Financial Performance - Sales and service fees for Q1 fiscal 2025 were $46.4 million, a 3% increase from $45.1 million in Q1 fiscal 2024, with a negative currency impact of $0.4 million[88]. - Orders for Q1 fiscal 2025 totaled $40.1 million, a decrease of 20% from $50.2 million in Q1 fiscal 2024, with a negative currency impact of $0.4 million[94]. - Gross profit for Q1 fiscal 2025 was $8.3 million, representing 18% of sales, down from $9.7 million or 22% of sales in the prior year[97]. - Operating loss for Q1 fiscal 2025 was $2.1 million, compared to a loss of $1.8 million in Q1 fiscal 2024, primarily due to lower sales volumes[99]. - Selling, general, and administrative expenses for Q1 fiscal 2025 were $10.4 million, or 22% of sales, down from $11.5 million, or 26% of sales, in the prior year[98]. Sales by Region - Sales in the Americas increased by 9% to $18.1 million, while European sales decreased by 5% to $21.6 million, and Asia Pacific sales increased by 18% to $6.7 million[89][90][91]. - The company operates in a cyclical industry with significant foreign sales, with 47% of revenues from Europe and 14% from Asia Pacific in Q1 fiscal 2025[82]. - Approximately 61% of revenues in the first three months of fiscal year 2025 were derived from customers outside the Americas, invoiced in various foreign currencies[125]. Cash Flow and Capital Management - Cash and cash equivalents increased to $41.8 million as of January 31, 2025, from $33.3 million at October 31, 2024, with approximately 28% in U.S. dollars[102]. - Working capital decreased to $172.6 million as of January 31, 2025, down from $180.8 million at October 31, 2024, driven by decreases in inventories and accounts receivable[103]. - Capital expenditures for the first three months of fiscal year 2025 were $0.6 million, primarily for software development and facility improvements[103]. - As of January 31, 2025, the company had no debt or borrowings under any of its credit facilities, with approximately $50.6 million available for borrowing[110][111]. - The company announced a temporary suspension of its regular quarterly cash dividend to enhance financial flexibility and focus on core business reinvestment[105]. Currency Risk Management - The company mitigates cash flow risks from currency fluctuations through derivative instruments, primarily foreign currency forward exchange contracts[87]. - The company entered into foreign currency forward exchange contracts to hedge cash flow risks related to inter-company sales and purchases, primarily in Euro, Pound Sterling, and New Taiwan Dollar[127]. - The company has a forward contract for the sale of Euro with a notional amount of 3,000, maturing in November 2025, at a weighted average forward rate of 1.1005[129]. - The company has purchase contracts for New Taiwan Dollar totaling 1,462,236, with a weighted average forward rate of 31.8196, maturing between February 2025 and April 2025[129]. - The company’s purchases are predominantly in foreign currencies, with significant exposure to New Taiwan Dollar and Euro exchange rate risks[126]. - The company utilizes foreign currency risk sharing agreements with suppliers to mitigate the effects of currency fluctuations on product costs[126]. Tax and Valuation - Income tax expense for Q1 fiscal year 2025 was $2.0 million, compared to a tax benefit of $0.6 million in the prior year, primarily due to a $2.4 million non-cash valuation allowance on deferred tax assets in Italy, the U.S., and China[101]. Strategic Initiatives - The company continues to explore potential acquisitions, including intellectual property assets, to support its strategic growth initiatives[114]. - As of January 31, 2025, $21.7 million remained available under the $25.0 million share repurchase program, which was extended to November 10, 2026[104]. - The company reported a realized gain of $1.2 million and an unrealized gain of $0.1 million, net of tax, related to the hedging of its net investment in Euro-denominated assets[129].

Financial Performance - Hurco reported a net loss of $4,320,000, or $0.67 loss per diluted share, for Q1 FY 2025, compared to a net loss of $1,648,000, or $0.25 loss per diluted share, in Q1 FY 2024[1][17]. - Sales and service fees for Q1 FY 2025 were $46,414,000, an increase of $1,355,000, or 3%, compared to Q1 FY 2024, despite a 1% unfavorable currency impact[2][17]. - Gross profit for Q1 FY 2025 was $8,290,000, or 18% of sales, down from $9,695,000, or 22% of sales, in Q1 FY 2024[10][18]. - Orders for Q1 FY 2025 totaled $40,085,000, a decrease of $10,133,000, or 20%, compared to Q1 FY 2024, with a notable 30% decrease in the Americas[7][17]. Regional Sales Performance - Sales in the Americas increased by 9% year-over-year, while European sales decreased by 5% and Asia Pacific sales increased by 18%[3][4][6]. Expenses and Cost Management - Selling, general, and administrative expenses for Q1 FY 2025 were $10,382,000, or 22% of sales, down from $11,515,000, or 26% of sales, in Q1 FY 2024[11][18]. Cash and Working Capital - Cash and cash equivalents increased to $41,820,000 at January 31, 2025, compared to $33,330,000 at October 31, 2024[13][18]. - Working capital decreased to $172,591,000 at January 31, 2025, from $180,788,000 at October 31, 2024[13][18]. - The company continues to focus on optimizing operations and managing working capital despite economic uncertainties affecting order volumes[3][4]. Asset and Liability Changes - Total assets decreased from $268,643 million on October 31, 2024, to $255,831 million on January 31, 2025, representing a decline of approximately 4.4%[20]. - Current assets decreased from $228,577 million to $216,555 million, a reduction of about 5.3%[20]. - Accounts receivable decreased from $36,678 million to $28,355 million, a decline of about 22.8%[20]. - Total current liabilities decreased from $47,789 million to $43,964 million, a reduction of approximately 8.0%[20]. - Total shareholders' equity decreased from $207,172 million to $198,143 million, a decline of about 4.4%[20]. - Retained earnings decreased from $161,422 million to $157,102 million, a reduction of approximately 2.0%[20]. - The company reported an increase in additional paid-in capital from $61,500 million to $61,728 million, reflecting a growth of about 0.4%[20]. - Inventories decreased from $153,037 million to $139,736 million, a decline of approximately 8.6%[20]. - Derivative liabilities increased from $705 million to $1,817 million, representing a significant increase of approximately 157.3%[20]. Taxation - The effective tax rate for Q1 FY 2025 was (90)%, compared to 27% in Q1 FY 2024, primarily due to a non-cash tax valuation allowance of $2,385,000[12][18].

Core Insights - Hurco Companies, Inc. reported a net loss of $4.32 million, or $0.67 loss per diluted share, for the first fiscal quarter ended January 31, 2025, compared to a net loss of $1.65 million, or $0.25 loss per diluted share, for the same period in fiscal year 2024 [1][16] Financial Performance - Sales and service fees for the first quarter of fiscal year 2025 were $46.41 million, an increase of $1.36 million, or 3%, compared to the prior year period, despite an unfavorable currency impact of $434,000 [2] - Gross profit for the first quarter was $8.29 million, or 18% of sales, down from $9.70 million, or 22% of sales, in the prior year, primarily due to lower sales volumes of higher-performance machines [10][17] - Selling, general, and administrative expenses decreased to $10.38 million, or 22% of sales, from $11.52 million, or 26% of sales, reflecting lower discretionary spending and reduced sales commissions [11][17] Geographic Sales Breakdown - Sales in the Americas increased by 9% to $18.11 million, driven by higher shipments of Hurco and Milltronics machines [3][4] - European sales decreased by 5% to $21.61 million, impacted by lower shipments of higher-performance machines in France and Italy [4] - Asia Pacific sales rose by 18% to $6.69 million, primarily due to increased shipments in China and India [5] Orders and Demand - Total orders for the first quarter were $40.09 million, a decrease of $10.13 million, or 20%, compared to the prior year, with a notable decline in the Americas and Europe [6][7] - Orders in the Americas fell by 30% to $14.64 million, primarily due to decreased demand for higher-performance machines [7][8] - Asian Pacific orders increased by 3% to $6.07 million, driven by demand in China, partially offset by decreased demand in India [9] Cash Position and Working Capital - Cash and cash equivalents increased to $41.82 million from $33.33 million at the end of the previous quarter, while working capital decreased to $172.59 million from $180.79 million [13][17]

Core Viewpoint - Hurco Companies, Inc. reported significant financial losses for the fourth quarter and the full fiscal year 2024, reflecting a challenging market environment and declining revenues across all geographic segments [2][3][4]. Financial Performance - The company recorded a net loss of $1.4 million, or $(0.23) per diluted share, for Q4 2024, compared to a net income of $2.4 million, or $0.36 per diluted share, in the same period last year [2]. - For the full fiscal year, Hurco reported a net loss of $16.6 million, or $(2.56) per diluted share, against a net income of $4.4 million, or $0.66 per diluted share, in fiscal 2023 [2]. Revenue Analysis - Q4 revenues declined 18.8% year over year to $53.7 million, while full-year revenues fell 18.1% to $186.6 million [3]. - Sales in the Americas and Europe dropped 21.5% and 17.5%, respectively, while Asia Pacific saw a 10.9% decline in Q4 [3]. - For the full fiscal year, revenue in the Americas and Europe decreased 18.1% and 21.2%, respectively, while Asia Pacific experienced a 2.1% increase [4]. Profit Margins - Gross profit margins contracted to 23% in Q4 from 26% a year ago, with annual gross margins declining to 20% in fiscal 2024 from 25% in fiscal 2023 [5]. Expenses - Selling, general, and administrative (SG&A) expenses declined 9.7% to $12.7 million in Q4, representing 24% of sales, compared to 21% of sales in the prior-year period [6]. - Full-year SG&A expenses decreased 7.1% to $46 million, but the ratio to sales increased to 25% from 22% [6]. Orders and Market Trends - New orders for Q4 decreased 6% year over year to $51.1 million, with Asia Pacific orders surging 103%, offsetting declines in the Americas and Europe [7]. - For the full fiscal year, new orders decreased 5% to $198.3 million, with a 54% increase in Asia Pacific partially offsetting declines in the Americas and Europe [7]. Management Insights - CEO Greg Volovic noted a 19% contraction in the global machine tool market but highlighted signs of improvement, including growth in global orders and a stronger second half [8]. - The company showcased technological advancements at the International Manufacturing Technology Show, focusing on innovation to maintain competitive positioning [8]. Influencing Factors - Hurco's performance was impacted by weak demand across most regions, a challenging pricing environment, and decreased shipments of key products [9]. - Positive contributions came from increased sales of higher-performance 5-axis machines and ProCobots automation solutions [9]. Future Outlook - While no specific forward guidance was provided, management expressed optimism about navigating the cyclical nature of the machine tool industry, emphasizing the company's strong balance sheet and technological investments [11].

Industry Overview - Weak demand observed across a range of manufacturing end markets in 2024 [2] - Higher interest rates and uncertainties surrounding the US election cycle contributed to a challenging environment for industrial companies [2] Company Performance (Hurco) - Hurco experienced a difficult year in 2024, as anticipated [2] - The company faced headwinds from broader industry challenges, including weak demand and economic uncertainties [2]

Foreign Currency and Revenue - 61% of the company's revenue in fiscal year 2024 was derived from customers outside the Americas, with transactions conducted in various foreign currencies[233] - The company sources products from foreign suppliers and subsidiaries in Taiwan, the U.S., Italy, and China, with purchases predominantly in foreign currencies, primarily the New Taiwan Dollar and the Euro[234] - The company entered into foreign currency forward exchange contracts to hedge cash flow risks, with notable contracts including €7.5 million in Euro, £3.4 million in Sterling, and NT$490 million in New Taiwan Dollar[236] - A forward contract with a notional amount of €3.0 million was entered into in November 2023 to hedge net investment in Euro-denominated assets, maturing in November 2024 with a realized gain of $1.2 million[238] Product Line Enhancements - The TMX product line was enhanced with higher speed 20,000rpm motorized spindles and refreshed designs for the TM-Mi and TMXi product lines, including the introduction of TM8MY and TM10MY multi-axis live tooling lathes[40] - The Milltronics line introduced the INSPIRE+ control console in 2024, featuring enhanced hardware and graphics, and launched two new product lines: TRL toolroom flatbed lathes and X5 five-axis integrated machines[51] - The Takumi brand offers high-precision, high-speed milling machines, with the H Series featuring direct-drive spindles up to 20,000rpm and options for 24,000rpm and 36,000rpm, targeting die and mold and aerospace customers[56] - The U Series product line consists of six models, with four offering trunnion table sizes of 10, 16, 24, and 31.5 inches, and the UB version featuring a 12,000rpm built-in spindle and a spacious X-axis travel of 126 inches[58] - The G Series product line includes three models with X-axis travels of 22, 30, and 40 inches, designed for machining graphite or copper electrodes with up to 20,000rpm spindles[59] - The BC Series models are available in eight sizes, with X-axis travels ranging from 83 to 197 inches, designed for heavy cutting applications[60] - The HMX Series high-speed horizontal machining centers are available in 400-, 500-, and 630-millimeter pallet sizes, with expandable automatic tool changers holding up to 220 tools[61] - In fiscal year 2024, Takumi introduced the UVC600 five-axis machine with a 600-millimeter cantilever table and the UA400 five-axis model, both featuring 15,000rpm direct drive spindles[63] Research and Development - Research and development expenses totaled $3.9 million, $4.2 million, and $3.4 million in fiscal years 2024, 2023, and 2022, respectively[298] - Estimated amortization expense for software development costs is projected to be $1,065,000 in 2025, $931,000 in 2026, and $1,302,000 in 2027[301] - Intangible asset amortization expense was $237,000, $271,000, and $272,000 for fiscal years 2024, 2023, and 2022, respectively[303] Financial Performance - Net loss for fiscal year 2024 was $16.6 million, compared to net income of $4.4 million in 2023 and $8.2 million in 2022[306] - Inventories decreased to $153,037 thousand in 2024 from $157,952 thousand in 2023, with finished goods remaining stable at $104,224 thousand compared to $104,574 thousand in 2023[319] Credit Facilities and Borrowings - The company has a $40.0 million unsecured revolving credit facility under the 2018 Credit Agreement, with a scheduled maturity date of December 31, 2025[321] - Borrowings under the 2018 Credit Agreement bear interest at floating rates, with letters of credit carrying an annual rate of 1.00%[322] - The 2018 Credit Agreement requires the company to maintain a minimum working capital of $125.0 million and a minimum tangible net worth of $176.5 million[323] - The company has uncommitted revolving credit facilities in Taiwan (150 million New Taiwan Dollars) and China (32.5 million Chinese Yuan), renewed in 2023[324] - As of October 31, 2024, the company had no borrowings under its credit facilities and approximately $50.9 million of available borrowing capacity[326] International Operations and Assets - Long-lived tangible assets in foreign countries increased significantly to $13,025 thousand in 2024 from $4,034 thousand in 2023[384] - Net assets in Europe grew to $88,810 thousand in 2024 from $81,730 thousand in 2023, while Americas decreased to $45,798 thousand from $70,649 thousand[384] - The company operates through approximately 180 independent agents and distributors across the Americas, Europe, and Asia, with direct sales and service organizations in key regions[315] Competitive and Intellectual Property Risks - The company faces competition from larger companies with greater financial resources, which may impact its ability to remain competitive[116] - The company's success depends on its ability to protect intellectual property, which may be inadequately protected in some foreign countries[118]

Financial Performance - Net loss for Q4 2024 was $1.442 million, compared to net income of $2.422 million in Q4 2023, including a non-cash tax valuation allowance of $193,000[1] - Gross profit for Q4 2024 was $12.186 million, or 23% of sales, compared to $17.419 million, or 26% of sales, in Q4 2023[11] - Gross profit for the twelve months ended October 31, 2024, was $37.7 million, down from $56.2 million in 2023[18] - Net loss for the twelve months ended October 31, 2024, was $16.6 million, compared to a net income of $4.4 million in 2023[18] - Gross margin for the twelve months ended October 31, 2024, was 20%, down from 25% in 2023[19] - Operating loss as a percentage of sales was 4% for the twelve months ended October 31, 2024, compared to an operating income of 3% in 2023[19] Sales and Orders - Sales and service fees for Q4 2024 decreased by 19% to $53.702 million, with a favorable currency impact of 2%[2] - Americas sales for Q4 2024 decreased by 21% to $23.331 million, primarily due to decreased shipments of Hurco and Takumi machines[4] - European sales for Q4 2024 decreased by 18% to $25.381 million, with a favorable currency impact of 3%[5] - Asian Pacific sales for Q4 2024 decreased by 11% to $4.990 million, with a favorable currency impact of less than 1%[6] - Orders for Q4 2024 decreased by 6% to $51.077 million, with a favorable currency impact of 2%[7] - Asian Pacific orders for Q4 2024 increased by 103% to $5.980 million, with a favorable currency impact of 2%[8] - Sales and service fees for the three months ended October 31, 2024, were $53.7 million, a decrease from $66.1 million in the same period in 2023[18] - Global orders for fiscal year 2024 outpaced sales in every region, with orders improving from the first half to the second half of the year[3] Expenses and Efficiency - SG&A expense as a percentage of sales increased to 25% for the twelve months ended October 31, 2024, from 22% in 2023[19] - Days sales outstanding increased to 49 days as of October 31, 2024, from 41 days in 2023[19] - Inventory turns decreased to 1.0 as of October 31, 2024, from 1.1 in 2023[19] Cash and Assets - Cash and cash equivalents totaled $33.330 million as of October 31, 2024, compared to $41.784 million as of October 31, 2023[14] - Total assets decreased to $268.6 million as of October 31, 2024, from $290.6 million in 2023[21] - Shareholders' equity decreased to $207.2 million as of October 31, 2024, from $222.2 million in 2023[21]

Financial Performance - Sales and service fees for Q4 FY2024 were $53,702,000, a 19% decrease compared to the same period in FY2023, with a favorable currency impact of $1,008,000 [1] - Full-year sales and service fees for FY2024 were $186,584,000, an 18% decrease compared to FY2023, with a favorable currency impact of $1,804,000 [1] - Gross profit for Q4 FY2024 was $12,186,000 (23% of sales), down from $17,419,000 (26% of sales) in Q4 FY2023 [10] - Full-year gross profit for FY2024 was $37,743,000 (20% of sales), compared to $56,168,000 (25% of sales) in FY2023 [10] - Net loss for Q4 FY2024 was $1,442,000 ($0.23 per diluted share), compared to net income of $2,422,000 ($0.36 per diluted share) in Q4 FY2023 [17] - Full-year net loss for FY2024 was $16,608,000 ($2.56 per diluted share), compared to net income of $4,389,000 ($0.66 per diluted share) in FY2023 [17] Regional Sales Performance - Americas sales for Q4 FY2024 decreased by 21% compared to Q4 FY2023, primarily due to decreased shipments of Hurco and Takumi machines [15] - European sales for Q4 FY2024 decreased by 18% compared to Q4 FY2023, with a favorable currency impact of 3% [18] - Asian Pacific sales for Q4 FY2024 decreased by 11% compared to Q4 FY2023, with a favorable currency impact of less than 1% [2] - Full-year Asian Pacific sales for FY2024 increased by 2% compared to FY2023, with an unfavorable currency impact of 1% [16] Orders and Market Trends - Total orders for Q4 FY2024 were $51,077,000, a 6% decrease compared to Q4 FY2023, with a favorable currency impact of $1,077,000 [19] - Full-year orders for FY2024 were $198,302,000, a 5% decrease compared to FY2023, with a favorable currency impact of $1,923,000 [19] - Asian Pacific orders for Q4 FY2024 increased by 103% compared to Q4 FY2023, driven by increased demand in China, India, and Southeast Asia [4] - European orders for Q4 FY2024 decreased by 13% compared to Q4 FY2023, with a favorable currency impact of 4% [9] Operational Highlights - Selling, general, and administrative expenses for Q4 FY2024 were $12,677,000 (24% of sales), compared to $14,040,000 (21% of sales) in Q4 FY2023 [5] - Full-year SG&A expenses for FY2024 were $46,029,000 (25% of sales), compared to $49,552,000 (22% of sales) in FY2023 [5] - The company implemented global cost reductions in Q3 FY2024 to offset the impact of lower sales volumes and pricing [10][11] - Cash and cash equivalents totaled $33,330,000 as of October 31, 2024, compared to $41,784,000 as of October 31, 2023 [12] Industry and Company Outlook - The machine tool market was down almost 19% according to Oxford Economics U.S. machine tool forecasts [15] - The company focused on technological innovations, showcasing next-generation controls and CNC machines with ProCobots at IMTS [15] - The company believes its strong balance sheet and focus on technological advancement differentiate it from competitors [15] - The company is prepared for increased customer demand as global markets begin to recover [15]

Core Vision and Strategy - The company aims to drive the future of Autonomous Machining Centers by leveraging AI, mechatronics, motion, and simulation technologies [1] - The vision includes reshaping industry standards and revolutionizing market presence with cutting-edge technologies to address labor challenges and enhance automation and connectivity [1] - AI-driven capabilities such as feature detection, operation sequencing, and process control are critical to realizing the vision of Autonomous Machining Centers as the cornerstone of manufacturing [1] - The company is committed to commercializing incremental advancements in hybrid AI-assisted solutions to enhance productivity and operational efficiency [1] Operational Excellence and Efficiency - The company is leveraging the scalability of its three global CNC brands to drive operational excellence and efficiency through standardized industrial hardware components and smart manufacturing processes [3] - Strategies include streamlining manufacturing processes, optimizing resource allocation, and reducing the global energy footprint to improve cost efficiency and align with sustainable practices [3] - Data-driven analytics for inventory management and R&D of innovative technologies like polymer-mineral castings support sustained and responsible growth [3] Market Expansion and Innovation - The company plans to expand market share through product development, partnerships, and acquisitions, with a focus on robotics, automation, and AI-driven applications across all product categories [4] - Strategic partnerships and collaborations with other OEMs, both within and outside the company's business segments, will diversify offerings and address global demand for automated and autonomous systems [4] - The company aims to position itself as a leader in Industry 5.0, where connected and automated systems drive sustainable, workforce-centric productivity and scalability [4] Talent Management and Development - The company prioritizes talent and career development initiatives to support its leadership in the Industry 5.0 manufacturing revolution [5] - Strategic partnerships with universities and research groups globally provide opportunities to acquire top talent and foster innovation [5] - Continuous investment in employee skill development and knowledge growth is seen as a catalyst for innovation and business advancement [5] Technological Advancements - The company is enabling smarter, safer, and more autonomous manufacturing practices through cloud computing, edge computing, and digital twin technologies [6] - These technologies allow seamless adaptation to global market demands, heralding a new era of innovation and excellence in manufacturing [6] Company Overview - The company is an international industrial technology firm specializing in CNC machine tools for the metal cutting and metal forming industry [7] - It operates three brands: Hurco, Milltronics, and Takumi, each with unique control systems and software capabilities [7] - The company serves independent job shops, short-run manufacturing operations, and production-oriented manufacturers across industries such as aerospace, defense, medical equipment, energy, transportation, and computer equipment [7] - Manufacturing operations are located in Taiwan, Italy, the U.S., and China, with a global sales and support network spanning the Americas, Europe, and Asia [7]

Company Overview - Hurco Companies Inc is an international industrial technology company specializing in CNC machine tools for the metal cutting and metal forming industry [4] - The company operates three brands: Hurco, Milltronics, and Takumi, with proprietary software for the first two brands and third-party controls for Takumi [4] - Hurco produces high-value machine tool components, accessories, and automation solutions that can integrate with any machine tool [4] - The company serves independent job shops, short-run manufacturing operations in large corporations, and production-oriented manufacturers across industries including aerospace, defense, medical equipment, energy, transportation, and computer equipment [4] - With manufacturing operations in Taiwan, Italy, the US, and China, Hurco maintains a global presence through direct and indirect sales forces across the Americas, Europe, and Asia [4] Technological Advancements - Hurco unveiled cutting-edge AI-driven features in its next-generation control systems at the 2024 International Manufacturing Technology Show (IMTS) [1] - The company's AI implementation significantly reduces programming time from several minutes to seconds, enhancing machine tool operation efficiency [2] - Hurco's AI technology is embedded at the core of control technology, enabling faster, smarter, and more precise outcomes for customers [2] - The company's vertical integration allows complete control over CNC machines, controls, and software, facilitating rapid testing and integration of new technologies [3] Strategic Advantages - Hurco's complete vertical integration provides unparalleled agility in technology development and implementation [3] - The company maintains a strong commitment to innovation across economic cycles, supported by a robust balance sheet and disciplined financial strategy [3] - AI-driven tools like ChatCNC™ Chatbot and AI Feature Recognition are transforming manufacturing efficiency and profitability for customers [3] - With a strong innovation pipeline and solid financial strength, Hurco is positioned to continue leading the AI manufacturing revolution [3] Market Position - Hurco's technological advancements position the company as a leader in machine tool technology [1] - The company's AI-driven innovations are expected to redefine the competitive landscape in the manufacturing industry [3] - Hurco's global presence and comprehensive product offerings strengthen its position in the international CNC machine tool market [4]