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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowHurco Cos. saw profit drop dramatically in its fiscal third quarter on sharply lower revenue, the Indianapolis-based machine tool maker announced Friday morning.
Hurco earned $854,000, or 13 cents per share, for the period ended July 31 after making $11.6 million, or $1.77 per share, in the same quarter a year earlier.
Sales and service fees totaled $45.2 million, a 10-percent fall from $49.6 million a year ago.
Hurco shares sank 8 percent in early trading Friday, to $26.15 each.
"This quarter was challenging given the soft demand, particularly in Europe,” Hurco CEO Michael Doar said in a prepared statement.
Sales decreased across all regions during the quarter. Sales dropped 11 percent in Europe, the company’s biggest market, to just under $26 million. North America sales fell 5 percent, to $14.7 million, and Asia Pacific sales dropped 17 percent, to $4.5 million.
During the quarter, Hurco completed its acquisition of the machine-tool component business of LCM Srl, an Italian manufacturer for an undisclosed price.
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