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Culp meets 3Q profit forecasts

HIGH POINT, N.C. (AP) _ Culp Inc. (CFI) on Tuesday reported fiscal third-quarter profit of $6.3 million.

On a per-share basis, the High Point, North Carolina-based company said it had net income of 51 cents. Earnings, adjusted for non-recurring gains, came to 47 cents per share.

The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 47 cents per share.

The maker of mattress fabrics posted revenue of $76.2 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $77.9 million.

Culp shares have dropped 8.5 percent since the beginning of the year.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CFI at https://www.zacks.com/ap/CFI


Keywords: Culp, Earnings Report