Business
Clearfield Reports Third Quarter Fiscal 2024 Results
Revenue of $48.8 million and net loss per share of $(0.04) exceeded guidance Outperformance driven by strong sales in International and Community Broadband
About this update from Clearfield, Inc.
[{"type":"text","content":"Revenue of $48.8 million and net loss per share of $(0.04) exceeded guidance Outperformance driven by strong sales in International and Community Broadband markets Share buy-backs totaled $5.5 million with $25 million remaining available for repurchases MINNEAPOLIS, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), a leader in fiber connectivity, reported results for the fiscal third quarter 2024. Fiscal Q3 2024 Financial Summary (in millions except per share data and percentages)Q3 2024 vs. Q3 2023 Change Change (%)Net Sales$ 48.8 $61.3 $(12.5) -20% Gross Profit ($)$ 10.7 $19.1 $(8.4) -44%Gross Profit (%)21.9% 31.1% -9.2% -30% Income (Loss) from Operations$ (2.3) $5.6 $(7.9) -141%Income Tax Expense (Benefit)$ (0.3) $1.8 $(2.1) -115% Net Income (Loss)$ (0.4) $5.2 $(5.7) -109%Net Income (Loss) per Diluted Share$ (0.04) $0.33 $(0.37) -112% Fiscal Q3 YTD 2024 Financial Summary(in millions except per share data and percentages)2024 YTD vs. 2023 YTD Change Change (%)Net Sales$119.9 $219.0 $(99.1) -45% Gross Profit ($)$18.2 $73.3 $(55.1) -75%Gross Profit (%)15.2% 33.5% -18.3% -55% Income (Loss) from Operations$(20.2) $35.6 $(55.8) -157%Income Tax Expense (Benefit)$(3.3) $8.5 $(11.8) -139% Net Income (Loss)$(11.6) $29.8 $(41.5) -139%Net Income (Loss) per Diluted Share$(0.79) $2.00 $(2.79) -140% Management Commentary “We are exceptionally pleased with our performance this past quarter. Community Broadband numbers are on par with last year, mainly due to a higher percentage of our business coming from customers connecting the homes that they have previously passed. Clearfield has long been known for the labor-saving potential of our FieldSmart line of fiber management cabinets and panels. Moving forward, these labor-saving benefits are also being recognized with our FieldShield line for connecting homes and businesses,” said Company President and Chief Executive Officer, Cheri Beranek. “As we continue to navigate this gradual industry-wide recovery, we are diligently working to not only service our existing customers but to also attract customers both new to fiber and those looking to transition their spend to an alternative carrier. We remain committed to meeting the Build America Buy America (“BABA”) Act requirements across our product lines by fiscal year-end. However, significant Broadband Equity, Access, and Deploym...