Hurco Reports Quarterly Profit
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Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting fiscal first quarter net income of $3.5 million, compared to $663,000 during the same period the previous year. Chief Executive Officer Greg Volovic says it was the sixth consecutive quarter that global orders outpaced sales.
“I was particularly encouraged by the continued improvement in our core European machine tool markets, where we typically sell many of our higher-priced, higher-performance machines,” said Volovic. “In that region, first fiscal quarter orders increased by 58%, and first fiscal quarter sales increased by 41%, over prior year period levels.”
Volovic says the company was able to manage challenges associated with vendor delays, transportation issues, inflation and competitive labor markets.
Hurco says sales in the Americas increased by 3% for the quarter, compared to the same period the year before, as a result of an increased volume of shipments of higher-performance Hurco machines.
You can view the full earnings report by clicking here.