AMHERST, N.Y. (AP) — AMHERST, N.Y. (AP) — Allient Inc. (ALNT) on Wednesday reported third-quarter net income of $6.5 million.
On a per-share basis, the Amherst, New York-based company said it had profit of 39 cents. Earnings, adjusted for amortization costs and restructuring costs, came to 59 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The motion control product maker posted revenue of $138.7 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $134.7 million.
Allient shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $53.51, nearly tripling in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALNT at https://www.zacks.com/ap/ALNT
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