Culp Inc Stock Price, News & Analysis

Culp, Inc. (NYSE: CULP) will participate in the Water Tower Research Fireside Chat Series on March 16, 2022, at 1:00 p.m. ET. The event is open to the public with registration available online. CEO Iv Culp, along with executives Jeff Veach and Christina Pennant, will discuss innovations in mattress fabrics, trends from the recent ISPA Expo, and updates on the new Innovation Center. Participants can register and access the event via Culp’s website. Culp is a leader in mattress and upholstery fabrics, with operations in the US, Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (CULP) reported its fiscal 2022 third quarter results ending January 30, 2022, revealing net sales of $80.3 million, a 1.2% increase year-over-year. However, the company faced a net loss of $289,000, or $(0.02) per diluted share, down from a profit of $2.1 million in the prior year, primarily due to a high effective tax rate. Despite facing pressures from inflation, labor challenges, and supply chain disruptions, CULP maintains a strong cash position of $22.2 million without any debt. The company announced a quarterly dividend of 11.5 cents per share, reflecting a 5% increase.

Culp, Inc. (NYSE: CULP) will host a real-time webcast of its third quarter fiscal 2022 conference call on March 3, 2022, at 11:00 a.m. ET. The call will review the company's financial and operating results for the quarter ending January 30, 2022. A press release with the results will be issued after market close on March 2, 2022. Investors can access the live webcast on the company's website, with a replay available for 30 days.

Culp, Inc. (NYSE: CULP) will participate in the Sidoti Virtual Investor Conference on December 8-9, 2021. President and CEO Robert G. Culp, IV, along with CFO Ken Bowling, will present on December 8, 2021, at 9:15 a.m. Eastern time. Investors can access a live webcast of the presentation here. Culp is a leading marketer of mattress fabrics and upholstery fabrics, with manufacturing capabilities in the U.S., Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (NYSE: CULP) reported a net sales decline of 3.0% to $74.6 million in Q2 2022, with mattress fabrics up 2.1% and upholstery fabrics down 8.5%. Operating income fell to $1.6 million from $4.5 million year-over-year. Net income was $851,000 ($0.07/share), down from $2.4 million ($0.19/share) last year. The board approved a 5% increase in the quarterly dividend to 11.5 cents per share. Despite cash reserves of $36.6 million, CULP withdrew its annual guidance due to supply chain disruptions and inflationary pressures, while maintaining an optimistic outlook for Q4 2022.

Culp, Inc. (NYSE: CULP) will host a conference call on December 2, 2021, at 11:00 a.m. ET to discuss its financial results for the second quarter ending October 31, 2021. The company plans to release these results following market close on December 1, 2021. Investors can access the live webcast on the company's official website. Culp is a leading marketer of mattress fabrics and upholstery fabrics, with manufacturing facilities in the US, Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (NYSE: CULP) expects second-quarter fiscal 2022 net sales to decline by approximately 11% from the prior quarter, with operating income projected between $1.3 million and $1.6 million. This drop is attributed to COVID-19-related shutdowns in Vietnam affecting sales in the upholstery fabrics segment. Labor shortages and supply chain constraints at U.S. facilities further pressured sales across segments. Though facing challenges, Culp's CEO emphasized the company's long-term positioning and the resumption of normalized shipping capacity.

Culp, Inc. (NYSE: CULP) elected three new independent directors, John A. Baugh, Kimberly B. Gatling, and Jonathan L. Kelly, during its annual stockholder meeting on September 29, 2021. These appointments aim to enhance the company's governance and strategic direction with their extensive expertise in finance, law, and investment. The board now comprises eight members, including re-elected directors. The company focuses on diverse experiences to support its growth strategy and deliver value to shareholders.

Culp, Inc. (NYSE: CULP) reported a strong first quarter for fiscal 2022, with net sales of $83.0 million, a 28.8% increase year-over-year. Operating income rose to $3.3 million, a 76.2% increase. Net income was $2.3 million or $0.18 per diluted share, reversing a net loss of $(2.7) million in the same quarter last year. The company has total cash and investments of $44 million, with no debt. A quarterly dividend of $0.11 per share was announced. The outlook for the second quarter suggests stable sales, with expected increases in sales between 8-12% and operating income growing by 20-25% for the full fiscal year.