Updating Estimates After 2QFY23 Report; Painful, but Expected, Operating Loss on Inventory Adjustments & Restructuring; Looking over the FY23 Valley to FY24
KEY POINTS Things are tough when the best thing to say about a quarterly earnings report is, “We have plenty of cash on hand.” But that’s where...
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2QFY23 Results; As Expected, Culp Reports Significant Losses, Slightly Better than Our Revised Estimate; Liquidity Strengthened by Inventory Liquidations and New Credit Facility
KEY POINTS Culp Inc. reported 2QFY23 earnings after the close on December 7, in line with revised guidance issued on November 22. A conference...
720 Views
Updating Estimates After Pre-Release; Revenue Guidance Modestly Lower Than Prior Expectations; Inventory Write-Offs Deliver Heavy Blow; Cash Position Remains Solid
KEY POINTS Culp pre-released results for its 2QFY23, in which it lowered sales guidance and warned of inventory impairment charges and a...
749 Views
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...
701 Views
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)...
694 Views