Hurco Reports First Quarter Results for 2019
INDIANAPOLIS - Hurco Companies Inc. (Nasdaq: HURC) has reported results for the first fiscal quarter which ended on January 31. The industrial technology company recorded net income of $6.6 million for the first quarter of fiscal 2019 compared to net income of $2.9 million for the same period last year.
Hurco sells its three brands of computer numeric control machine tools globally to metal cutting and metal forming industry.
Sales in the U.S. for the first quarter of fiscal 2019 increased by 39% and reflected improved market conditions and demand from customers for vertical milling machines.
"As we begin to see a shift in global demand, I remain confident that we are ready for new opportunities and have the agility to adjust operationally as needed to meet the needs of our customers no matter where they are located around the world. Our global presence allows us to participate in all markets as they change with continuous commitment to long-term growth and profitability. We remain focused on our strategic investments in new technologies, targeted product expansion, and quality of service to provide our customers with the most efficient machine tools equipped with sophisticated technologies that help to make their manufacturing businesses more profitable." Michael Doar, chief executive officer said in a news release.