AMHERST, N.Y. (AP) — AMHERST, N.Y. (AP) — Allient Inc. (ALNT) on Wednesday reported first-quarter profit of $5.4 million.
On a per-share basis, the Amherst, New York-based company said it had profit of 32 cents. Earnings, adjusted for amortization costs and restructuring costs, came to 50 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The motion control product maker posted revenue of $138.9 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $139.8 million.
Allient shares have increased 44% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $77.45, more than tripling in the last 12 months.
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