Culp Inc Stock Price, News & Analysis

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.

Culp, Inc. (NYSE: CULP) announced it will hold a real-time webcast for its first quarter fiscal 2022 conference call on September 2, 2021, at 11:00 a.m. ET. This call will cover the financial and operational results for the quarter ending August 1, 2021. A press release with these results will be issued post-market on September 1, 2021. Culp is a leading marketer of mattress and upholstery fabrics with manufacturing capabilities in the U.S., Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (NYSE: CULP) confirmed that its sewn mattress cover facilities in Ouanaminthe, Haiti, were unaffected by the recent magnitude-7.2 earthquake, located more than 275 miles away. Culp's president stated that all employees are safe and normal production schedules remain intact. The company is engaged in relief efforts, donating home goods and food supplies to assist those impacted by the disaster. Culp is a leading marketer of mattress and upholstery fabrics, with manufacturing capabilities spanning several countries including the U.S., Canada, China, Haiti, Turkey, and Vietnam.

Culp, a leading marketer of mattress fabrics and upholstery, announced that Ken Bowling, Executive Vice President and CFO, will participate in the Water Tower Research Fireside Chat Series.

The event is scheduled for July 20, 2021, at 1:30 p.m. ET. Budd Bugatch, Senior Analyst at Water Tower Research, will host the discussion focusing on Culp's financial model.

The event is open to the public, and interested participants can register to join live or access a replay via www.culp.com.

Culp, Inc. (NYSE: CULP) will participate in the Sidoti Virtual Investor Conference on June 23-24, 2021. Ken Bowling, CFO, will present on June 23 at 8:30 a.m. Eastern time. Investors can access a live webcast of the presentation through Sidoti Presentation Weblinks. Culp is a leading marketer of mattress and upholstery fabrics, with manufacturing capabilities in the U.S., Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (NYSE: CULP) reported strong financial results for the fourth quarter and fiscal year 2021, with net sales of $79.1 million, up 67% year-over-year. Mattress fabrics sales surged 84%, while upholstery fabrics increased by 50%. The company achieved net income from continuing operations of $1.5 million, or $0.12 per diluted share, recovering from a net loss of $(16.2) million in the prior year. Cash flow from operations stood at $21.5 million, with total cash and investments at $46.9 million. Looking ahead, CULP expects a 20% increase in Q1 2022 net sales compared to last year.

Culp, Inc. (NYSE: CULP) is set to host a fourth quarter and fiscal 2021 conference call on June 17, 2021, at 11:00 a.m. ET. The call will discuss financial and operational results for the quarter and fiscal year ending on May 2, 2021. A press release detailing these results will be published after market close on June 16, 2021. Culp is a leading marketer of mattress and upholstery fabrics, operating globally with manufacturing and sourcing in multiple countries including the U.S., Canada, China, and Vietnam.