Hurco Companies Reports Financial Results for Fourth Quarter and Fiscal Year 2024

Hurco Companies, Inc. (NASDAQ: HURC) recently disclosed its financial outcomes for the fourth fiscal quarter and fiscal year ended October 31, 2024. The company revealed a net loss of $1,442,000, or $(0.23) per diluted share, for the fourth quarter of fiscal year 2024. This figure included a non-cash tax valuation allowance of $193,000 recorded in provision for income taxes. In comparison, the same period in fiscal year 2023 saw a net income of $2,422,000, or $0.36 per diluted share.

For fiscal year 2024, Hurco reported a net loss of $16,608,000, or $(2.56) per diluted share. This result encompassed a non-cash tax valuation allowance of $8,590,000 recorded in provision for income taxes. In contrast, fiscal year 2023 recorded a net income of $4,389,000, or $0.66 per diluted share.

Sales and service fees for the fourth quarter of fiscal year 2024 amounted to $53,702,000, marking a 19% decrease compared to the corresponding prior year period. The company experienced a positive currency impact of $1,008,000 translating foreign sales to U.S. dollars. Similarly, sales and service fees for fiscal year 2024 were $186,584,000, reflecting an 18% decrease from fiscal year 2023, inclusive of a favorable currency impact.

Greg Volovic, Chief Executive Officer of Hurco, commented on the results, stating, “We had hoped for more of a recovery this year than what we saw in the market for machine tools, which was down almost 19% according to the Oxford Economics U.S. machine tool forecasts. However, there were two trends that did align with our expectations.” He further highlighted the company’s focus on order growth and readiness for increased customer demand as global markets recover.

The company emphasized its efforts to manage business diligently in pursuit of improving results and returning to profitability. Despite global cost reductions implemented during the year, Hurco continued to drive technological innovations and advancements, showcased at events like IMTS.

Financial data revealed that gross profit for the fourth quarter of fiscal year 2024 was $12,186,000, equating to 23% of sales, while gross profit for the fiscal year was $37,743,000, representing 20% of sales. Other financial indicators and operational figures were also detailed in Hurco’s financial report.

Hurco Companies, based in Indianapolis, Indiana, serves the metal cutting and metal forming industry globally. With a focus on CNC machine tools and proprietary software, the company strives to cater to a range of industries, including aerospace, energy, and transportation.

It’s important to note that certain statements in this news release are forward-looking statements involving inherent risks and uncertainties that could affect actual results. The company disclaims any obligation to update or revise such forward-looking statements.

For more details, financial statements, and a comprehensive overview of Hurco Companies, Inc., interested parties are encouraged to visit the company’s official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hurco Companies’s 8K filing here.

Hurco Companies Company Profile

Hurco Companies, Inc, an industrial technology company, designs, manufactures, and sells computerized machine tools to companies in the metal cutting industry worldwide. Its principal products include general-purpose computerized machine tools, including vertical and horizontal machining centers, turning centers, and toolroom machines.