Culp Inc Down 17.82% To $4.29 After Earnings Miss

Thursday, June 30, 2022 - Culp Inc (CULP) reported downside earnings and upside revenues.

The consensus among analysts for Culp Inc was for an earnings per share (EPS) loss of $0.35 per share. The firm failed to meet those projections, reporting an EPS loss of $0.49 per share, a negative surprise of $0.14 (-40%). Profits fell 545% year-over-year after reporting an EPS of $0.11 in its year-ago quarter. The negative growth rate signals that the Consumer Cyclical company isn't performing well amid current economic conditions.

Revenues were upbeat at $56.9 million. That represents a 27.98% decrease in revenues from the year-ago report and is 8.48% higher than consensus estimates set at $52.5 million.

The stock is down 17.82% to $4.29 after the report.

Culp Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Culp Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 2, putting Culp Inc in the bottom 25% of stocks.

Culp Inc manufacturers, sources, and markets mattress fabrics and sewn covers used for covering mattresses and box springs and upholstery fabrics including cut and sewn kits used in the production of upholstered furniture. The company has two operating segments Mattress fabrics and Upholstery fabrics. The mattress fabrics segment, also known as Culp Home Fashions, manufactures and markets mattress fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment markets fabrics for residential and commercial furniture, including jacquard woven fabrics, velvets, micro denier suedes, woven dobbies, knitted fabrics, piece-dyed woven products, and polyurethane leather look fabrics.