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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. (HURC) reported its Q3 2021 results, revealing a net income of $1.57 million, down from $2.16 million in Q3 2020, with earnings per share at $0.23. Total sales for Q3 increased by 19% to $54.18 million, driven by strong demand across all regions, particularly in Europe where sales rose 45%. Orders reached $66.7 million, an 85% increase year-over-year. For the nine months ended July 31, net income was $4.67 million, with sales up 32% to $166.21 million. Strong growth metrics were noted in all geographic areas despite some challenges with supply chain delays.
Hurco Companies, Inc. (Nasdaq: HURC) has announced a cash dividend of $0.14 per share to be paid on July 12, 2021, to shareholders of record by June 28, 2021. This decision reflects the company's commitment to returning value to its shareholders. The dividend payment is subject to future Board approvals and may vary based on business needs and market conditions.
Hurco Companies, Inc. (HURC) reported significant financial improvements for Q2 2021, with a net income of $2.44 million ($0.36 per diluted share) compared to a loss of $3.93 million in Q2 2020. Revenue surged to $57.92 million, up 56% year-over-year, driven by increased demand across all regions. Orders exceeded $65 million, marking a robust 80% increase. Gross profit also improved to $14.79 million, representing 26% of sales. The company experienced operational efficiencies and customer demand growth, particularly in Europe and Asia, positioning itself for strategic growth moving forward.
Hurco Companies, Inc. (HURC) declared a cash dividend of $0.14 per share, payable on April 12, 2021, to shareholders on record as of March 29, 2021. The company also approved a share repurchase program, allowing repurchases up to $7 million until March 10, 2023. Executive Chairman Michael Doar emphasized a balanced capital allocation strategy focused on growth while maintaining liquidity and shareholder value. The company, based in Indianapolis, sells CNC machine tools to various industries and aims to leverage economic downturns for potential acquisitions.
Hurco Companies (HURC) announces a leadership transition as part of its long-term succession planning. Michael Doar shifts from CEO to Executive Chairman, continuing to influence strategic growth and acquisitions. Greg Volovic, previously President and COO, takes over as President and CEO. Volovic has been instrumental in product development and strategic acquisitions, aiming to steer the company into its next growth phase. Under Doar, Hurco grew from under $100 million in revenues and $2 per share to over $300 million and nearly $60 per share, showcasing transformative growth during his 20-year tenure.
Hurco Companies, Inc. (HURC) reported a net income of $663,000 or $0.10 per diluted share for Q1 fiscal 2021, a recovery from a net loss of $(893,000) in Q1 2020. Sales rose 24% to $54,115,000, aided by a 4% favorable currency impact. Orders increased 26% to $57,323,000, with significant growth in the Americas and Europe. Gross profit remained stable at 21% of sales. Despite a 5% unfavorable currency impact on expenses, SG&A expenses fell to 20% of sales, reflecting operational efficiency. Cash and cash equivalents improved to $66,553,000.
Hurco Companies, Inc. (Nasdaq: HURC) reported a significant net loss of $3,589,000 or $(0.54) per diluted share for Q4 FY2020, compared to a net income of $2,098,000 or $0.31 per share in Q4 FY2019. For the full year, the company faced a net loss of $6,247,000 ($(0.93) per share), down from a profit of $17,495,000 ($2.55 per share) in FY2019. Total sales declined by 35% year-over-year to $170,627,000, impacted by the COVID-19 pandemic. Despite challenges, Hurco is optimistic about a recovery driven by growing demand in certain markets.
Hurco Companies, Inc. (HURC) has announced a cash dividend of $0.13 per share, to be paid on January 20, 2021, to shareholders of record by January 6, 2021. The Board of Directors retains the right to adjust future dividends based on business conditions. Hurco, a leader in industrial technology, produces CNC machine tools for sectors including aerospace and medical equipment, with operations in multiple countries.
Hurco Companies, Inc. (HURC) reported a net income of $2.16 million ($0.32 per diluted share) for Q3 2020, down from $3.49 million ($0.51) in Q3 2019. Year-to-date, the company faces a loss of $2.65 million compared to a profit of $15.39 million in the same period last year. Q3 sales fell by 22% to $45.38 million, with significant declines in Europe (36%) and the Americas (15%). Despite these challenges, sales improved by 22% from Q2 2020. The company implemented cost-reduction strategies and returned to profitability, demonstrating resilience amid the pandemic.
Hurco Companies, Inc. (HURC) announced a cash dividend of $0.13 per share, payable on July 13, 2020, to shareholders of record by June 29, 2020. This decision reflects the company's ongoing commitment to returning value to its shareholders. Future dividends will depend on the Board's approval and may vary based on business needs or market conditions. Hurco operates in the CNC machine tools sector, catering to industries such as aerospace and medical equipment, with a global presence across the Americas, Europe, and Asia.
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