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Culp profit misses consensus by 22.4% in fiscal Q2

Culp Inc. said its normalized net income for the fiscal second quarter ended Nov. 1 came to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS climbed 25.9% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.9 million, an increase of 26.8% from $3.1 million in the year-earlier period.

The normalized profit margin climbed to 5.0% from 4.1% in the year-earlier period.

Total revenue grew year over year to $77.0 million from $74.0 million, and total operating expenses grew year over year to $70.7 million from $69.1 million.

Reported net income increased 25.8% on an annual basis to $3.7 million, or 30 cents per share, from $3.0 million, or 24 cents per share.