Clearfield Q2 revenue up 34% to $71.8M; cuts FY23 guidance on customer inventory digestion

Clearfield, Inc.

2023-Q1 EPS reported $1.67 revenue$157,751,000

Revenue $71.8M (+34% YoY), net income $10.4M ($0.67 diluted EPS), gross margin fell to 32.8% from 43.3%.
FY23 guidance slashed: net sales $260-275M (midpoint down ~$120M), EPS $1.80-2.10 (down $2.45 at midpoint).
Order backlog declined 21% sequentially to $107.6M on faster fulfillment and normalizing ordering patterns.
CEO cites demand lull as Large Regional Service Providers and cable operators digest excess pandemic inventory.
Company rightsizing capacity to current demand but maintains long-term rural broadband build optimism.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Clearfield, Inc. reported the second quarter of fiscal 2023 ended March 31, 2023 results: revenue $71.8 million, net income $10.4 million, EPS $0.67 per diluted share. Guidance lowered.

Period: the second quarter of fiscal 2023 ended March 31, 2023
Revenue: $71.8 million
Net income: $10.4 million
EPS: $0.67 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

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% Year-over-Year to $10.4 Million, or $0.67 per Diluted Share.

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Source: SEC EDGAR

accession 0001171843-23-002886

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