Exports, weak dollar fuel Hurco profit

August 28, 2008
Hurco Cos. Inc. reported today that profit in its third fiscal quarter increased 13 percent, to $5.8 million, from the same period a year earlier.

The Indianapolis-based maker of machine tools said the jump in the period ended July 31 was driven by sales and service fees in Europe and Asia. Sales were particularly strong in Germany and the United Kingdom as well as throughout its Asian markets.

North American sales, on the other hand, were down as customers fretted about the economy.

The weakness of the dollar also propelled sales by making American products less expensive in other nations, Hurco said.

Hurco shares fell $1.46 this morning to trade at $31.44. The stock peaked at $60 in October last year, and was at $48 in May of this year.

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