Business
Clearfield Reports Fiscal Third Quarter 2023 Results
Record international revenues driven by the performance of Nestor Cables.Reiterates revenue guidance and increases net income per share guidance to $2.05 to
About this update from Clearfield, Inc.
[{"type":"text","content":"Record international revenues driven by the performance of Nestor Cables.Reiterates revenue guidance and increases net income per share guidance to $2.05 to $2.15 for fiscal year 2023. MINNEAPOLIS, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), a leader in fiber connectivity, reported results for the third quarter of fiscal 2023. Fiscal Q3 2023 Financial Summary (in millions except per share data and percentages)Q3 2023vs. Q3 2022ChangeChange (%)Net Sales$61.3 $71.3 $(10.0)-14% Gross Profit ($)$19.1 $29.3 $(10.2)-35%Gross Profit (%) 31.1% 41.1% -10.0%-24% Income from Operations$5.6 $16.6 $(11.0)-66%Income Tax Expense$1.8 $3.9 $(2.0)-53% Net Income$5.2 $12.7 $(7.5)-59%Net Income per Diluted Share$0.33 $0.92 $(0.59)-64% Fiscal Q3 YTD 2023 Financial Summary (in millions except per share data and percentages)2023 YTDvs. 2022 YTDChangeChange (%)Net Sales$219.0 $175.9 $43.2 25% Gross Profit ($)$73.3 $75.4 $(2.2)-3%Gross Profit (%) 33.5% 42.9% -9.4%-22% Income from Operations$35.6 $41.6 $(6.0)-14%Income Tax Expense$8.5 $9.5 $(1.0)-10% Net Income$29.8 $32.4 $(2.5)-8%Net Income per Diluted Share$2.00 $2.33 $(0.33)-14% Management Commentary “Our third quarter fiscal 2023 results came in relatively in-line with our expectations,” said Company President and CEO Cheri Beranek. “Based on conversations with our customers, we expect service providers to continue working through inventory for the next several quarters. Additionally, our community broadband customers are adopting a cautious approach with respect to deploying capital until they have better visibility into the timing of government funded deployments. While we expect these dynamics will impact our near-term performance, likely into fiscal 2024, we continue to focus on positioning the company for long-term growth, right-sizing capacity levels, and designing products that address our customers’ biggest pain points. With government funding initiatives underway and significant rural broadband builds expected in the coming years, we anticipate strong demand for our core products once order patterns return to normalized levels. By investing in our people, modernizing our systems, and targeting expansion into new markets like Europe, we are positioning Clearfield for continued success which we believe will drive significant shareholder value over the long term.\" “Clear...