Pre-tax income for the third quarter of fiscal 2018 is expected to be in the range of $6.8 million to $7.4 million. Pre-tax income for the third quarter of fiscal 2017 was $7.0 million. The company's performance for the second half of fiscal 2018 is currently expected to be somewhat better than the results achieved during the second half of last fiscal year, excluding any impact from potential acquisitions.
Culp, Inc. provided an update on the company's acquisition activities. Franklin N. Saxon, president and chief executive officer of Culp, Inc., reported, "We previously announced a non-binding letter of intent for a proposed acquisition of a mattress fabrics business in China. We have not been able to reach a definitive agreement for this proposed acquisition, and that particular transaction currently is not expected to occur. Despite this development, however, the company remains committed to our mattress fabrics growth strategy in China. We believe increasing our sales of mattress fabrics and sewn covers in non-North American markets represents a strong opportunity for Culp. Growing our China-based operation can complement our current business model, and our substantial upholstery fabrics operations located in China provide us with a significant knowledge base to build upon. We will provide further updates as developments warrant."
Q2 revenue consensus $77.07M. Sees Q2 pre-tax income $5.4M-$6.1M. The company's performance for the second half of fiscal 2018 is currently expected to be more in line with the results achieved during the second half of last fiscal year, excluding any impact from acquisitions.