The Indianapolis-based machine tool manufacturer said shutdowns related to the COVID-19 pandemic had a dramatic effect on its sales.
Hurco bounces back with profit, big sales increase in first quarter
Indianapolis-based Hurco Cos. Inc. shares jumped more than 13% Friday morning after the manufacturer reported a rebound to profitability and increased sales and orders in its fiscal first quarter.Read More
Local manufacturer Hurco suffers first full-year loss since 2010
CEO Michael Doar said the company was encouraged by “growing demand we saw in certain markets in the second half of the fiscal year, particularly in Europe and Asia.”Read More
Quarterly sales in Hurco’s European region rose to $44.1 million, a 31 percent jump over the same period of 2017.
Sales and profit at Hurco were lifted by strong demand for its products in Europe, especially Germany, France and the United Kingdom.
Indianapolis-based manufacturer Hurco Cos saw increased sales of vertical milling machines from all product lines in the United States.
Hurco said the overall rise in sales was “primarily attributable to an increased sales volume of vertical milling machines from all product lines.”
North American sales for the Indianapolis-based manufacturer dropped 19 percent in the third quarter due to pricing pressure and reduced consumption of machine tools.
The Indianapolis-based company, which makes computerized machine tools for the metal-cutting industry, said Friday morning that it would have had a record-setting year if it hadn’t been for the negative impact of currency translation.
Hurco Cos. Inc. plans to move some of its manufacturing operations from Italy to Indianapolis, creating 35 local jobs by the end of 2017, the company disclosed in a tax-abatement request with the city.
Hurco closed on the purchase of Wisconsin-based machine maker Milltronics Manufacturing on Tuesday for about $13.3 million. On Wednesday, it entered into an agreement to acquire Taiwanese manufacturer Takumi Machinery for about $6.5 million.
The Indianapolis-based machine tool maker reported Friday morning that profit in the latest quarter shot up more than 400 percent as sales and fees increased 25 percent.
Profit shot up for some, while others fought setbacks.
Hurco Cos. Inc. saw slightly higher profit in the first quarter on a 16-percent jump in sales and service fees, the Indianapolis-based industrial technology company reported Friday morning.
Sales dropped 4 percent in Europe, the company’s biggest market, to $32.3 million. North America sales fell 6 percent, to $16.7 million.
Hurco, which designs and produces interactive computer controls, software and computerized machine tools, does most of its business in Europe.