Hurco swings to fiscal full-year loss
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Indianapolis-based Hurco Companies Inc. is reporting a fiscal full-year net loss of $16.6 million, compared to net income of $4.4 million the previous year. CEO Greg Volovic said the company hoped for more of a recovery in the machine tools market, which was down 19%.
Hurco manufactures computer controls, software and computerized machine tools for the metal cutting and metal forming industry.
The company said overall sales and service fees for the full year fell 18% to nearly $187 million. However, Volovic noted that the company saw two positive trends that aligned with expectations.
“First, our global orders for this fiscal year outpaced sales in every region, which is a solid improvement over fiscal year 2023,” he said in a news release. “Second, orders improved from the first half of the year to the second half of the year in fiscal year 2024, a trend quite different from fiscal year 2023. We are focused on this order growth and are prepared for increased customer demand as global markets begin to recover.”
Volovic said Hurco implemented global cost reductions during the fiscal year while also advancing technological innovations.
“We continue to believe that our strong balance sheet and focus on future technological advancement differentiates Hurco from our competitors, helping us to navigate cyclical periods,” he said. “We look forward to the coming year with confidence that we have already navigated big challenges in our industry, and we are ready to lead the recovery.”
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