Hurco Reports Fourth Quarter and Full Year Results for Fiscal Year 2024

About this update from Hurco Companies, Inc.

[{"type":"text","content":"INDIANAPOLIS, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the fourth fiscal quarter and fiscal year ended October 31, 2024. Hurco recorded a net loss of $1,442,000, or $(0.23) per diluted share, for the fourth quarter of fiscal year 2024, which included a non-cash tax valuation allowance of $193,000 recorded in provision for income taxes, compared to net income of $2,422,000, or $0.36 per diluted share, for the corresponding period in fiscal year 2023. Hurco recorded a net loss of $16,608,000, or $(2.56) per diluted share, for fiscal year 2024, which included a non-cash tax valuation allowance of $8,590,000 recorded in provision for income taxes, compared to net income of $4,389,000, or $0.66 per diluted share, for fiscal year 2023. Sales and service fees for the fourth quarter of fiscal year 2024 were $53,702,000, a decrease of $12,403,000, or 19%, compared to the corresponding prior year period, and included a favorable currency impact of $1,008,000, or 2%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for fiscal year 2024 were $186,584,000, a decrease of $41,223,000, or 18%, compared to fiscal year 2023, and included a favorable currency impact of $1,804,000, or less than 1%, when translating foreign sales to U.S. dollars for financial reporting purposes. Greg Volovic, Chief Executive Officer, stated, “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. First, our global orders for this fiscal year outpaced sales in every region, which is a solid improvement over fiscal year 2023. Second, orders improved from the first half of the year to the second half of the year in fiscal year 2024, a trend quite different from fiscal year 2023. We are focused on this order growth and are prepared for increased customer demand as global markets begin to recover. We are managing our business in an effort to improve results and return to profitability. We implemented global cost reductions this year, but we did so while advancing the future of Hurco with many technological innovations. In September, we put our technology on display ...

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