Allient Inc. reported a revenue of $529.97 million for the fiscal year ending December 31, 2024, a decrease of 8% from $578.63 million in 2023. The decline in revenue was primarily attributed to reduced demand in the Industrial and Vehicle markets, which faced challenges from elevated shipments in the previous year as supply chains normalized. The company noted that its recent acquisitions contributed an additional $40.86 million in revenue during 2024. Gross profit also fell to $165.69 million, down 10% from $183.68 million in the prior year, resulting in a gross margin of 31.3%, slightly lower than the 31.7% reported in 2023.
Operating income decreased significantly to $30.04 million, compared to $42.31 million in 2023, reflecting a decline in profitability as a percentage of revenue from 7.3% to 5.7%. Net income for the year was $13.17 million, or $0.79 per diluted share, a substantial drop of 45% from $24.10 million, or $1.48 per diluted share, in the previous year. The company’s bookings also fell by 8% to $480.03 million, with a backlog of $230.79 million at year-end, down 17% from $276.09 million in 2023.
Strategically, Allient has been focusing on its "Simplify to Accelerate NOW" initiative, which aims to streamline operations and enhance profitability. This includes the establishment of a Machining Center of Excellence in Dothan, Alabama, expected to improve operational efficiency and reduce costs by $6 to $7 million annually. The company also made two significant acquisitions in 2023 and 2024, acquiring Sierramotion Inc. and SNC Manufacturing Co., which are anticipated to bolster its capabilities in the motion control and power quality sectors.
Operationally, Allient employed 2,525 full-time employees as of December 31, 2024, with a significant portion dedicated to engineering roles, reflecting the company's commitment to innovation and product development. The company has also been adjusting its inventory levels in response to changing customer demand patterns and supply chain disruptions, which have necessitated larger inventory holdings. Looking ahead, Allient anticipates continued challenges in the market, particularly in the Industrial Automation sector, but remains optimistic about its strategic initiatives and the potential for improved financial performance in the coming years.
About ALLIENT INC
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