Hurco 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.