Hurco Companies soars after beating Q1 expectations
Hurco Companies, Inc. (Nasdaq: HURC) shares are soaring after the industrial technology company posted first-quarter net income of $7.8 million, or $1.21 per share, up 44% from $5.4 million, or $0.84 per share, a year earlier.
“Strong first-quarter results, despite market softness in the U.S., affirm the importance of our global strategy,” CEO Michael Doar said in a statement. “Europe continues to exceed expectations. Increased sales in the Asia Pacific region are a direct result of the resources we devoted to India last year to expand our presence in this key market. We will continue to monitor the U.S. market closely.”
Quarterly sales climbed 30% to $60.9 million, from $46.9 million a year earlier. Analysts were only expecting $51 million in quarterly sales.
In afternoon trading, HURC shares are up 30.95%, or $11.19, to $47.34. Over the last 52 weeks, shares have ranged from $30.24 to $60.44.
