Latest news with #Culp
CNBC
3 days ago
- Business
- CNBC
GE Aerospace CEO sees supply chain improvements despite tariff hit
GE Aerospace's CEO said on Wednesday he is seeing supply chain improvements that will support an expected 15% to 20% increase in deliveries this year of jet engines used on popular narrowbody aircraft, after snags challenged deliveries in 2024. CEO Larry Culp also told the Bernstein Strategic Decisions conference that the engine maker pledged to be "completely in sync" with customer Boeing, as the U.S. planemaker gradually grows production of its strong-selling 737 MAX to a monthly rate of 38 and possibly above this year. GE Aerospace, however, is still expecting a hit of more than $500 million from tariffs due to a U.S.-led trade war. GE Aerospace holds a strong position in the narrowbody jet engine market through its partnership with France's Safran, which produces the LEAP engine used by both Boeing and European planemaker Airbus. While the U.S. market has seen some turbulence in domestic travel due to economic uncertainty, about 70% of GE's commercial engine revenue is driven by parts and services which remain in demand as older planes fly longer. Earlier this month, GE Aerospace signed an agreement with Qatar Airways to supply more than 400 engines to power the airline's next-generation Boeing 777-9 and 787 aircraft. Helped by internal changes, Culp said GE saw a double-digit increase in deliveries from critical suppliers in April and May, with some delivering twice as much as they were doing a year ago. "We're getting more and we're getting more in a predictable fashion," Culp said. Supply chain challenges, nevertheless, continue to dog plane production as Boeing and Airbus manufacture more jets, with no one particular bottleneck to blame. "A lot of people say, what's the one thing you need to solve for? I wish it was just one thing, right? It's 1,000 and it changes," Culp said. Culp added that he is working alongside Boeing CEO Kelly Ortberg on GE's imminent engine deliveries, and how those will step up in line with Boeing in 2026 and in 2027. Boeing has engines in its inventory after output of its strongest-selling 737 MAX slumped last year due to a quality crisis. "They're working their way through that inventory," Culp said of Boeing. "We want to make sure that we are completely in sync with them as we move forward." GE Aerospace is holding its investor day at the world's largest air show in Paris on June 17.
Business Wire
12-05-2025
- Business
- Business Wire
Culp Completes Sale of Canada Manufacturing Facility
HIGH POINT, N.C.--(BUSINESS WIRE)--Culp, Inc. (NYSE: CULP), a leading provider of fabrics for bedding and upholstery fabrics for residential and commercial furniture, today announced the completion of the sale of its mattress fabric manufacturing facility in Quebec, Canada. The transaction occurred in the first week of the Company's new fiscal year and marks the completion of the restructuring plan announced approximately one year ago. The purchase price for the facility was CA$8.6 million (USD$6.2 million), with CA$2.0 million (USD$1.4 million) received at closing and the balance to be paid with interest over the course of six to 12 months. The Company currently expects to realize approximately $3.0 to $3.5 million in cash proceeds net of all taxes and commissions, which it intends to use to reduce outstanding debt and enhance financial flexibility. Iv Culp, President and Chief Executive Officer of Culp, Inc., commented, 'I'd like to thank our team for their efficiency in executing on our restructuring plan. Our ability to reshape the cost structure of our mattress fabric business and complete the final step of selling our facility in Canada within a year is a testament to their focus and dedication. We were pleased to monetize the facility in what ultimately proved to be a softer local industrial market than originally anticipated that was made more challenging by some rezoning and utility service issues impacting the property. Exiting the facility also allows us to avoid monthly carrying costs in the six figures for insurance, maintenance and the like going forward, and the cash proceeds from the sale further strengthen our balance sheet and liquidity as we enter our new fiscal year.' Culp continued, 'I'd also like to thank all of our former associates and the community in Quebec for their contributions to the long run of success we enjoyed there. Consolidating our Canada operations into our U.S. platform was a difficult decision, but we never hesitate to make changes when in the best interests of our customers and shareholders. Our new streamlined operating model, along with an expanded U.S. manufacturing capacity and nearshore and offshore options in Haiti/Dominican Republic, Vietnam, Turkey and China, offers customers a uniquely flexible and cost-effective supply chain to bring their products to market in the current trade environment.' About the Company Culp, Inc. is one of the largest marketers of fabrics for bedding and upholstery fabrics for residential and commercial furniture in North America. The company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp's manufacturing facilities and fabrics sourced through other suppliers. Culp has manufacturing and sourcing capabilities located in the United States, China, Haiti, Turkey, and Vietnam. Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often but not always characterized by qualifying words such as 'expect,' 'believe,' 'will,' 'may,' 'should,' 'could,' 'potential,' 'continue,' 'target,' 'predict', 'seek,' 'anticipate,' 'estimate,' 'intend,' 'plan,' 'project,' and their derivatives, and include but are not limited to statements about expectations, projections, or trends for our future operations, strategic initiatives and plans, restructuring actions, production levels, new product launches, sales, profit margins, profitability, operating (loss) income, capital expenditures, working capital levels, cost savings (including, without limitation, anticipated cost savings from restructuring actions), income taxes, SG&A or other expenses, pre-tax (loss) income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding dividends, share repurchases, liquidity, use of cash and cash requirements, ending cash balances and cash positions, borrowing capacity, investments, potential acquisitions, cash and non-cash restructuring and restructuring-related charges, expenses, and/or credits, net proceeds from restructuring related asset dispositions, future economic or industry trends, public health epidemics, or future developments. There can be no assurance that we will realize these expectations or meet our guidance, or that these beliefs will prove correct. Factors that could influence the matters discussed in such statements, as well as other factors that could affect our future operations or financial results and the matters discussed in forward-looking statements, is included in Item 1A 'Risk Factors' in our most recent Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission. Many of these factors are macroeconomic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this release as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements included in this release are made only as of the date of this report. Unless required by United States federal securities laws, we neither intend nor assume any obligation to update these forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations or financial results.
Yahoo
12-05-2025
- Business
- Yahoo
Culp Completes Sale of Canada Manufacturing Facility
HIGH POINT, N.C., May 12, 2025--(BUSINESS WIRE)--Culp, Inc. (NYSE: CULP), a leading provider of fabrics for bedding and upholstery fabrics for residential and commercial furniture, today announced the completion of the sale of its mattress fabric manufacturing facility in Quebec, Canada. The transaction occurred in the first week of the Company's new fiscal year and marks the completion of the restructuring plan announced approximately one year ago. The purchase price for the facility was CA$8.6 million (USD$6.2 million), with CA$2.0 million (USD$1.4 million) received at closing and the balance to be paid with interest over the course of six to 12 months. The Company currently expects to realize approximately $3.0 to $3.5 million in cash proceeds net of all taxes and commissions, which it intends to use to reduce outstanding debt and enhance financial flexibility. Iv Culp, President and Chief Executive Officer of Culp, Inc., commented, "I'd like to thank our team for their efficiency in executing on our restructuring plan. Our ability to reshape the cost structure of our mattress fabric business and complete the final step of selling our facility in Canada within a year is a testament to their focus and dedication. We were pleased to monetize the facility in what ultimately proved to be a softer local industrial market than originally anticipated that was made more challenging by some rezoning and utility service issues impacting the property. Exiting the facility also allows us to avoid monthly carrying costs in the six figures for insurance, maintenance and the like going forward, and the cash proceeds from the sale further strengthen our balance sheet and liquidity as we enter our new fiscal year." Culp continued, "I'd also like to thank all of our former associates and the community in Quebec for their contributions to the long run of success we enjoyed there. Consolidating our Canada operations into our U.S. platform was a difficult decision, but we never hesitate to make changes when in the best interests of our customers and shareholders. Our new streamlined operating model, along with an expanded U.S. manufacturing capacity and nearshore and offshore options in Haiti/Dominican Republic, Vietnam, Turkey and China, offers customers a uniquely flexible and cost-effective supply chain to bring their products to market in the current trade environment." About the Company Culp, Inc. is one of the largest marketers of fabrics for bedding and upholstery fabrics for residential and commercial furniture in North America. The company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp's manufacturing facilities and fabrics sourced through other suppliers. Culp has manufacturing and sourcing capabilities located in the United States, China, Haiti, Turkey, and Vietnam. Forward Looking Statements This press release contains "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often but not always characterized by qualifying words such as "expect," "believe," "will," "may," "should," "could," "potential," "continue," "target," "predict", "seek," "anticipate," "estimate," "intend," "plan," "project," and their derivatives, and include but are not limited to statements about expectations, projections, or trends for our future operations, strategic initiatives and plans, restructuring actions, production levels, new product launches, sales, profit margins, profitability, operating (loss) income, capital expenditures, working capital levels, cost savings (including, without limitation, anticipated cost savings from restructuring actions), income taxes, SG&A or other expenses, pre-tax (loss) income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding dividends, share repurchases, liquidity, use of cash and cash requirements, ending cash balances and cash positions, borrowing capacity, investments, potential acquisitions, cash and non-cash restructuring and restructuring-related charges, expenses, and/or credits, net proceeds from restructuring related asset dispositions, future economic or industry trends, public health epidemics, or future developments. There can be no assurance that we will realize these expectations or meet our guidance, or that these beliefs will prove correct. Factors that could influence the matters discussed in such statements, as well as other factors that could affect our future operations or financial results and the matters discussed in forward-looking statements, is included in Item 1A "Risk Factors" in our most recent Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission. Many of these factors are macroeconomic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this release as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements included in this release are made only as of the date of this report. Unless required by United States federal securities laws, we neither intend nor assume any obligation to update these forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations or financial results. View source version on Contacts Investor Relations Contact Ken Bowling, Executive Vice President, Chief Financial Officer, and Treasurer:(336) 881-5630krbowling@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Journals
24-04-2025
- Business
- Business Journals
Culp consolidating divisions, closing facility in Burlington
Story Highlights Culp Inc. closes Burlington facility, moves operations to Stokesdale. Restructuring combines divisions, expected to save $13-14 million annually. Company appoints new chief operating officer and chief commercial officer. Bedding- and upholstery-fabric maker Culp Inc. of High Point is closing its leased Burlington upholstery operation and transferring its operations to a company-owned facility in Stokesdale as part of a restructuring that blends its two operating divisions. In an announcement this morning, Culp said the move will save at least $3 million. That will add to the $10-$11 million in annual savings and improvements expected from a restructuring announced in May mainly regarding mattress fabrics, the company said. Culp (NYSE: CULP) is combining its operating divisions know has Culp Upholstery Fabrics and Culp Home Fashions into one business to optimize agility and collaboration, streamline costs and processes, and better respond to customer needs and market trends. The company did not say how many employees are affected and did not respond to inquiries by the time of publication. The story will be updated if Culp responds. In announcing the move, President and CEO Iv Culp said it became apparent that one Culp-branded business will be more efficient and effective, with centralized operations and a management team focused on the home furnishings industry holistically without boundaries. 'in an uncertain macroeconomic environment, this more streamlined approach positions us to succeed across a range of demand scenarios,' Culp said. 'This is a substantial undertaking that involves some facility consolidation, equipment relocation, and other operational adjustments, but no curtailment of production levels. Most importantly, it affects people and naturally involves some employment loss. 'While those are always difficult decisions, they also represent an inflection point for our company. We remain deeply grateful to the affected team members in Burlington and thank them for their dedication and contributions. We are committed to helping them make the best possible transition.' The Burlington finished goods distribution facility consists of 132,000 square feet with its lease expiring in 2028, according to the company's most recent annual report. It also has a design center there of 13,750 square feet with a lease expiring in 2026. Mary Beth Hunsberger, formerly president of the Culp Upholstery Fabrics division, has been appointed chief operating officer of Culp. Tommy Bruno, formerly president of the Culp Home Fashions division, will now serve as Culp's chief commercial officer. As part of the previously announced restructuring, Culp expects the sale of its Canadian facility will close within the next week, with cash proceeds going to paying down debt. Culp began in the early 1970s as a distributor of upholstery fabrics, then moved into manufacturing, first domestically and later globally with current sites in Haiti and China as well as Canada and the U.S. In its fiscal 2024, mattress fabrics generated about $116 million in net sales and upholstery about $108 million.
Yahoo
23-04-2025
- Business
- Yahoo
State audit gives county clean report
ANDERSON — The Indiana State Board of Accounts has given Madison County a clean audit for 2023. The state audit for that year found no reported errors and no questioned costs. The audit included audits of three public libraries: Pendleton, North Madison and Alexandria-Monroe. The audit was conducted by the consulting firm of Forvis Mazars. The 2024 audit results should be reported in September. Madison County Auditor Todd Culp said the audit revealed there were no significant deficiencies identified in internal controls over financial matters; no material weaknesses were identified; and no noncompliance was found. 'The results of the audit were exceptional,' Culp said. 'This was the first year (2023) we were mandated by the state to start GAAP (Generally Accepted Accounting Principles) reporting since 2019 that we earned an unmodified audit.' During the last meeting of the Madison County Commissioners, Culp gave credit for the audit report to former county auditor Rick Gardner, deputy auditor Robin Wagner, chief deputy Kara Clark and deputy Nicki Young. Wagner heads up the local audit team and Young manages grant reporting for the county.
