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Culp profit misses consensus by 17.7% in fiscal Q3

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Culp profit misses consensus by 17.7% in fiscal Q3

Culp Inc. said its normalized net income for the fiscal third quarter ended Jan. 31 amounted to 36 cents per share, compared with the S&P Capital IQ consensus estimate of 44 cents per share.

EPS climbed 20.6% year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.5 million, an increase of 21.2% from $3.7 million in the third quarter ended Feb. 1, 2015.

The normalized profit margin climbed to 5.7% from 4.6% in the year-earlier period.

Total revenue declined on an annual basis to $78.5 million from $81.3 million, and total operating expenses declined 5.3% on an annual basis to $71.2 million from $75.2 million.

Reported net income rose 26.5% year over year to $4.9 million, or 39 cents per share, from $3.8 million, or 31 cents per share.