H&R Block Jumps on Earnings Surprise, Culp Gains on Earnings Beat

Mukesh Buch
14 Jun, 2017
New York City

Culp Inc, the mattress maker said net income soared 32% and forecasted improved profit. H & R Block net jumped 12%. Liberty Tax said revenues jumped 7%. Motorcar Parts of America extended its five-year sales growth record.

[R]2:10 PM New York – Culp Inc, the mattress maker said net income soared 32% and forecasted improved profit. H & R Block net jumped 12%. Liberty Tax said revenues jumped 7%. Motorcar Parts of America extended its five-year sales growth record.[/R]

Tollbooth Index decreased 22.07 or 0.2% to 12,157.86.

Earnings Review

Culp, Inc ((CFI)) jumped 4.4% or $1.40 to $33.40 after the mattress and upholstery furniture maker said revenues in the fourth-quarter ending in April fell 1.1% from a year ago to $309.5 million.

Net income in the quarter soared 31.9% to $22.3 million or $1.78 per diluted share from $16.9 million or $1.36 in the same quarter last year.

The mattress maker forecasted first-quarter pretax profit in the range of $7.8 million to $8.4 million.

H & R Block Inc ((HRB)) soared 9.2% or $2.47 to $29.46 after the accounting and taxation services provider reported revenues in the fourth-quarter ending in April rose 1.3% from a year ago to $2.3 billion.

Net income in the quarter jumped 11.8% to $783.4 million or $3.75 per diluted share from $700.7 million or $3.13 in the same quarter last year.

Liberty Tax Inc ((TAX)) plunged 7.7% or $1 to $11.95 after the taxation services provider stated total revenues in the fourth-quarter ending in April jumped 6.5% from a year ago to $111.2 million.

Net income in the quarter declined 9.2% to $29.3 million or $2.10 per diluted share from $32.3 million or $2.31 in the same quarter last year.

Motorcar Parts of America, Inc ((MPAA)) gained 1.3% or 37 cents to $28.87 after the automobile parts maker said revenues in the fourth-quarter ending in March soared 17.4% from a year ago to $114.4 million.

Net income in the quarter surged to $9.8 million or 50 cents per diluted share from $2.3 million or 12 cents in the same quarter last year.

“We anticipate continued growth in all of our product lines, and our double-digit compounded annual sales growth over the last five years highlights the company’s success and we remain optimistic about the future,” said chairman, president and chief executive officer Selwyn Joffe.