Hurco(HURC) ZACKS·2024-09-09 18:35Financial Performance - The company reported a loss per share of $1.47 in Q3 FY2024, compared to earnings per share of 4 cents in the same quarter last year [1] - Revenues declined 19.8% year-over-year to $42.7 million in Q3 FY2024 [2] - Gross profit decreased 41.7% year-over-year to $7.8 million, with gross margin contracting 689 basis points to 18.4% [10] - Operating loss totaled $2.5 million in Q3 FY2024, compared to an operating profit of $1 million in the prior-year quarter [12] - Net loss was $9.6 million in Q3 FY2024, compared to net income of $0.3 million in the same quarter last year [12] Geographic Sales Performance - Americas sales declined 15.8% year-over-year to $15.4 million, primarily due to decreased shipments of Hurco and Takumi machines [4] - Europe sales decreased 22.8% year-over-year to $24.1 million, driven by reduced shipments in Germany, Italy, and the UK [5] - Asia Pacific sales fell 15.2% year-over-year to $3.2 million, with declines in China and Southeast Asia partially offset by growth in India [6] Order Performance - Total orders increased 25.5% year-over-year to $52.8 million in Q3 FY2024 [7] - Americas orders grew 20.7% year-over-year to $17.6 million, driven by demand for higher-performing 5-axis machines and lathes [7] - Europe orders rose 14.5% year-over-year to $28.3 million, with increased demand in the UK, France, and Italy [8] - Asia Pacific orders surged 151.2% year-over-year to $6.8 million, primarily due to increased demand in China and India [9] Operating Expenses and Liquidity - Selling, general and administrative expenses decreased 16.6% year-over-year to $10.4 million in Q3 FY2024 [11] - The company ended Q3 FY2024 with $36.1 million in cash and cash equivalents, down from $37.5 million at the end of Q2 FY2024 [13] - Cumulative net cash used for operating activities was $1.3 million, compared to $16.2 million in the prior-year quarter [13] - The company had no outstanding debt at the end of Q3 FY2024 [13]