Hurco Companies Clocks 24% Sales Growth In Q1

Hurco Companies, Inc HURC reported first-quarter FY22 sales and service fees growth of 24% year-over-year to $66.89 million. EPS improved to $0.53 from $0.10 in 1Q21.
Orders for the quarter increased 24% Y/Y to $70.86 million.
Sales by geographic region: Americas $24.01 million (+3% Y/Y), Europe $34.12 million (+41% Y/Y), and Asia Pacific $8.76 million (+32% Y/Y).
The increase in European sales is attributable to an increased volume of shipments of Hurco, Takumi, and Milltronics machines across the European region and increased sales of electro-mechanical components and accessories.
The gross margin expanded by 394 bps to 25.3%. The operating income increased to $5.21 million, from $0.979 million a year ago, with the margin expanding 600 bps to 7.8%.
SG&A expense as a percentage of sales reduced to 17% from 20% in 1Q21.
The company held cash and equivalents of $90.03 million as of January 31, 2022.
Price Action: HURC shares are trading higher by 1.44% at $33.46 on the last check Friday.

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