Hurco turns quarterly profit on higher revenue

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Hurco Cos. experienced a slight decrease in profit in its latest quarter, but saw revenue rise thanks to recent acquisitions.

The Indianapolis-based company, which makes computerized machine tools for the metal-cutting industry, said Friday that it turned a profit of $3.7 million, or 56 cents per share, in the second fiscal quarter ended April 30, down from nearly $4 million, or 60 cents per share, in the second quarter of 2015.

Revenue rose 4 percent, to $52 million.

Hurco attributed more than $4.5 million in sales to the businesses of Milltronics Manufacturing and Takumi Machinery Co., which Hurco acquired in July 2015.

North American sales for the second quarter increased by 9 percent, to $14.9 million, thanks to the addition of Milltronics.

European sales were relatively unchanged, at $32 million. Asia Pacific sales rose 17 percent, to $5 million.

“While the negative impact of currency translation and the weaker than anticipated North American market affected our results for the second quarter, I am encouraged by our continued financial performance, which reflects solid European demand for our higher-performance Hurco machines and global demand for the recently acquired industrial brand CNC machines from Takumi,” Hurco CEO Michael Doar said in a written statement.

Hurco shares were down 2.4 percent Monday morning, to $32.04 each, but have risen almost 21 percent since the beginning of the year.

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