Hurco Cos. and Financial Results and Manufacturers and Manufacturing & Technology

Hurco shares jump on profitable quarter

September 9, 2011

Computerized machine tool maker Hurco Cos. Inc. on Friday announced its third consecutive quarterly profit, helped in part by its best sales performance ever in Asia.

Hurco shares jumped 10.5 percent, to $26.10 each, in early trading after the announcement.

Indianapolis-based Hurco earned $4.6 million, or 70 cents per share, in the third fiscal quarter ended July 31. That compared with a net loss of $1.2 million, or 18 cents a share, in the same quarter of 2010.

The period was Hurco's third profitable one in a row following two straight years of money-losing quarters.

Quarterly revenue rose 91 percent over the same quarter a year ago, to $50.6 million.

Europe remained Hurco’s biggest market, accounting for $31.3 million in sales and fees compared to $13.1 million from North America and $6.2 million from Asia.

Hurco CEO Michael Doar said the company is beginning to see returns on investments made in China and India, where Hurco opened a total of seven offices over the last two years.

“With orders of $8 million and sales of $6 million for Asia this quarter, it is the best quarter for this region in Hurco's history,” Doar said in a prepared statement.
 
Hurco, a 43-year old company with about 440 employees, was helped by a weaker U.S. dollar, which had a favorable effect of $3.3 million compared with the same quarter last year.


 

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