilities to address potential temporary closures and we are working closely with our supply chains to ensure critical materials are available, when needed. We also remain intently focused on the long term strength and viability of our company, with an increased emphasis on cash conservation, adjusting our variable cost structure to align with market changes, maintaining strong discipline over fixed costs, retaining our critical talent, and keeping our team focused on securing several new project opportunities as well as launching several new growth-oriented product platforms. While this unparalleled situation with the novel coronavirus pandemic has tested Allied’s global response capabilities, our team has done an excellent job creating safe work environments, operating remotely, supporting customers’ needs, addressing costs and keeping our eye on the future.”

For earnings history and earnings-related data on Allied Motion (AMOT) click here.

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