Business
Clearfield Reports Record Fiscal Third Quarter 2022 Results
Revenue For Fiscal Third Quarter Grew 84% Year-over-Year to a Record $71 Million, Driven by 73% Growth in Community Broadband Revenue Compared to the Same
About this update from Clearfield, Inc.
[{"type":"text","content":"Revenue For Fiscal Third Quarter Grew 84% Year-over-Year to a Record $71 Million, Driven by 73% Growth in Community Broadband Revenue Compared to the Same Year-Ago PeriodQuarter-End Backlog Increased 16% Sequentially to a Record $157 Million at the End of Fiscal Third Quarter 2022, Compared to $136 Million at the End of Fiscal Second Quarter 2022Net Income For Fiscal Third Quarter 2022 Totaled a Record $12.7 Million, or $0.92 per diluted share, an Increase of 109% from $6.1 Million, or $0.44 Per Diluted Share, in Fiscal Third Quarter 2021Acquisition of Nestor Cables, strategic opportunity to integrate FieldShield cabling, closed July 26, 2022Company Increases Fiscal 2022 Net Sales Guidance to a Range of $243 Million to $247 Million, (excluding Nestor Cables) Representing Year-over-Year Growth of 72% to 75% MINNEAPOLIS, July 28, 2022 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management and connectivity platforms for communication service providers, reported results for the fiscal third quarter ended June 30, 2022. Fiscal Q3 2022 Financial Summary (in millions except per share data and percentages)Q3 2022vs. Q3 2021Change Change (%)Net Sales$ 71.3 $38.7 $32.5 84% Gross Profit ($)$ 29.3 $17.1 $12.2 71%Gross Profit (%) 41.1% 44.2% -3.1%-7% Income from Operations$ 16.6 $7.7 $8.9 115%Income Tax Expense$ 3.9 $1.7 $2.2 125% Net Income$ 12.7 $6.1 $6.6 109%Net Income per Diluted Share$ 0.92 $0.44 $0.48 108% Fiscal Q3 YTD 2022 Financial Summary (in millions except per share data and percentages)2022 YTDvs. 2021 YTDChangeChange (%)Net Sales$ 175.9 $95.5 $80.3 84% Gross Profit ($)$ 75.4 $41.4 $34.0 82%Gross Profit (%) 42.9% 43.4% -0.5%-1% Income from Operations$ 41.6 $15.9 $25.7 162%Income Tax Expense $ 9.5 $3.3 $6.1 183% Net Income$ 32.4 $12.9 $19.5 151%Net Income per Diluted Share$ 2.33 $0.94 $1.39 148% Management Commentary“Our strong financial results for the third quarter reflect the continued execution of our growth strategy and the robust tailwinds in the fiber broadband industry,” said Company President and CEO Cheri Beranek. “For the second consecutive quarter, we set new records for quarterly net sales and quarter-end order backlog. We continue to make meaningful progress on our ‘Now of Age’ strategic plan to expand our capacity and rapidly scale our business to meet the significant market demand ...