Hurco profit cut nearly in half for fiscal year
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Indianapolis-based Hurco Companies Inc. is reporting fiscal full-year net income of $4.4 million, down from $8.2 million the previous year. Despite the drop, CEO Greg Volovic said the company was bolstered by strong fourth quarter sales in the U.S., United Kingdom and Germany.
Hurco manufactures computer controls, software and computerized machine tools for the metal cutting and metal forming industry.
The company sales overall sales and service fees for the full year fell 9% to nearly $228 million. Volovic noted, however, that the company saw record sales in the United Kingdom for the full year, and the overall sales of $66 million across its entire footprint created benefits.
“The company’s higher fourth quarter sales, coupled with prudent production levels, enabled us to significantly reduce inventory, aligning it more closely with current demand,” Volovic said in a news release. “We maintain confidence that our products have positioned us for success when the market shifts to higher levels of consumption.”
Volovic said Hurco is starting its new fiscal year with a debt-free balance sheet, which will help the company seize opportunities for business growth.
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