Apparently, investors went into mattress and upholstery fabrics manufacturer Culp Inc.'s (CULP) Q4/FY2020 earnings release with high hopes as the stock closed Wednesday's regular session at its highest level since late February, up 16.1% for the day on 4x average trading volume.
Unfortunately, results came in well below consensus estimates with the company missing both top- and bottom line expectations by a mile even when adjusting for $13.7 million in impairment charges and a $8.7 million loss from discontinued operations:
Source: Company Presentation
Nevertheless, the company still managed to generate approximately $5.5 million