Quarterly Profit Dips for Hurco
Hurco Companies is an industrial technology company based in Indianapolis. (photo provided)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting fiscal third quarter net income of $1.6 million, down from $2.2 million during the same time last year. Despite the dip, Chief Executive Officer Greg Volovic says the CNC machine manufacturer is seeing order levels continue on an upward trend.
For the first nine months of the fiscal year, the company says net income totals $4.7 million, compared to a net loss of $2.7 million through the same period a year ago. Volovic says global orders increased for the fourth consecutive quarter and are more in line with pre-pandemic levels.
“Hurco’s orders outpaced sales in all geographic regions, a trend we typically see during periods of growing global machine tool growth,” said Volovic. “The increase in orders this quarter compared to the same quarter in 2020 in our European regions, where we typically sell more higher-performance and higher-margin machine tool products, was particularly robust. Even with challenges associated with vendor delays and transportation channel capacity, Hurco sales for the third fiscal quarter and fiscal year to date have also increased 19% and 32% over prior year.”
Volovic says the company plans to continue to fund innovations in product development and advanced software capabilities.
You can view the full earnings report by clicking here.