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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, Inc. (Nasdaq: HURC) reported a decline in net income for Q1 FY 2023, posting $1.33 million, or $0.20 per share, down from $3.54 million, or $0.53 per share, in Q1 FY 2022. Sales fell to $54.68 million, an 18% decrease attributed to a $3.19 million adverse currency impact. Orders also dipped by 25% to $53.23 million. Regional sales decreased across the Americas (8%), Europe (16%), and Asia Pacific (53%). Gross profit was $12.72 million, or 23% of sales, down from 25% in the previous year. The company continues to focus on innovation and maintaining liquidity, with a cash dividend of $0.16 per share slated for April 10, 2023.
Hurco Companies, Inc. (HURC) reported its fiscal Q4 and annual results for 2022, revealing a net income of $1,424,000, or $0.22 per diluted share, down from $2,096,000, or $0.31 per diluted share in Q4 2021. For the full year, net income rose to $8,226,000, or $1.23 per share, compared to $6,764,000, or $1.01 per share in 2021. Total sales decreased 8% in Q4 to $63,462,000 but increased 7% for the year to $250,814,000. A significant factor affecting results was unfavorable currency impacts. The company announced a new $25 million share repurchase program aimed at enhancing shareholder value.
Hurco Companies, Inc. (HURC) announced a cash dividend of $0.15 per share, payable on January 17, 2023, to shareholders of record as of January 3, 2023. This decision reflects the company's commitment to returning value to shareholders amidst its operations in the CNC machine tools market. Future dividends will be subject to Board approval and may vary based on business needs and market conditions. Hurco specializes in manufacturing precision tools and parts for various industries, contributing to its broad customer base.
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