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Overview
Hurco Companies Inc is a United States-based industrial technology company specializing in the design, manufacture, and sale of computerized machine tools. Incorporating state-of-the-art interactive control systems and innovative software, Hurco caters to the metal cutting and metal forming industries with a focus on enhancing operational efficiency through user-friendly computer controls. Using specialized technology in computerized machine tools, the company transforms complex machining processes into accessible, automated solutions that can be operated by both experienced and novice machine tool operators.
Core Business and Innovation
The company’s primary offerings include vertical machining centers, turning centers, and horizontal machining centers. These products are built on the firm’s dedication to advanced control technology and software integration, providing manufacturers with precision, reliability, and versatility. Hurco emphasizes an intuitive operating interface, enabling operators to efficiently manage production even in short-run manufacturing settings. This commitment to innovation in control systems not only streamlines machine operation but also reduces production complexities and enhances metal cutting capabilities in diverse industrial applications.
Industry Applications
Hurco Companies Inc serves a diverse clientele within industries such as aerospace, defense, medical equipment, energy, transportation, and computing. Its products are particularly valuable in independent job shops and specialized short-run manufacturing environments where precision and adaptability are paramount. By addressing the unique needs of sectors that demand high-quality metal cutting and forming solutions, Hurco has established a reputation for delivering products that are both robust and flexible.
Technological Edge and Product Development
The company stands out for its relentless focus on control technology and product development. Hurco integrates advanced software with mechanical precision to deliver interactive and adaptive machine control systems. Its approach allows even operators with minimal technical training to harness powerful machinery to produce quality parts efficiently. The company’s continuous investment in software enhancements and control system optimization ensures that its machines can meet evolving industrial standards without compromising accessibility or ease of use.
Global Presence and Operational Excellence
Based in Indianapolis, Indiana, Hurco Companies Inc maintains a strong global footprint with manufacturing operations in Asia, particularly in Taiwan and China, complemented by a wide-reaching sales and service network. Through direct and indirect sales forces, along with well-established subsidiaries spanning multiple countries across North America, Europe, and Asia, Hurco effectively supports its international client base. This global presence underscores the company’s ability to serve varied market segments while upholding consistent standards of quality and technological innovation.
Competitive Landscape and Market Position
Operating in a competitive niche of the industrial technology sector, Hurco differentiates itself through the integration of interactive control systems and a strong emphasis on user-centric design. While the market for machine tools is populated by several established players, Hurco’s focus on developing enhanced software interfaces and customizing solutions for smaller scale operations provides a distinct advantage. Its collaborations with notable partners in automation further cement its position as a forward-thinking manufacturer that responds to challenges such as tightening labor markets and evolving production demands.
Supporting Services and Customer Focus
In addition to its advanced product offerings, Hurco Companies Inc invests significantly in support services. The company provides comprehensive application engineering, sales support, and after-sales service, ensuring that customers receive not just a machine tool but an integrated solution that enhances operational efficiency. By placing an emphasis on both technological innovation and customer service, the company builds long-term relationships with clients across diverse industrial segments.
Conclusion
Hurco Companies Inc continues to exemplify the integration of technology and manufacturing expertise. With its unique blend of computerized machine tools and user-friendly interactive controls, the company has carved out a niche in a highly competitive market. Its operational practices, global distribution network, and robust technological framework make it a notable entity within the industrial technology sector, dedicated to enhancing production processes in metal cutting and forming industries.
Hurco Companies (HURC) reported Q1 FY2025 results with a net loss of $4.32 million ($0.67 loss per share), compared to a $1.65 million loss ($0.25 per share) in Q1 FY2024. The quarter included a $2.39 million non-cash tax valuation allowance.
Sales reached $46.41 million, up 3% year-over-year, despite a 1% unfavorable currency impact. Regional performance varied with Americas sales up 9%, Asia Pacific sales increasing 18%, while European sales declined 5%. Orders decreased 20% to $40.09 million.
Gross profit margin contracted to 18% from 22%, while SG&A expenses improved to 22% of sales from 26%. Cash position strengthened to $41.82 million from $33.33 million in October 2024, though working capital decreased to $172.59 million from $180.79 million.
Hurco Companies (Nasdaq: HURC) reported a net loss of $1,442,000, or $(0.23) per diluted share, for Q4 2024, compared to net income of $2,422,000, or $0.36 per share, in Q4 2023. The annual net loss for fiscal year 2024 was $16,608,000, or $(2.56) per share, compared to net income of $4,389,000, or $0.66 per share, in fiscal year 2023.
Sales and service fees for Q4 2024 were $53,702,000, a 19% decrease from Q4 2023. Fiscal year 2024 sales totaled $186,584,000, an 18% decline from fiscal year 2023. Orders in Q4 2024 decreased 6% year-over-year, totaling $51,077,000, while annual orders fell 5% to $198,302,000.
Geographically, sales in the Americas dropped 21% for Q4 and 18% for the fiscal year. European sales fell 18% for Q4 and 21% for the year. In the Asia Pacific region, sales decreased 11% in Q4 but increased 2% for the year.
Gross profit for Q4 2024 was $12,186,000, or 23% of sales, down from $17,419,000, or 26%, in Q4 2023. Fiscal year 2024 gross profit was $37,743,000, or 20% of sales, compared to $56,168,000, or 25%, in fiscal year 2023. Selling, general, and administrative expenses were $12,677,000 for Q4 2024, 24% of sales, compared to $14,040,000, or 21%, in Q4 2023. Fiscal year 2024 expenses were $46,029,000, or 25% of sales, versus $49,552,000, or 22%, in fiscal year 2023.
Cash and cash equivalents stood at $33,330,000 as of October 31, 2024, compared to $41,784,000 a year earlier. Working capital was $180,788,000, down from $193,257,000 the previous year.
Hurco Companies (Nasdaq: HURC) has announced its strategic vision focused on developing Autonomous Machining Centers through AI, mechatronics, and simulation technologies. The company plans to transform manufacturing by leveraging the successful consolidation of Hurco, Milltronics, and Takumi PC hardware. Key initiatives include: expanding market share through product development and partnerships, implementing smart manufacturing processes, and investing in talent management. The company will launch robotics, automation, and AI-driven applications across all product categories, positioning itself as a leader in Industry 5.0.
Hurco Companies, Inc. (Nasdaq: HURC) unveiled groundbreaking AI-driven innovations at the 2024 International Manufacturing Technology Show (IMTS), positioning itself as a leader in machine tool technology. The company's next-generation control systems feature AI capabilities that significantly reduce programming time from minutes to seconds, enhancing efficiency and precision in CNC machine operations.
Hurco's President and CEO, Greg Volovic, highlighted two key advantages: complete vertical integration of CNC machine, control, and software, and a consistent commitment to innovation supported by a strong financial foundation. New tools like ChatCNC™ Chatbot for instant operator support and AI Feature Recognition for faster part programming are set to revolutionize the manufacturing industry, potentially altering the competitive landscape for Hurco's customers.
Hurco Companies, Inc. (Nasdaq: HURC) made a significant impact at the 2024 International Manufacturing Technology Show (IMTS) in Chicago. The company's expanded 16,000-square-foot booth showcased groundbreaking advancements in CNC technology and control systems, attracting numerous visitors.
Key highlights included:
- A new control system with an ergonomic design and customizable interface
- Integrated AI tools like ChatCNC™ and AI feature recognition
- Strategic partnerships showcasing automated machine-tending solutions
Greg Volovic, President and CEO of Hurco, emphasized the success of IMTS 2024 and the positive reception of their advanced technologies. The company's focus on driving productivity and profitability through innovation resonated strongly with manufacturers, positioning Hurco as a leader in the industry.
Hurco Companies, Inc. (Nasdaq: HURC) and Universal Robots (UR) have unveiled a groundbreaking automation solution at IMTS, addressing the critical shortage of skilled labor in manufacturing. The collaboration combines Hurco's CNC expertise with UR's collaborative robotics, resulting in a turnkey system that simplifies automation for high-mix manufacturers.
Key features include:
- Conversational Automation Job Manager for seamless cobot and CNC machine control
- Patent-pending job setup technology allowing job changes in under five minutes
- Plug-and-play solutions enabling robotic machine tending setup within a day
This innovation aims to free workers from monotonous tasks and help manufacturers meet future production demands efficiently.
Hurco Companies reported a net loss of $9.6 million ($1.47 per diluted share) for Q3 FY2024, compared to net income of $260,000 in Q3 FY2023. The loss included an $8.16 million non-cash tax valuation allowance. Sales decreased 20% to $42.65 million. For the nine-month period, Hurco reported a net loss of $15.17 million on sales of $132.88 million, down 18% year-over-year.
Despite sales declines, Q3 orders improved to $52.82 million, up 26% year-over-year and exceeding sales by over $10 million. The company implemented global cost reductions and is focusing on technological innovations, including new control designs and robotic automation integration. Hurco maintains a strong balance sheet to navigate the cyclical machine tool market.
Hurco Companies, Inc. (Nasdaq: HURC) is set to make a significant impact at the 2024 International Manufacturing Technology Show (IMTS) in Chicago. The company will showcase its latest innovations in CNC machine and control technology across a 16,000-square-foot booth. Highlights include:
- New AI assistive technologies like ChatCNC™ help bot and AI feature recognition
- Milltronics' INSPIRE+ platform with new control software
- Takumi's new graphical user interface for the die and mold industry
- Next-generation control concept designs
- Partnerships with Universal Robots, Kawasaki Robotics, SolidCAM, and Air Turbine
- Hurco Automation powered by ProCobots for flexible automation
Hurco's vertical integration of machine, control console, and software allows for rapid innovation and commercialization, positioning the company at the forefront of manufacturing technology as markets begin to recover.
Hurco Companies, Inc. (Nasdaq: HURC) and Kawasaki Robotics (USA), Inc. have announced a strategic collaboration to deliver turnkey, industrial-grade, robotic machine-tending solutions. This partnership combines Hurco's 50+ years of CNC machine and controls innovation with Kawasaki's 50+ years of industrial robotics expertise. The collaboration aims to expand Hurco's product line with robust robotic machine tending solutions for high-mix, low-volume parts manufacturing, without the need for complex robot programming.
Key initiatives include:
- CNC Machine Automation: Developing new technologies for emerging market needs
- Market Expansion: Leveraging networks to reach new customers and markets
- Research and Development: Pooling resources for faster innovation
The companies will showcase interactive, no-code, turnkey, robotic machine tending demos at the 2024 International Manufacturing Technology Show (IMTS) in Chicago.
Hurco Companies announced the suspension of its regular quarterly cash dividend on its common stock, effective immediately. The decision aims to enhance financial flexibility, improve balance sheet strength, and reinvest in core business and R&D.
Previously, the company paid two quarterly cash dividends of $0.16 per share in 2024. The Board will continuously monitor market conditions and the company's cash flow to evaluate potential future cash dividends, but there is no assurance of resumption.
Hurco continues to focus on shareholder interests through possible share repurchase programs, particularly when the stock is undervalued.
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