Allied Motion (AMOT) Tops Q3 EPS by 14c

Allied Motion (NASDAQ: AMOT) reported Q3 EPS of $0.42, $0.14 better than the analyst estimate of $0.28. Revenue for the quarter came in at $94.7 million versus the consensus estimate of $89.96 million.

“Our global team continues to perform very well in the face of uncertainty. Our third quarter results demonstrated the tremendous focus and dedication of our employees and is reflective of our diverse market channel strategy. Continued strong demand in our Medical market and a rebound in our Vehicle market were met with superior execution, resulting in sales growth of 9% sequentially, and nearly offset the impact of the pandemic on our other markets on a year-over-year basis for the third quarter,” commented Dick Warzala, Chairman and CEO. “We continued to improve our financial strength, generating cash to pay down debt while making the necessary investments to drive momentum and emerge in an even stronger position.”

He added, “Given the recent global uptick in COVID-19 positive test results, we remain diligent in our actions to ensure the ongoing safety of our workforce, and we continue to closely monitor the potential impacts on our business and our served markets. Moving forward, we will continue to focus on areas that we can control, including proactive new product development to address the emerging needs of our served markets, optimally meeting the requirements of several new project opportunities, and last, but not least, utilizing our AST Toolkit to drive continuous improvement in all areas of our business.”

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

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