Hurco reports slight profit dip in Q2
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Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting fiscal second quarter net income of $2 million, compared to $2.4 million during the same period last year. Chief Executive Officer Greg Volovic says the company’s sales and operating income improved despite challenges including inflation, vendor delays, and continued COVID-19 lockdowns in certain markets.
“Our year-to-date sales reflect strong sales, with all regions contributing to this overall growth in sales,” said Volovic. “Hurco’s operating income for the first six months of fiscal 2022 improved by $3.8 million compared to the prior year period, even though we did not have the benefit of the $1.9 million of employee retention credit taken in the first six months of 2021. We are particularly excited about participating in this year’s International Manufacturing Technology Show (IMTS) where we will unveil new products, introduce new control innovations, and present an entirely new approach to marketing these technologies.”
Hurco, which is an industrial technology company, says sales and service fees totaled $62.8 million for the second quarter, an increase of $4.9 million compared to the same period in 2021.
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