Culp NYSE:CULP Stock Report

First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind

First quarter 2023 results: US$0.47 loss per share (down from US$0.18 profit in 1Q 2022). Revenue: US$62.6m (down 25% from 1Q 2022). Net loss: US$5.70m (down 353% from profit in 1Q 2022). Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) missed analyst estimates by 62%. Over the next year, revenue is forecast to stay flat compared to a 9.4% growth forecast for the Luxury industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings.

Culp, Inc. Provides Earnings Guidance for the Second Quarter of 2023

Consensus forecasts updated

The consensus outlook for 2023 has been updated. 2023 expected loss increased from -US$0.19 to -US$0.24 per share. Revenue forecast unchanged at US$277.7m. Luxury industry in the US expected to see average net income growth of 0.4% next year. Consensus price target of US$11.00 unchanged from last update. Share price was steady at US$4.83 over the past week.

Culp, Inc. to Report Q1, 2023 Results on Aug 31, 2022

Culp, Inc. announced that they will report Q1, 2023 results After-Market on Aug 31, 2022

Culp, Inc., Annual General Meeting, Sep 28, 2022

Culp, Inc., Annual General Meeting, Sep 28, 2022, at 12:00 US Eastern Standard Time. Location: corporate offices, located at 1823 Eastchester Drive High Point North Carolina United States Agenda: To Elect the eight director nominees named in the accompanying Proxy Statement for one-year term until the 2023 annual meeting; to Ratify the appointment of Grant Thornton LLP as independent auditors for fiscal 2023; to Approve, through non-binding advisory vote, the compensation of named executive officers as disclosed in the accompanying Proxy Statement; and to Consider any other business that properly come before the meeting or any adjournment thereof.