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Hurco's quarterly profit leaps on higher sales

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Indianapolis-based manufacturer Hurco Cos. Inc. on Friday reported a 26-percent rise in profit in the second quarter on growing revenue.

The company, which makes computerized machine tools for the metal-cutting industry, said earnings in its second fiscal quarter grew to nearly $3 million, or 45 cents per share, up from $2.3 million, or 36 cents per share, in the same period of 2011.

Revenue grew 11 percent over the year-ago ago quarter, to nearly $46 million.

Hurco said quarterly sales were driven by strong demand in North America and the Asia Pacific region. Sales in Europe, Hurco’s biggest market, fell 2 percent “due to growing economic uncertainty surrounding the European debt crisis and the adverse effect of a weaker Euro,” the company said.

Sales were up 31 percent in North America and 42 percent in Asia Pacific.

Amid the good news, Hurco also reported that orders placed during the second quarter fell 30 percent, or $21.5 million, from the same period a year ago. Orders fell 20 percent in North America, 42 percent in Europe and 14 percent in the Asia Pacific region. The decline in orders could mean tougher results in future quarters.

Hurco said orders were particularly high in the second quarter of 2011 as customers rushed to beat an announced price increase.

Hurco shares fell $1.60, or nearly 7 percent, in morning trading, to $21.61 each.

 

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