Hurco Profit Rises in Anniversary Year

Posted: Updated:
(Image courtesy of Hurco) (Image courtesy of Hurco)
INDIANAPOLIS -

Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting full-year net income of $21.5 million for 2018, up from $15.1 million the previous year. Chief Executive Officer Michael Doar says the CNC manufacturer achieved several milestones during the year.

Doar says the company hit several financial goals, including surpassing $300 million in sales and $33 million in operating income. He says the results are the culmination of strategic plans created several years ago.

"The focus has been to acquire and develop strong brands, improve market penetration in all geographic regions, and improve returns for our shareholders with a sustained commitment to maintaining a strong balance sheet and cash flow," said Doar. "This year, we continued to build upon our reputation in mature Hurco machine tool markets, such as the U.S., Germany, France, Italy and the United Kingdom, while establishing more of a presence and reputation in key target markets, such as China, India and smaller Asian Pacific countries. The brands we have acquired over the last several years, LCM/Milltronics/Takumi, each had their best sales year since acquisition and made important contributions to the overall growth in all geographic regions."

The company, which celebrated 50 years in business in 2018, is also reporting fourth quarter net income of $8.3 million, up from $6.7 million during the same period in 2017. You can view the full earnings report by clicking here.

  • Perspectives

    • 3 Tips to Attract and Retain Employees in the Gig Economy

      The gig economy has been around ever since workers began looking for supplemental income, but, it has recently evolved with the introduction of technology. Companies emerging like Uber, Lyft and GrubHub, are changing the gig economy landscape of the workforce. The gig economy has attracted millennials and Gen Zers because of the flexibility and autonomy to work from anywhere, at any time.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Industrial hemp photo courtesy of Purdue University)

      Hemp Processor Announces Expansion

      Indianapolis-based BDX Indiana has announced plans to bring more than 100 new jobs to central Indiana, with about a third of those going to a planned hemp extraction facility in Westfield. BDX extracts CBD oil from Indiana-grown hemp and is a sister company of Biodynamic Ventures, the largest hemp grower in Indiana. The city says the phase one build-out of the overall $50 million project is expected to begin this month with production to start in December. 

    • Butler Blue III is retiring next spring as the school's mascot. (photo courtesy Butler University)

      Butler Mascot Set to Retire

      One of the best-known ambassadors for Butler University is stepping down, all four legs of him, at the end of the current academic year. The university says their furry mascot, Butler Blue III, is ready to retire after nearly eight years of greeting visitors, students and staff. 

    • (photo courtesy of Indianapolis International Airport)

      Indy Airport Showcases New Retail Offerings

      Indianapolis International Airport is celebrating the opening of the first wave of new retail offerings. The new stores are part of the airport's multi-year Concessions Refresh initiative, which aims to bring a greater mix of nationally-known brands, such as FAO Schwarz and Vineyard Vines, with more local offerings, including Natalie's Candy Jar and Fountain Square Market. In all, nine new retail stores opened Tuesday morning. In an interview with Inside INdiana Business...

    • (image courtesy of Pixabay/VIN JD)

      Cyber Security Battalion to be Located in Indiana

      Indiana’s growing defense industry is further expanding into the digital battlefield. Governor Eric Holcomb has announced a National Guard cyber battalion will be located in the Hoosier state. The 127th Cyber Protection Battalion will be made up of nearly 100 soldiers focused on cybersecurity and cyber warfare. 

    • CEO of Knox County Development Corp. Steps Down

      The president and chief executive officer of the Knox County Development Corp. has resigned. Kent Utt had held the position for five years. Officials say Utt will continue to work with the corporation’s leadership to ensure a smooth transition going forward.