reports
- Brian Gordon
- Budd Bugatch
Culp to Restructure Mattress Division, Eliminate Excess Capacity, Give...
After Wednesday’s market close, Culp announced aggressive actions to ‘right-size’ capacity in CHF, its Culp Home Fashions (CHF) segment. CHF is the market leader and serves the mattress/bedding fabric market. In the face of persisting weak end market demand for mattresses, Culp initiated restructuring initiatives to right-size CHF capacity to match industry conditions for the foreseeable future. These actions will evolve during FY25 (began May). The bulk of the ~$8MM in planned restructuring cha...
- Budd Bugatch
- Rex Henderson
Lower Near-Term Expectations; Culp Likely to Restructure
We are cutting estimates on Culp, responding to weak demand, and bracing for a restructuring in 4QFY24. Culp’s 3QFY24 earnings report, issued Wednesday after the close, highlighted improved revenue and operating results, Y/Y and sequentially. Consolidated sales were $60.4 million, up 15% Y/Y and 3% sequentially, aided by a calendar shift in the Chinese New Year from 3Q to 4Q. Operating loss of $1.7 million improved from a loss of $7.8 million in 3QFY23 and a loss of $2.2 million in 2QFY24. Still...
- Budd Bugatch
- Rex Henderson
3QFY24 Operating Income Beats Lowered Estimates
After the close on Wednesday, Culp reported a 3QFY24 operating loss of $1.7 million, which was better than our estimate of a loss of $2.2 million. Consolidated sales were $60.4 million, roughly in line with our $60 million published estimate. Culp continues to battle weak demand in both of its Culp Home Fashions (CHF, aka mattress fabrics) and Culp Upholstery Fabrics (CUF) segments. Results in the CHF segment were below our lowered expectations. Sales were $30 million, while the operating loss w...
- Budd Bugatch
- Rex Henderson
3Q Results: Update on Culp Progress Out Wednesday After Close
Culp reports 3QFY24 results after the close on Wednesday, March 6. An investor conference call is scheduled for 11:00 am ET on Thursday, March 7. Culp revised its guidance for the second half of 2023 in January in conjunction with the WTR Furniture/Furnishings Virtual Conference. Recovery in the mattress segment had been slower than previously expected. WTR now projects an EPS loss of $0.22 on revenue of $60 million. We had previously expected an EPS loss of $0.17. The revised consensus is a los...
- Budd Bugatch
- Rex Henderson
Updating 3Q Estimate Following WTR Conference Comment
Following Culp’s presentation at the WTR Furniture/Furnishings Virtual Conference, we are updating our 3Q estimates. CEO Robert Culp IV warned that 3Q operating income will fall short of previous expectations. The 3Q operating loss will approach $2.2 million, in line with the 2Q operating loss. Prior guidance was a consolidated operating loss of $1.2 million. Culp reaffirmed that the company is still working toward operating profit by the end of 4Q. That implies that the full quarter may report ...
- Budd Bugatch
- Rex Henderson
Introducing Updated Model; FY24 Estimates Unchanged
After inputting data from the Culp 2QFY24 Form 10Q filing, FY24 estimates are unchanged. We moderated FY25 and FY26 revenue and profit expectations. This note incorporates that filing and introduces our reformatted earnings model. We hope the revised model and reformatting will be easier to read and understand. As is our custom, our working excel models are available to our readers on request. Our revisions and reformatting will be easier to manage for anyone inclined to test assumptions differe...
- Budd Bugatch
- Rex Henderson
Revising Estimates After 2QFY24 Positive Surprise
We are revising our earnings estimates following Culp’s 2QFY24 earnings release and conference call. Management’s 3QFY24 guidance suggests that our prior estimate was overly optimistic about the pace of improvement. The objective of operating profitability by 4Q remains intact and achievable. We expect, and are modeling, positive net income in FY25. Specifically, we are moderating our expectations for the pace of improvement in CHF (Mattress Fabrics). That adjustment results in a reduction in ou...
- Budd Bugatch
- Rex Henderson
Culp Reports Improved 2QFY24
Culp, Inc. issued results for its 2QFY24 on Monday, December 4 after market close. Revenue and operating profit were better for the just-reported quarter than those posted in 2QFY23 and our estimates, bolstering management’s contention that it would deliver—and investors would witness—sequential quarterly improvements in operating profitability for the balance of FY24. Management also noted its belief of posting positive consolidated operating profitability by 4QFY24. All the while, Culp’s finan...
- Jonathan Moreland
VGR VECTOR GROUP LTD.
SWX SOUTHWEST GAS HOLDINGS INC.
SMLR SEMLER SCIENTIFC
SEE SEALED AIR CORPORATION
PSEC PROSPECT CAPITAL CORPORATION
MGNX MACROGENICS INC.
GME GAMESTOP CORP. CLASS A
GABC GERMAN AMERICAN BANCORP
FIVE FIVE BELOW INC.
CNTY CENTURY CASINOS INC.
CDXS CODEXIS
ALDX ALDEYRA THERAPEUTICS
OFIX ORTHOFIX INTERNATIONAL N.V.
VIRT VIRTU FINANCIAL INC. CLASS A
SHW SHERWIN-WILLIAMS COMPANY
CULP CULP INC.
FMC FMC CORPORATION
UEIC UNIVERSAL ELECTRONICS INC.
GHC GRAHAM HOLDINGS CO.
SMMF SUMMIT FINANCIAL GROUP INC.
FLWS 1-800-FLOWERS.COM CL A
BRID BRIDGFORD FOODS CORP.
IOVA IOVANCE BIOTHERAPEUTICS INC
FNKO FUNKO CLASS A
QTRX QUANTERIX CORPORATION
QNTO QUAINT OAK BANCORP INC.
ATXI AVENUE THERAPEUTICS
HURC HURCO COMPANIES
EML THE EASTERN COMPANY
VAPO VAPOTHERM INC
JYNT THE JOINT
ASAN ASANA
PVBC PROVIDENT BANCORP INC
MODV MODIVCARE INC
NRGX PIMCO ENERGY & TACTICAL CREDIT OPPORTUNITIES FUND
AKYA AKOYA BIOSCIENCES INC
TSE TRINSEO PLC
MPA BLACKROCK MUNIYIELD PENNSYLVANIA FD
EMO CLEARBRIDGE ENERGY MLP OPPORTUNITY FUND INC.
SOL RENESOLA LTD
GATO SUNSHINE SILVER MINING AND REFINING CORP
- Jonathan Moreland
Culp Inc: 1 director
A director at Culp Inc bought 15,111 shares at 5.693USD and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
- Jonathan Moreland
SEE SEALED AIR CORPORATION
MGNX MACROGENICS INC.
GME GAMESTOP CORP. CLASS A
BECN BEACON ROOFING SUPPLY INC.
ALDX ALDEYRA THERAPEUTICS
SHW SHERWIN-WILLIAMS COMPANY
CULP CULP INC.
FLL FULL HOUSE RESORTS INC.
FLWS
FNKO 1-800-FLOWERS.COM CL A
QTRX FUNKO CLASS A
VAPO QUANTERIX CORPORATION
MODV VAPOTHERM INC
NRGX MODIVCARE INC
AKYA PIMCO ENERGY & TACTICAL CREDIT OPPORTUNITIES FUND
MPA AKOYA BIOSCIENCES INC
EMO BLACKROCK MUNIYIELD PENNSYLVANIA FD
SOL CLEARBRIDGE ENERGY MLP OPPORTUNITY FUND INC.
RENESOLA LTD
- Budd Bugatch
- Rex Henderson
Revising Estimates to Reflect Continued Demand Weakness and Margin Imp...
Herein we revise our estimates for Culp, which reported 1QFY24 results and issued guidance in the face of continued weak demand juxtaposed against improving and better-than-expected margins. Gross margin for CHF, Culp’s mattress fabrics segment, is recovering faster than expected (up ~700 bps in 1QFY24 versus 1QFY23). For CUF, Culp’s upholstery fabrics segment, management grew 1QFY24 gross margin by 667 bps despite a significantly down Y/Y sales comparison (~ -17.4%). The combination of Y/Y weak...
- Budd Bugatch
- Rex Henderson
Loss Narrows; 1Q Margins Improve as Top Line Remains Pressured
After Wednesday’s close, Culp Inc. reported a 1Q24 EPS loss of $0.27, beating our $0.36 loss estimate and its 1Q23 $0.47 LPS. Revenues missed expectations and residential demand challenged. The balance sheet remains strong. The Mattress Fabric (CHF) segment delivered a markedly improved margin, reporting a gross margin of 6.8%, up from negative 0.1% a year ago and better than our estimate of 2.6%. Its operating loss narrowed from $2.9 million a year ago to $1.4 million, again better than our est...
- Budd Bugatch
- Rex Henderson
1Q Preview: Losses Slowing; Looking for Signs of Recovery in Mattress ...
Culp will report its 1QFY24 results after market close on Wednesday, August 30, and host its conference call on Thursday, August 31 at 11:00 am. We estimate the 1QFY24 loss at $0.36 per share, in line with consensus, and total 1QFY24 revenues of $60.5 million, above consensus of $60.2 million. The focus remains on the recovery of the Culp Home Fashions segment (CHF), its mattress Fabrics business. We forecast CHF revenues to be up Y/Y ($30.5 million versus $29.4 million) and roughly flat sequent...
- Jonathan Moreland
LPSN LIVEPERSON INC.
INTC INTEL CORPORATION
HRTX HERON THERAPEUTICS INC
GGG GRACO INC.
FFIN FIRST FINANCIAL BANKSHARES INC
CROX CROCS INC.
AQMS AQUA METALS INC
ACTG ACACIA RESEARCH CORP. - ACACIA TECHNOLOGIES
ADC AGREE REALTY CORPORATION
CULP CULP INC.
CNA CNA FINANCIAL CORPORATION
NTIC NORTHERN TECHNOLOGIES INTERNATIONAL
FBK FB FINANCIAL CORPORATION
XOM EXXON MOBIL CORPORATION
SNAP SNAP INC. CLASS A
SVRA SAVARA
GNTY GUARANTY BANCSHARES INC.
RMCF ROCKY MOUNTAIN CHOCOLATE FACTORY INC.
VBIV VBI VACCINES INC/BC
TDW TIDEWATER INC
ILPT INDUSTRIAL LOGISTICS
ZM ZOOM VIDEO COMMUNICATIONS
PAYS INC.
QMCO PAYSIGN INC
ENX QUANTUM CORP /DE/
ZI EATON VANCE NEW YORK MUNICIPAL BOND FUND
AWH ZOOMINFO TECHNOLOGIES INC.
RILY ASPIRA WOMEN'S HEALTH INC.
INZY B. RILEY FINANCIAL
HPK INOZYME PHARMA
PVBC HIGHPEAK ENERGY INC (A)
SHYF PROVIDENT BANCORP INC
NRGX THE SHYFT GROUP INC
CYTH PIMCO ENERGY & TACTICAL CREDIT OPPORTUNITIES FUND
YELL CYCLO THERAPEUTICS
TCS YELLOW CORPORATION
RXST CONTAINER STORE GROUP
CMU INC.
JANX RXSIGHT INC
TTNP MFS HIGH YIELD MUNICIPAL TRUST
EMO JANUX THERAPEUTICS INC
MTEM TITAN PHARMACEUTICALS INC
ABOS CLEARBRIDGE ENERGY MLP OPPORTUNITY FUND INC.
STCN MOLECULAR TEMPLATES
INC.
ACUMEN PHARMACEUTICALS
INC.
STEEL CONNECT INC
- Jonathan Moreland
PFSW PFSWEB INC
MPAA MOTORCAR PARTS OF AMERICA INC.
CVGW CALAVO GROWERS INC.
AQMS AQUA METALS INC
ACTG ACACIA RESEARCH CORP. - ACACIA TECHNOLOGIES
CULP CULP INC.
ENPH ENPHASE ENERGY INC.
TTC TORO COMPANY
GHC GRAHAM HOLDINGS CO.
SCWX SECUREWORKS
CDZI CADIZ INC.
SVRA SAVARA
PMM PUTNAM MANAGED MUNICIPAL INCOME TRUST
RMCF ROCKY MOUNTAIN CHOCOLATE FACTORY INC.
SMBC SOUTHERN MISSOURI BANCORP INC.
PMO PUTNAM MUNICIPAL OPPORTUNITIES TRUST
VBIV VBI VACCINES INC/BC
CVLY CODORUS VALLEY BANCORP INC.
OXSQ OXFORD SQUARE CAPITAL
SMAR SMARTSHEET
EVLO EVELO BIOSCIENCES
NHS NEUBERGER BERMAN HIGH YIELD ST
LARK LANDMARK BANCORP INC.
ZM ZOOM VIDEO COMMUNICATIONS
BW INC.
QMCO BABCOCK & WILCOX ENTERPRISES
BDTX QUANTUM CORP /DE/
ENX BLACK DIAMOND THERAPEUTICS
EPSN INC.
ZI EATON VANCE NEW YORK MUNICIPAL BOND FUND
PASG EPSILON ENERGY LIMITED
GRIL ZOOMINFO TECHNOLOGIES INC.
ACET PASSAGE BIO
ALVR INC.
HPK MUSCLE MAKER
MAX ADICET BIO INC
CLNN ALLOVIR
NRGX HIGHPEAK ENERGY INC (A)
RMBL MEDIAALPHA
JANX INC.
TTNP CLENE INC
EFSH PIMCO ENERGY & TACTICAL CREDIT OPPORTUNITIES FUND
MTEM RUMBLEON INC
OKE JANUX THERAPEUTICS INC
TITAN PHARMACEUTICALS INC
1847 HLDGS LLC
MOLECULAR TEMPLATES
INC.
ONEOK
INC.
- Jonathan Moreland
SAFT SAFETY INSURANCE GROUP INC.
CULP CULP INC.
RMCF ROCKY MOUNTAIN CHOCOLATE FACTORY INC.
ZM ZOOM VIDEO COMMUNICATIONS
ENX INC.
HPK EATON VANCE NEW YORK MUNICIPAL BOND FUND
NRGX HIGHPEAK ENERGY INC (A)
JANX PIMCO ENERGY & TACTICAL CREDIT OPPORTUNITIES FUND
JANUX THERAPEUTICS INC
- Budd Bugatch
- Rex Henderson
4QFY23: Results Beat Estimates; Trends Improve in Mattress Fabrics
Beat expectations. After market close on June 28, Culp reported 4QFY23 results that exceeded expectations. Total revenues were $61.4 million, beating our $54 million estimate and consensus of $55.5 million. On the bottom line, the company’s EPS of ($0.38) beat our ($0.50) estimate and consensus of ($0.45). Turnaround milestone. The Culp Home Fashions (CHF) segment (mattress fabrics) achieved a milestone in its turnaround and reported positive gross profit for the first time since 4QFY22. New pro...
- Jonathan Moreland
XOMA XOMA
WLDN WILLDAN GROUP
SEAC SEACHANGE INTERNATIONAL INC.
PLAY DAVE & BUSTER'S ENTERTAINMENT INC.
MACK MERRIMACK PHARMACEUTICALS INC
HSKA HESKA CORPORATION
FFIN FIRST FINANCIAL BANKSHARES INC
EQR EQUITY RESIDENTIAL
EOG EOG RESOURCES INC.
CMTL COMTECH TELECOMMUNICATIONS CORP.
BANF BANCFIRST
NEWT NEWTEK BUSINESS SERVICES INC.
CVV CVD EQUIPMENT
TZOO TRAVELZOO
CULP CULP INC.
TREE LENDINGTREE INC.
JELD JELD-WEN HOLDING INC.
APPN APPIAN
DCPH DECIPHERA PHARMACEUTICALS INC.
OPTN OPTINOSE
GIM TEMPLETON GLOBAL INCOME FUND
SRRK SCHOLAR ROCK HOLDING CORPORATION
LOVE LOVESAC
FULC FULCRUM THERAPEUTICS
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
ZYME ZYMEWORKS INC.
NREF NEXPOINT REAL ESTATE FINANCE
JYNT INC.
RILY THE JOINT
ALVR B. RILEY FINANCIAL
PCVX ALLOVIR
HQI VAXCYTE
FET HIREQUEST INC.
LIXT FORUM ENERGY TECHNOLOGIES
COIN LIXTE BIOTECHNOLOGY HOLDINGS
HOWL COINBASE GLOBAL
MYO INC.
XOS WEREWOLF THERAPEUTICS
TRST INC.
APLD MYOMO
HSAQ XOS INC
GLSI TRUSTCO BANK CORP NY
GCV APPLIED BLOCKCHAIN INC
HEALTH SCIENCES ACQUISITIONS CORP 2
GREENWICH LIFESCIENCES INC
THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND
INC.
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