Hurco Swings to Full-Year Profit Amid Challenges
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Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting fiscal full-year net income of $6.8 million, compared to a net loss of $6.2 million the previous year. Chief Executive Officer Greg Volovic says the CNC machine manufacturer has rebounded well from challenges caused by the pandemic.
The company is also reporting fiscal fourth quarter net income of $2.1 million, compared to a loss of $3.6 million during the same period in 2020.
“We delivered products in high demand to our customers as we navigated vendor delays, transportation issues, inflationary cost increases, and competitive labor markets,” Volovic said in a news release. “We increased factory production, hired new employees, and completed our new software control platform for multi-axis, multi-spindle turning centers.”
The company says global sales and orders for the fiscal year increased 38% and 59%, respectively.
Volovic says the company is prepared for further unexpected challenges and poised for continued growth heading into the new fiscal year.
You can view the full earnings report by clicking here.