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ALNT Nasdaq· Allient Inc
Earnings report Q3 2023

ALNT Reports Strong Revenue Growth in Q3 2023

Segments of revenue

ALNT reported total revenues of $145.3 million for the third quarter of 2023, representing a 7% increase compared to the same period last year. The revenue was primarily generated from three target markets: Industrial, Vehicle, and Medical. The Industrial segment contributed $64.9 million, the Vehicle segment contributed $33.0 million, and the Medical segment contributed $21.7 million to the overall revenue.

Strengths

ALNT demonstrated strong revenue growth in the third quarter of 2023, driven by a 7% increase in volume and a 1% favorable currency impact. The company's revenue was well-diversified, with 61% coming from U.S. customers and 39% from customers primarily in Europe, Canada, and Asia-Pacific. ALNT also achieved organic growth of 7% during the quarter. Management attributed the revenue growth to increased orders in the A&D markets and favorable currency exchange rates.

Challenges

While ALNT reported overall revenue growth, the company faced challenges in managing its operating costs and expenses. Selling, general and administrative expenses, engineering and development costs, and business development expenses all increased compared to the same period last year. Additionally, the company incurred higher interest expenses, which impacted its net income.

Noteworthy

ALNT experienced a significant increase in bookings during the third quarter of 2023, with a 23% growth compared to the previous year. This increase was primarily driven by a 22% increase in volume and a 1% favorable currency impact. The company's order backlog also expanded, indicating strong demand for its products and services.

Summary

ALNT delivered a strong financial performance in the third quarter of 2023, with a 7% increase in revenue driven by higher volume and favorable currency impact. The company's revenue was well-diversified across different target markets and geographical regions. However, ALNT faced challenges in managing its operating costs and expenses, as well as higher interest expenses. The significant increase in bookings and order backlog highlights the company's strong market demand. Overall, ALNT's revenue growth and market position position it well for future success.

Source documents

Form 10-Q  filed on Nov 01, 2023
101 pages scanned

Reference data

Company financials Q3 revenue 145M
Analyst estimates Q3 EPS beat by 10.24%
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