Fri, Jun 7, 8:11 PM (92 days ago)
Hurco Companies, Inc. reported a decline in financial performance for the quarter ended April 30, 2024. Sales and service fees were $45.2 million, down 16% year-over-year, with notable decreases in both the Americas and Europe. The company's gross profit margin fell to 18% from 23%, driven by lower sales volumes and reduced average selling prices. Operating loss was $3.4 million, compared to an operating income of $1.0 million in the prior year. Orders also decreased by 27%, indicating ongoing market challenges. Cash and cash equivalents stood at $37.5 million, down from $41.8 million at the end of October 2023. The company continues to focus on cost management and inventory adjustments to navigate market uncertainties.