Hurco Companies reports Q1 EPS (25c) vs. 20c last year

Reports Q1 sales and service fees $45M vs. $54.6M last year. Greg Volovic, Chief Executive Officer, stated, “We were disappointed with first quarter results but are continuing to invest in the future growth of our business. I am particularly heartened by the positive shift we witnessed in both the Americas and the Asian Pacific regions this quarter. Seeing orders in these regions surpass sales and outpace prior year figures is a promising sign. I am hopeful this momentum will also extend into Europe as we get further into 2024. Meanwhile, our commitment to innovation remains unwavering. We are investing in cutting-edge technology, harnessing the power of artificial intelligence to advance autonomous machining, continuing the development of next generation controls, and positioning our brands to support the ever-evolving needs of our customers. Finally, our decision to strategically relocate Milltronics to Indianapolis will lead to enhanced customer service and support by bringing our engineering expertise closer to our U.S. Milltronics customers, sales, and service teams. As always, we are keeping a keen eye on our liquidity position and balance sheet strength to capitalize on opportunities presented by the anticipated recovery in the global machine tool market.”