Hurco’s Net Income Hit US$13.3 Million In 2016

  • Thursday, 10 August 2017 00:00
Hurco’s Net Income Hit US$13.3 Million In 2016 Hurco

Indianapolis, US: Hurco Companies—a manufacturer of computer numeric control machine tools for metal cutting and metal forming—recorded net income of US$13.3 million or US$1.99 per diluted share for fiscal year 2016 which ended October 31, 2016, compared to US$16.2 million or US$2.44 per diluted share, for fiscal year 2015.

Sales in North and South America for fiscal year 2016 increased by six percent compared to 2015—this included US$17.8 million in sales from the company’s Milltronics product line, compared to US$6.64 million in fiscal year 2015.

Sales in Asia Pacific for the fourth quarter of fiscal year 2016 increased by 13 percent compared to the corresponding period the past year, primarily due to increased demand from the company’s Takumi product line. Sales in the region for fiscal year 2016 increased by 45 percent compared to the previous year and included a negative currency impact of three percent when translating foreign sales to US dollars for financial reporting purposes.

Michael Doar, chief executive officer, said, “We successfully expanded our presence in Asia, which I attribute directly to the acquisition of the Takumi brand.”

Sales in Asia Pacific for fiscal year 2016 included US$14.6 million of sales from the Takumi product line, compared to US$3.31 million in 2015. The order intake in the region for the fourth quarter and fiscal year 2016 increased by 96 percent and nine percent respectively, compared to the same periods in the previous financial year.

The company’s overall order intake for fiscal year 2016 reached US$219 million, a decrease of two percent compared to 2015. The company’s gross profit for fiscal year 2016 was US$70.4 million (31 percent of sales), which was consistent with gross profit for fiscal year 2015 at US$69 million (31 percent of sales).

APMEN News, Aug 2017

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