Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting second quarter net income of $2.4 million, compared to a net loss of $3.9 million during the same period last year. Chief Executive Officer Greg Volovic says the company is emerging from the pandemic with global orders exceeding $65 million for the first time since 2019.
“As Hurco emerges from one of the more challenging business environments in recent history, I am extremely excited about our current position and opportunity for meaningful strategic growth,” said Volovic. “Second quarter orders in Europe and Asia were particularly encouraging, increasing by 121% and 138%, respectively, over the prior year period. Our operating income for the first two quarters of fiscal 2021 represents an improvement of over $10.0 million compared to the prior year period and reflects pricing improvement, efficiencies in our factories, and continued benefits associated with cost management initiatives implemented during fiscal 2020. We remain focused on optimizing shareholder value through a variety of avenues and continue to leverage the benefit of our strong balance sheet to evaluate and pursue acquisition opportunities. Our ability to quickly adapt to significant changes in the business climate and our noteworthy achievements in new product development have positioned us well for a strong recovery in 2021.”
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