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

Hurco reports fourth straight quarterly profit

January 13, 2012

Computerized machine tool maker Hurco Cos. Inc. on Friday announced its fourth consecutive quarterly profit, helped in large part by big sales gains in North America and Europe.

Indianapolis-based Hurco earned $2.7 million, or 41 cents per share, in the fiscal fourth quarter ended Oct. 31. That compared with a loss of $1.2 million, or 18 cents per share, in the same quarter of 2010.

Quarterly revenue rose 40 percent over the same quarter in 2010, to $48.6 million.

Profit and revenue were on par with analyst estimates.

North American sales and fees were strong, rising to $13.9 million, a 60-percent increase from a year earlier. European sales and fees increased 39 percent, to $31.2 million.

Sales and fees in Asia, however, dipped 4 percent, to $3.5 million.

“I am pleased that our expectations for recovery were realized as customers around the world chose to invest in technology that would make their businesses more profitable,” Hurco CEO Michael Doar said in a prepared statement.

Fourth quarter orders increased 31 percent in North America and 28 percent in Asia due to continued improvement in economic conditions, Hurco said. Orders in Europe were flat.

Quarterly expenses increased 22 percent, to $11 million, as Hurco increased employee wages and compensation following reductions in fiscal 2009 and 2010.

For fiscal 2011, Hurco earned $11.1 million, or $1.71 per share, compared with a loss of $5.7 million, or 89 cents, in fiscal 2010.

Fiscal year revenue rose 70 percent, to $180.4 million.

Hurco shares were down 52 cents, or 2.2 percent, to $23.50 each, shortly after the market opened Friday morning.

 

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