Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting a fiscal full-year profit of $16.2 million, compared to $15.1 million in 2014. Chief Executive Officer Michael Doar says it would have been a record year for sales and orders if currency translation was excluded. He says European markets and key acquisitions drove the performance.
Hurco pegs the negative impact of currency at $21.2 million for the full fiscal year.
For the fiscal fourth quarter, the industrial technology manufacturer said net income was $4.8 million, compared to $4.9 million in the same quarter of 2014.
"The ability of our team to conduct acquisitions and integrate new businesses with Hurco while maintaining focus on product development and accelerating sales is especially noteworthy since Hurco is a relatively small company. I attribute this ability to the culture of agility and industriousness that defines Hurco, as we continually focus on helping our customers be more productive and profitable." Doar continued "going forward, we remain focused on our strategic plan that provides the flexibility to successfully respond to market needs and navigate economic conditions quickly and efficiently so we can continue the development of technologies that can make manufacturers more productive and profitable."
In July, Hurco closed on the acquisitions of Wisconsin-based Milltronics Manufacturing Co. Inc. and Takumi Machinery Co. Ltd. of Taiwan.