Electromagnetic components manufacturer Allied Motion Technologies Inc. on March 8 reported its 2022 fourth-quarter and total-year earnings, which showed 4Q revenue of $131.1 million, a 35% increase over the same period a year prior.

Allied said the revenue jump reflected higher demand across each of the company’s target markets, as well as incremental sales from acquisitions. U.S. sales were 57% of total sales, compared with 54% in the same period last year. Remaining sales went to customers primarily in Europe, Canada and the Asia-Pacific region, the company said.

Allied’s aerospace & defense segment revenue grew 197% in 4Q due to “organic growth, defense program timing and incremental demand from acquisitions,” the company said. Revenue from industrial markets increased 46 because of strong end-market demand within industrial automation, material handling and electronics.

Vehicle market sales in 4Q saw growth of 8%, in part due to demand from trucks, powersports and commercial automotive.Medical markets rose slightly as surgical-related markets and medical pumps offset lower pandemic related sales. Its distribution market increased 22%, Allied said.

“Our fourth quarter and full year results were strong and speak to the consistent and focused efforts of the entire Allied team to execute our strategy and deliver strong organic growth and create new growth opportunities through selective acquisitions,” said Dick Warzala, Chairman and CEO. “The fourth quarter provided several highlights, which included impressive organic growth of 18%, the strengthening of our margin profile, and robust order levels which were broad-based across many of our targeted markets. For the year, we continued to demonstrate our ability to manage our business effectively despite the challenging macro conditions as we crossed a revenue milestone of more than $500 million and achieved our stated goal of gross margin expansion, reaching a record 31.3%.”

For all of 2022, revenue was $503 million an increase of 25% over 2021. On a constant currency basis, revenue was up 30% for the year, which included 12% organic growth, Allied said.