Hurco 3Q profit up 13 percent on European sales

Hurco Cos., a maker of computerized machine tools, Thursday said its net income rose 13 percent in the latest quarter, as a weak dollar and growth in European sales offset weak U.S. demand.

The Indianapolis-based company earned $5.83 million, or 90 cents per share, in the fiscal third quarter ended July 31, up from $5.16 million, or 80 cents per share, in the same quarter a year ago.

Sales rose 18 percent at $57.3 million. About 10 percentage points of the increase was due to the decrease in the value of the dollar, which boosts the value of foreign sales.

Sales in North America fell 19 percent, but European sales, which were four times as large, rose 30 percent, including the effect of the dollar rate.

"In spite of adverse economic conditions in the United States, I believe we may see increased activity in the near future due to our new product introductions and the timing of our industry's largest trade show," said chief executive officer Michael Doar.

The company will be introducing 14 new machines at the biannual International Manufacturing Technology Show next month in Chicago.

Hurco shares fell 84 cents, or 2.5 percent, to $32.06 in Thursday afternoon trading.