Hurco Companies, Inc. (NASDAQ: HURC) shares began Friday on a downward, on first-fiscal-quarter results. For the quarter ended January 31, 2025. Hurco recorded a net loss of $4,320,000, or $0.67 loss per diluted share, for the first quarter of fiscal year 2025, which included a non-cash tax valuation allowance of $2,385,000 recorded in provision for income taxes, compared to a net loss of $1,648,000, or $0.25 loss per diluted share, for the corresponding period in fiscal year 2024.
Sales and service fees for the first quarter of fiscal year 2025 were $46,414,000, an increase of $1,355,000, or 3%, compared to the corresponding prior year period, and included an unfavorable currency impact of $434,000, or 1%, when translating foreign sales to U.S. dollars for financial reporting purposes.
CEO Greg Volovic stated, “We continue to navigate the global markets and changing demand for machine tools to fulfill the needs of our customers. This quarter saw strong demand for our more competitively priced Hurco (VM) machines, Milltronics toolroom lathes and vertical milling machines, as well as Takumi horizontal machines, with year-over-year, first quarter sales increasing by 3% overall, with notable strength in the Americas, where sales grew by 9%, and in the Asia Pacific region, where sales grew 18%.
“While overall sales increased, order volume in the U.S. softened as some customers appeared to delay capital investments amid broader economic uncertainty.”
HURC shares gave back 77 cents, or 4.2%, to $17.61.
