Slashing Estimates After 1QF23 Report; Tax Expenses Hit Hard Despite Losses, but Sales Outlook Remains Stormy for at Least Two More Quarters
KEY POINTS We are lowering our estimates for Culp following its 1QF23 results and management conference call. While cutting our sales projection...
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1QF23 Earnings Results: Headline Results Not Pretty and Below Our Formal Estimates Due to Tax; Operating Results Also Not Pretty, but In Line with Our Estimates Overall; Financial Condition Still Solid, Leaving the Ben Graham Investment Thesis Intact
KEY POINTS Finding positives in an earnings report that begins with a 24.6% Y/Y revenue decline and ends with a $5.7 million ($0.47 per share)...
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Updating Estimates After 4Q22 Report
KEY POINTS With this note, we are updating and refreshing our forward estimates for Culp following its 4Q22 results and management conference...
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4Q22 Earnings Results; Modestly Better than the Pre-Release; Still Not Pretty; Dividend Suspension Weighs Heavily
KEY POINTS After market close Wednesday, Culp reported a 4Q22 loss of $0.49 per share, roughly in line with consensus of a loss of $0.50...
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Updating Estimates on Culp, Inc. Following 4Q22 Guidance Revisions: China Lockdowns and Domestic Mattress Weakness Lead to Lowered Expectations
KEY POINTS On April 25, Culp pre-released updated guidance for 4Q22 and FY22, citing COVID-related shutdowns in China and a weak domestic mattress...
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