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Culp profit misses consensus by 19.6% in fiscal Q2

Culp Inc. said its normalized net income for the fiscal second quarter ended Nov. 2 was 25 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS rose year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.1 million, an increase from $3.0 million in the second quarter ended Oct. 27, 2013.

The normalized profit margin dropped to 4.1% from 4.3% in the year-earlier period.

Total revenue rose on an annual basis to $74.0 million from $70.6 million, and total operating expenses climbed 5.4% year over year to $69.1 million from $65.6 million.

Reported net income decreased on an annual basis to $3.0 million, or 24 cents per share, from $3.1 million, or 25 cents per share.