Hurco Reports Slipping Profits, Slower European Sales
INDIANAPOLIS - Indianapolis-based Hurco Companies Inc. (Nasdaq: HURC) is reporting full-year net income of $17.5 million, down from $21.5 million the previous year.
The industrial technology company says sales in North America were the highest ever recorded for the region, which Chief Executive Officer Michael Doar says minimized the impact of the slower cycle in Europe and Asia.
“While Europe is typically our largest market and Asia is a targeted growth market, we’ve had a measured response to the slowing demand due to decades of experience in this highly-cyclical industry,” said Doar.
Doar says fourth-quarter European sales were off 35% from a year ago, while Asian sales were down 38%.
Hurco designs and produces CNC machining tools for metal cutting and forming industries.
The company is also reporting fourth-quarter net income of just over $2 million, compared to $8.3 million during the same period a year ago.
You can click the earnings reports by clicking here.