Hurco shares soar in strong fiscal 4Q results
INDIANAPOLIS (AP) — Hurco Cos. said Friday that fiscal fourth-quarter net income rose 56 percent, helped by high global demand for its industrial equipment.
The results pleased investors and Hurco shares rose 11 percent in afternoon trading.
For the quarter ended Oct. 31, Hurco earned $4.1 million, or 63 cents per share, up from $2.7 million, or 41 cents per share, in the same quarter last year. Sales and service fees grew 15 percent to $56.1 million.
A weak euro in relation to the U.S. dollar reduced the recent quarter's sales and service fees by $2.1 million, or 4 percent.
Companies that do significant business outside the U.S. can be hurt when the dollar rises against currencies in overseas markets, because income earned in foreign currencies shrinks when it's translated back into a stronger U.S. dollar.
North American sales and service fees jumped 27 percent to $17.7 million, while European sales and service fees rose 8 percent. Excluding the effects of exchange rates, the company said its European sales and service fees rose 15 percent.
For the full year Hurco earned $15.6 million, or $2.40 per share, up from $11.1 million, or $1.71 per share. Revenue rose to $203.1 million from $180.4 million.
Shares of Indianapolis-based Hurco were up $2.82, or 11.7 percent, to $26.87 in afternoon trading, after peaking at $27 earlier in the day. Over the past 52 weeks, the company's shares have traded between $19.15 and $28.80.