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Culp fiscal Q3 profit climbs 29.5% YOY

Culp Inc. said its normalized net income for the fiscal third quarter ended Feb. 1 was 30 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS rose 29.3% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.7 million, an increase of 29.5% from $2.9 million in the third quarter ended Jan. 26, 2014.

The normalized profit margin rose to 4.6% from 3.9% in the year-earlier period.

Total revenue increased 12.3% on an annual basis to $81.3 million from $72.4 million, and total operating expenses grew 11.3% from the prior-year period to $75.2 million from $67.6 million.

Reported net income fell 54.4% year over year to $3.8 million, or 31 cents per share, from $8.4 million, or 68 cents per share.