Hurco sees slight dip in quarterly profit
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting fiscal third quarter net income of $1.2 million, down from $1.6 million during the same period last year. Despite the slight dip, Chief Executive Officer Greg Volovic says the company’s sales have grown in all regions of the world this year compared to sales in 2021.
“I am encouraged by our results even though inflation, currency fluctuations, vendor delays, a war in Ukraine, and COVID-19 disruptions have affected our business and other international companies – many of whom are our vendors,” said Volovic. “Our experience successfully navigating volatile economic and world events in the past positions us well to adapt and efficiently navigate external events in the world today.”
The industrial technology company makes computer controls, software and computerized machine tools for the metal cutting and metal forming industry.
“We have a long-term commitment to a balanced capital allocation strategy and continuously innovate and develop new products despite uncertain economic cycles that often prevent others from investing in new technology,” said Volovic. “Today, it is more important than ever for our customers to have technology that helps them increase productivity, even as they manage inflation and labor shortages.”
Hurco says it plans to display its latest products and technologies later this month at the International Manufacturing Technology Show in Chicago.
You can view the full earnings report by clicking here.