Hurco Companies, Inc. HURC announced 26.15 percent drop in net income for the third quarter despite revenue remaining flat with last year.
The company reported net income of $2.72 million, down 26.15 percent from $3.68 million, while EPS dropped 27.27 percent from $0.55 a share to $0.40 a share.
Hurco's revenue for the third quarter was $52.4 million compared to $52.54 million in the previous year quarter.
The company's CEO, Michael Doar, said, "The results for the quarter were good considering the market softness we have experienced in North America, especially since we know from historical data that it is typical for customers to delay purchases prior to the International Manufacturing Technology Show (IMTS). Our global presence in Europe and Asia continues to provide strong contribution to our overall business, despite the negative impact of foreign currency translation."
The stock ended Thursday's trading at $27.96 gaining 3.52 percent.
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