Allied Motion (AMOT) Tops Q2 EPS by 27c

Allied Motion (NASDAQ: AMOT) reported Q2 EPS of $0.32, $0.27 better than the analyst estimate of $0.05. Revenue for the quarter came in at $86.7 million versus the consensus estimate of $80.74 million.

“I want to acknowledge the incredible efforts and dedication of our employees who have done an excellent job helping us navigate the challenges of the COVID-19 pandemic. We have continued to operate all of our facilities and were able to flex up and support the increased demand from various Medical market customers, many of which are at the forefront of combating this pandemic. Moving forward, we will remain vigilant and continue to implement the measures required to ensure the health and safety of all our employees and their families,” commented Dick Warzala, Chairman and CEO. “Our second quarter performance was relatively solid and demonstrated the success of our One Allied strategy and the execution of our Allied Systematic Tools. We were pleased with our gross margin level given the decline in revenue and we continued to generate significant cash from operations in the quarter.”

He further added, “While we are somewhat subject to macroeconomic conditions, we can control the success of our new product development efforts, which continue to be a priority. We are on-track to create several exciting new products and solutions to ensure that we will meet the emerging needs of our served target markets. With the uncertainty of the current COVID-19 environment, the demand signals continue to be mixed and highly dependent on the vitality of the end markets we serve. For Allied, this translates into effectively managing the encouraging trends and stabilization within certain markets, while at the same time dealing with the continued volatility and uncertainty in various other markets. Overall, I am confident that our team will continue to execute well and that we have the right strategies and structure in place to succeed in our markets for the long-term.”

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

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