Hurco caps record year for sales, orders with robust quarter

Hurco Cos. capped a record year with rising sales and earnings in the fourth quarter.

The Indianapolis-based company, which makes computerized machine tools for the metal-cutting industry, on Friday reported a profit of $6.7 million, or $1 per share, in the quarter ended Oct. 31. That was up from $3 million, or 45 cents per share, in the same quarter of 2016.

Revenue rose 14 percent, to $75.9 million in the latest quarter, up from $66.4 million in the year-ago period.

Total profit for fiscal 2017 came in at $15.1 million, or $2.25 per share, compared with $13.3 million, or $1.99 per share, in fiscal 2016.

Revenue for the fiscal year was $243.7 million, up 7 percent from the previous year.

“There isn’t a better way to begin Hurco’s 50th anniversary celebration in 2018 than to finish 2017 with record orders and record sales,” Hurco CEO Michael Doar said in a written statement. “All of our brands (Hurco, Takumi and Milltronics) and all geographic regions finished the year with higher orders and sales levels than last year.”

Sales and profit at Hurco were lifted by robust demand for its products in Europe, especially Germany, France and the United Kingdom. European sales were up 34 percent in the fourth quarter and 8 percent for the fiscal year.

The increase helped offset a 14 percent decline in sales in the Americas region for the quarter. For the year, sales were up 2 percent in the Americas.

Overall orders were a record $73.7 million in the fourth quarter and record $260.7 million in the fiscal year.

Hurco shares were up 7.7 percent Friday morning, to $45.44 each.