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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowLike many international manufacturers, Hurco Cos. was held back by foreign currency weakness in 2015.
The Indianapolis-based company, which makes computerized machine tools for the metal-cutting industry, said Friday morning that it would have had a record-setting year if it hadn’t been for the negative impact of currency translation.
Nevertheless, Hurco reported a profitable quarter and year, with revenue getting a boost from mid-year acquisitions.
The company earned $4.8 million, or 73 cents per share, in its fiscal fourth quarter ended Oct. 31, down slightly from $4.9 million, or 74 cents per share, in the same period of the prior year.
Quarterly revenue rose 5.6 percent, from $62.2 million to $65.7 million.
Hurco reported a full-year profit of $16.2 million, or $2.46 per share, up 7.2 percent from the previous year’s $15.1 million, or $2.31 per share.
Full-year revenue slipped 1.3 percent, from $222.3 million to $219.4 million.
Sales and service fees rose 27 percent, to $25.3 million, in the North America market in the fourth quarter, but fell 9 percent, to $33.9 million, in the European market. Asia Pacific sales rose 28 percent, to $6.4 million.
Hurco said European sales would have grown 4 percent over the previous year if it hadn’t been for a negative currency impact of 13 percent.
North America sales were boosted by the $13.3 million acquisition of milling machine maker Milltronics Manufacturing Co. Inc. in July.
Hurco said it realized $5.7 million in North American sales from the Milltronics deal in the fourth quarter and $6.6 million for the year.
Hurco also acquired Taiwanese manufacturer Takumi Machinery Co. Ltd. for about $6.5 million in July. That deal helped it boost Asia Pacific sales sales by $3.2 million in the fourth quarter.
“Overall, it was a very good year for Hurco,” CEO Michael Doar said in a written statement. “In fact, when excluding the negative impact of currency translation, we had a record year in sales and orders as a result of the strong performance in Europe and the additions of Milltronics and Takumi.”
Hurco shares rose 8.3 percent Friday morning after the earnings announcement, to $27.66 each.
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