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.