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Culp fiscal Q1 profit climbs 35.7% YOY

Culp Inc. said its normalized net income for the fiscal first quarter ended Aug. 2 amounted to 37 cents per share, compared with the S&P Capital IQ consensus estimate of 38 cents per share.

EPS increased 35.1% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.6 million, an increase of 35.7% from $3.4 million in the prior-year period.

The normalized profit margin increased to 5.8% from 4.5% in the year-earlier period.

Total revenue increased 5.4% year over year to $80.2 million from $76.1 million, and total operating expenses increased on an annual basis to $72.7 million from $70.8 million.

Reported net income increased 41.3% year over year to $4.7 million, or 38 cents per share, from $3.3 million, or 27 cents per share.