Hurco Swings to Record Profit to Start Year

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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting record net income of $663,000 during the first quarter, compared to a net loss of $893,000 during the same period a year ago. The industrial technology company says Q1 sales and service fees climbed 24%.
Chief Executive Officer Michael Doar says Hurco sees a recovery in all of its geographic areas, so the company is optimistic for a continued recovery in 2021.
“Orders outpaced sales for the second consecutive quarter, which is a trend we often see during an economic recovery. We must continue to be responsive to their need to work harder and smarter in order to recover faster,” said Doar.
Hurco designs and produces CNC machining tools for metal cutting and forming industries.
“We believe that technology innovation can certainly support recovery for our customers, and we will continue our product development plans, which will position us to meet demand from both current customers and prospective customers as activity at their businesses increases,” said Doar.
He says the company is continuing to evaluate acquisition opportunities. Click here to view the full report.