IBJNews

Hurco reports fourth straight quarterly profit

Back to TopCommentsE-mailPrintBookmark and Share

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.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. This is still my favorite Mexican restaurant in town. What I do love about the new version is it is much quieter than the most recent version. TV's were off, the music wasn't too loud, and the wait staff were not hyperactive like they had been the past few times I had been there. I just wish they would bring back the MOLE for the enchiladas!

  2. Not a bad paper. There is a need for local community news and city government issues. Don't really need the owner's constant national political rants. We all know where they stand by now.

  3. What nice people. Menard should've known better than to team up with the guy who robbed and drove Conseco to ashes. I'm surprised Timothy Durham isn't involved in this.

  4. Hello, I am Maris Peters, currently living in Texas city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in August 2014 and i needed to refinance and pay my bills. I tried seeking loans from various loan Companies both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $65,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm or company with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Mr William David. He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email: Davidloanfirm@yahoo.com

  5. It is beyond me how anyone can think this was a "bad deal" for the state! If they could take the money back then, yes, but they can't! Protections were built in the agreement. Now, if they roll the roads up and take them away, I will agree that it was a bad deal. Otherwise, the only way to have paid for the infrastructure that was badly needed was for the state to issue bonds....that is a four letter synonym for debt folks!!

ADVERTISEMENT