Business
Clearfield Reports Record Fiscal Fourth Quarter and Full Year 2022 Results
Revenue For Fiscal Fourth Quarter Grew 110% Year-over-Year to Record $95 Million Including an incremental $7 Million Generated by the Acquisition of Nestor
About this update from Clearfield, Inc.
[{"type":"text","content":"Revenue For Fiscal Fourth Quarter Grew 110% Year-over-Year to Record $95 Million Including an incremental $7 Million Generated by the Acquisition of Nestor Cables.Revenue for Fiscal Year 2022 Grew 92% to $271 Million as Compared to Fiscal Year 2021. Fiscal 2022 Net Income Totaled $49 Million, or $3.55 per Diluted Share, an Improvement of 143% from $20 Million, or $1.47 per Diluted Share, in Fiscal 2021.Backlog Increased 148% to $165 Million at Year End Compared to $66 Million at End of Fiscal 2021.Company Introduces Fiscal 2023 Net Sales Guidance to a Range of $380 Million to $393 Million, Representing 40% to 45% Growth Over Record Fiscal Year 2022. MINNEAPOLIS, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), a leader in fiber connectivity, reported results for the fiscal fourth quarter and year ended September 30, 2022. Fiscal Q4 2022 Financial Summary (in millions except per share data and percentages)Q4 2022vs. Q4 2021Change Change (%)Net Sales$ 95.0 $45.2 $49.8 110% Gross Profit ($)$ 37.5 $19.7 $17.8 90% Gross Profit (%) 39.5% 43.6% -4.1% -10% Income from Operations$ 22.3 $9.4 $12.9 138% Income Tax Expense$ 5.0 $2.1 $2.9 142% Net Income$ 17.0 $7.4 $9.6 129% Net Income per Diluted Share$ 1.22 $0.53 $0.69 130% Fiscal 2022 Financial Summary (in millions except per share data and percentages)2022vs. 2021 ChangeChange (%)Net Sales$ 270.9 $140.8 $130.1 92% Gross Profit ($)$ 112.9 $61.2 $51.8 85% Gross Profit (%) 41.7% 43.5% -1.8% -4% Income from Operations$ 63.8 $25.2 $38.6 153% Income Tax Expense $ 14.5 $5.4 $9.1 168% Net Income$ 49.4 $20.3 $29.0 143% Net Income per Diluted Share$ 3.55 $1.47 $2.08 141% Management Commentary“As reflected in its record financial performance in the fiscal fourth quarter, Clearfield continues to convincingly execute on its strategic growth plan to capitalize on the market demand for fiber-fed broadband,” said Company President and CEO Cheri Beranek. “Total net sales for the fourth quarter were $95 million. Revenues in our Community Broadband market were particularly strong, up 91% over the prior-year period. “Clearfield is a major player in delivering high-speed broadband to underserved and unserved communities across the United States. We recently launched our new multi-year strategic plan, LEAP, to step up our ability to scale our business to meet this historic opportunity in bro...