Robust sales of vertical milling machines helped boost revenue and profit at Indianapolis-based Hurco Cos. in the third quarter.
The Indianapolis-based company, which makes computerized machine tools for the metal-cutting industry, reported a profit of almost $3.9 million, or 58 cents per share, in the quarter ended July 31. That was up from $2.7 million, or 41 cents per share, in the same quarter of 2016.
Revenue rose 16 percent, to $60.8 million in the latest quarter, up from $52.4 million in the year-ago period.
Sales in the Americas region jumped 30 percent, to $17.2 million.
Hurco said the increase was “due primarily to increased sales of vertical milling machines from all product lines (Hurco, Takumi and Milltronics) in the United States. The increased sales in the U.S. reflect improved market conditions and demand from customers in all regions of the country.”
Sales rose 8 percent in the Europe market, to $33.8 million, and 23 percent in the Asia Pacific region, to $9.8 million.
Orders made in the third quarter were $62.5 million, an increase of 31 percent.
“This year’s strong order trend from all product lines combined with year-over-year growth in all sales regions has been particularly exciting as we approach the last quarter of our fiscal year and prepare to celebrate Hurco’s 50th anniversary in 2018,” Hurco CEO Michael Doar said in written remarks.
Hurco shares rose initially after markets opened Friday, but were down by 20 cents, to $33.65 each, in mid-morning trading.