Earnings Results under Review: Culp, Inc. (NYSE: CULP)

Shares of Culp, Inc. (NYSE: CULP) closed the trading at a price of $25.35 . In the past session approximately 32,567 shares were exchanged against the average daily trading volume of 317.514M shares. The stock touched to the maximum level of $34.05, and it reached the lower level of $23.80 in past session. The stock’s market capitalization has now valued at $0.31. The stock’s low price in its 52 week is $25.24 per share while $23.80 as the 52 week high price. The last bid price was called at $0.00 x 800 and the ask price was stated at $24.65 – 27.00.

Culp, Inc. (NYSE: CULP) stated financial and operating results for the fourth quarter and fiscal year ended April 29, 2018.

For the fourth quarter ended April 29, 2018, net sales were $78.2M, contrast with $77.4M a year ago. On a pre-tax basis, the company stated income of $6.5M, contrast with pre-tax income of $7.0M for the fourth quarter of fiscal 2017. The company stated net income of $12.7M, or $1.00 per diluted share, for the fourth quarter of fiscal 2018, contrast with net income of $6.2M, or $0.49 per diluted share, for the fourth quarter of fiscal 2017. Adjusted net income for the fourth quarter of fiscal 2018, not including the impact of TCJA discussed below, was $4.7M, or $0.37 per diluted share.

Net sales for fiscal 2018 were $323.7M, contrast with net sales of $309.5M in fiscal 2017. On a pre-tax basis, the company stated income of $26.9M for fiscal 2018, contrast with pre-tax income of $29.7M in fiscal 2017. Net income for fiscal 2018 was $20.9M, or $1.65 per diluted share, contrast with $22.3M, or $1.78 per diluted share, in fiscal 2017. Adjusted net income for fiscal 2018, not including the impact of TCJA discussed below, was $18.8M, or $1.49 per diluted share.

2017 Tax Cuts and Jobs Act

The results for the fourth quarter include an income tax benefit of $9.1M that pertains to a reduction in the company’s U.S. Federal Income Tax rate pursuant to the TCJA on the successful settlement of an IRS exam and to the mandatory repatriation of undistributed earnings and profits associated with the company’s foreign subsidiaries. The $9.1M benefit was partially offset by a $1.1M charge that relates to the revaluation of the company’s U.S. deferred income taxes. The 11.1 percent effective income tax rate for the fourth quarter of fiscal 2017 was primarily Because of a reversal of an uncertain income tax position in a foreign jurisdiction.

The average true range of CULP stock is noted at 1.13 and the relative strength index of the stock stands 46.23. The stock price is going above to its 52 week low with 6.51% and lagging behind from its 52 week high with -25.55%. Analyst recommendation for CULP stock stands at 2.00. A look on the firm performance, its monthly performance is 4.11% and a quarterly performance of -20.03%. The stock price is trading downbeat from its 200 days moving average with -13.64% and up from 50 days moving average with 0.25%.

 

Eva Hopkins – Stocks News Alert

My name is Eva Hopkins and I’m 35 years old who is an entrepreneur other than a writer. I want to grab the attention of my potential readers and issuer’s, being vibrant and not too dry. I usually stay at home who relishes writing in her free time. My writing style is diversifying, I write on a variety of topics including stock market tradings, stock news Alerts and earnings but my personal favorite is lifestyle and business. I love communicating myself through artistic and innovative means such as writing, dancing, and painting. When I’m not doing any specific field related work, I enjoy spending some time with my dog, playing hockey or meeting my friends and family members.

Address: 119 Ellerbeck Road, Ellerbeck

Queensland 4816, Australia

Phone Number: +61-07- 4066-8946

Email: Eva@getnewsalert.com

Leave a Reply

Your email address will not be published. Required fields are marked *