Hurco Reports Third Quarter Results for Fiscal 2022

About this update from Hurco Companies, Inc.

[{"type":"text","content":"INDIANAPOLIS, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (Nasdaq: HURC) today reported results for the third fiscal quarter ended July 31, 2022. Hurco recorded net income of $1,238,000, or $0.18 per diluted share, for the third quarter of fiscal 2022, compared to net income of $1,568,000, or $0.23 per diluted share, for the corresponding period in fiscal 2021. For the nine months of fiscal 2022, Hurco reported net income of $6,802,000, or $1.01 per diluted share, compared to net income of $4,668,000, or $0.70 per diluted share, for the corresponding period in fiscal 2021. Sales and service fees for the third quarter of fiscal 2022 were $57,640,000, an increase of $3,462,000, or 6%, compared to the corresponding prior year period, and included an unfavorable currency impact of $4,273,000, or 8%, when translating foreign sales to U.S. dollars for financial reporting purposes. Sales and service fees for the nine months of fiscal 2022 were $187,352,000, an increase of $21,139,000, or 13%, compared to the corresponding prior year period, and included an unfavorable currency impact of $7,943,000, or 5%, when translating foreign sales to U.S. dollars for financial reporting purposes. Greg Volovic, President and Chief Executive Officer, stated, “On a year-to-date basis, our sales have grown in all regions of the world compared to the same period in 2021. I am encouraged by our results even though inflation, currency fluctuations, vendor delays, a war in Ukraine, and COVID-19 disruptions have affected our business and other international companies – many of whom are our vendors. Our experience successfully navigating volatile economic and world events in the past positions us well to adapt and efficiently navigate external events in the world today. We have a long-term commitment to a balanced capital allocation strategy and continuously innovate and develop new products despite uncertain economic cycles that often prevent others from investing in new technology. Today, it is more important than ever for our customers to have technology that helps them increase productivity, even as they manage inflation and labor shortages. At the first International Manufacturing Technology Show (IMTS) since 2018 later this month, we are excited to display innovative technologies, such as Hurco Automation powered by ProCobots, which allow...

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