The following is a summary of the Culp, Inc. (CULP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Culp, Inc. reported Q3 net sales of $60.4 million, a 15% increase compared to the previous year.

• Gross margin marked an improvement at 12.7% compared to the 4% from the previous fiscal year's same period.

• The company reported a $1.7 million loss from operations for the quarter, an improvement compared to the previous quarter's loss of $2.2 million. The prior year period saw a $7.8 million loss.

• Net loss for the third quarter was $3.2 million or $0.26 per diluted share, improved from $9 million loss or $0.73 per diluted share in the previously comparable period.

• Adjusted EBITDA for the 12-month period ending with Q3 was negative $3.3 million, faring better when compared with the negative $20.5 million for the prior year's same period.

Business Progress:

• Sales of the Mattress Fabrics segment for the third quarter stood at $30 million, reflecting a 21.6% increase compared to the previous year's third quarter. The increase was primarily driven by the pricing of new fabric and sewn covers replacements in line with current costs.

• The company is prioritizing and accelerating the optimization process, with most of it expected to be addressed within the first two quarters. The improvements are expected to be fully implemented at the end of Q4 2024 or the beginning of Q1 2025.

• The company has projects underway aimed at eliminating waste of their chemical raw materials and properly monitoring fabric formation for pricing.

More details: Culp Inc IR

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