Stock Monitor: Schmitt Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 17, 2018 / Active-Investors.com has just released a free earnings report on Hurco Cos., Inc. (NASDAQ: HURC) ("Hurco"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HURC. Hurco posted its fourth quarter fiscal 2017 (Q4 FY17) financial results on January 05, 2018. The leading interactive computer controls, software, and computerized machine systems manufacturers saw operating profit surged 96.83%. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Schmitt Industries, Inc. (NASDAQ: SMIT), which also belongs to the Technology sector as the Company Hurco Cos. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Hurco most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=HURC
Earnings Highlights and Summary
During the fourth quarter of the fiscal year 2017, Hurco posted net sales of $75.93 million compared to $66.35 million in Q4 FY17, reflecting an increase of 14.43%. The Company's sales growth was backed by the favorable currency impact of $1.58 million.
Hurco's gross profit was $23.37 million in Q4 FY17 compared to $20.00 million in Q4 FY16, increasing 16.87% on a y-o-y basis. The Company's selling, general, and administrative (SG&A) expenses amounted to $14.39 million in the reported quarter compared to $14.88 million in the year ago same period, decreasing 3.31% on a y-o-y basis.
Hurco's operating profit was $8.94 million in Q4 FY17, compared to $4.54 million in Q4 FY16, advancing 96.83% on a y-o-y basis. The Company's effective tax rates for the reported quarter were 25% compared to 34% in Q4 FY16. The changes in the effective tax rates y-o-y were primarily due to changes in the geographic mix of income and loss among tax jurisdictions.
Hurco's net income was $6.70 million in the reported quarter compared to $3.00 million in Q4 FY16, surging 123.18% on a y-o-y basis. The Company's earnings per share (EPS) were $1.00 in Q4 FY17 compared to $0.45 in the fourth quarter of the previous fiscal year, shooting 122.22% on a y-o-y basis.
The Company's orders were $73.68 million in Q4 FY17 compared to $67.14 in Q4 FY16, reflecting an increase of 9.74% on a y-o-y basis. It included a favorable currency impact of $1.03 million, or 2.00%, when translating foreign orders to US.
Hurco Cos.' Segment Details
On a geographical basis, the American region had revenues of $23.60 million in Q4 FY17 compared to $27.29 million in previous year's last quarter, declining 13.53% on a y-o-y basis.
The European region had revenues of $42.71 million compared to $31.85 million, increasing 34.14%. This was primarily due to increased sales volume of Hurco and Takumi (one of the product brand) machines in Germany, UK, and France.
The Asia/Pacific region posted revenues of $9.62 million in the reported quarter compared to $7.22 million in Q4 FY16, reflecting growth of 33.30% compared to the year ago same period. China contributed to the largest increase in sales in the region in Q4 FY17.
Cash Matters
As on October 31, 2017, Hurco had cash and cash equivalents of $66.31 million compared to $41.22 million as on October 31, 2016. Hurco's working capital was $175.52 million as on October 31, 2017, compared to $160.41 million as on October 31, 2016, advancing 9.42%. The increase in working capital was primarily due to the increase in cash, inventories, and accounts receivable.
Hurco's cash inflow from operating activities was $30.37 million in the reported quarter compared to a cash inflow of $6.72 million in Q4 FY16. On November 17, 2017, the Company declared payment of a quarterly cash dividend of $0.10 per share of its issued and outstanding common stock. The dividend will be paid on January 16, 2018, to shareholders of record as of the close of business on January 03, 2018.
Stock Performance Snapshot
January 16, 2018 - At Tuesday's closing bell, Hurco's stock fell 2.30%, ending the trading session at $46.80.
Volume traded for the day: 49.85 thousand shares, which was above the 3-month average volume of 24.40 thousand shares.
Stock performance in the last month – up 13.32%; previous three-month period – up 5.52%; past twelve-month period – up 46.48%; and year-to-date – up 10.90%
After yesterday's close, Hurco's market cap was at $310.00 million.
Price to Earnings (P/E) ratio was at 27.53.
The stock has a dividend yield of 0.85%.
The stock is part of the Technology sector, categorized under the Scientific & Technical Instruments industry.
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