Business
Clearfield Reports Fiscal Second Quarter 2023 Results
Revenue for the Second Quarter of Fiscal 2023 Grew 34% Year-over-Year to $71.8 Million. Net Income for the Second Quarter of Fiscal 2023 Increased 12%
About this update from Clearfield, Inc.
[{"type":"text","content":"Revenue for the Second Quarter of Fiscal 2023 Grew 34% Year-over-Year to $71.8 Million. Net Income for the Second Quarter of Fiscal 2023 Increased 12% Year-over-Year to $10.4 Million, or $0.67 per Diluted Share. MINNEAPOLIS, May 04, 2023 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), a leader in fiber connectivity, reported results for the second quarter of fiscal 2023. (in millions except per share data and percentages)Q2 2023vs. Q2 2022Change Change (%) Net Sales$ 71.8 $53.5 $18.3 34% Gross Profit ($)$ 23.6 $23.2 $0.4 2% Gross Profit (%) 32.8% 43.3% -10.5%-24% Income from Operations$ 12.1 $11.9 $0.1 1% Income Tax Expense$ 3.0 $2.8 $0.2 6% Net Income$ 10.4 $9.2 $1.1 12% Net Income per Diluted Share$ 0.67 $0.66 $0.01 2% Fiscal Q2 YTD 2023 Financial Summary (in millions except per share data and percentages)2023 YTDvs. 2022 YTDChange Change (%) Net Sales$ 157.8 $104.6 $53.1 51% Gross Profit ($)$ 54.2 $46.1 $8.1 18% Gross Profit (%) 34.4% 44.1% -9.7%-22% Income from Operations$ 29.9 $25.0 $5.0 20% Income Tax Expense$ 6.7 $5.6 $1.1 19% Net Income$ 24.6 $19.6 $5.0 25% Net Income per Diluted Share$ 1.67 $1.41 $0.26 18% Management Commentary“Our second quarter fiscal 2023 results came in relatively in line with our expectations,” said Company President and CEO Cheri Beranek. “However, following our first quarter report, what we originally thought was a transition to a more normalized, seasonally driven ordering and deployment pattern by some of our customers has developed into a much more significant lull in demand as inventory is digested. Specifically, we have experienced order pushouts by several Large Regional Service Providers and some Multiple System Operators (MSOs or Cable TV providers) who had accumulated an excess inventory position during the pandemic period. In light of this inventory digestion, we expect revenue to be lower than we previously anticipated. However, we remain confident that long-term demand remains strong and that we are well-positioned to benefit from the significant rural broadband build that is still in front of us. While we are rightsizing capacity levels to meet current demand, we are maintaining the infrastructure and processes for long-term growth and continue to design products to address our customers’ biggest pain points and reduce the amount of skilled labor required to install.” “Our balan...