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Hurco Companies Inc. (NASDAQ: HURC) is a leading industrial technology company based in Indianapolis, Indiana. Known for designing and producing interactive computer controls, software, and computerized machine tools, Hurco serves the global metal cutting and metal forming industry.
The company's core products include vertical machining centers, turning centers, and user-friendly computer control systems. These products cater to a wide array of industries such as aerospace, defense, medical equipment, energy, transportation, and computer equipment. Hurco’s primary clientele consists of independent job shops and short-run manufacturing operations within large corporations.
Hurco operates manufacturing facilities in Taiwan and China and utilizes a comprehensive sales, service, and distribution network across North America, Europe, and Asia. The company maintains subsidiaries in numerous countries, including Canada, China, England, France, Germany, India, Italy, Poland, Singapore, South Africa, and the United States.
Hurco’s commitment to innovation and quality is reflected in its wide range of products, such as the 5-Axis VMC, 3-Axis VMC, Horizontal MC, and Turning Centers. The company’s strategic focus on creating user-friendly systems ensures that both skilled and unskilled operators can efficiently use their machinery.
With a substantial portion of revenue generated from the United States, Hurco continues to expand its global presence and enhance its technological capabilities to provide superior solutions in the metalworking industry.
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.
Hurco posted a net loss of $3.9M ($0.61 per diluted share) for Q2 FY 2024, a significant decline from the $377K net income ($0.06 per diluted share) in the same period last year. For the first six months, the net loss was $5.6M ($0.86 per diluted share), down from a net income of $1.7M ($0.26 per diluted share) in the prior year.
Sales decreased by 16% to $45.2M in Q2 and by 17% to $90.2M in the first six months, compared to the same periods last year. Notably, European sales took a 24% hit in Q2.
Orders dropped 27% to $44.2M in Q2 and 17% to $94.4M in the first six months. Gross profit also fell, reaching $8M (18% of sales) from $12.6M (23% of sales) in Q2. The CEO highlighted ongoing investment in R&D and plans to showcase new technology at the IMTS in Chicago.
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