Clearfield Q1 fiscal 2024 revenue down 60% YoY, net loss of $5.3M

Clearfield, Inc.

2024-FY EPS reported -$0.35 revenue$34,230,000

Net sales $34.2M, down 60% YoY; net loss $5.3M ($0.35 diluted) vs net income $14.3M ($1.00 diluted) YoY.
Gross margin fell to 13.7% from 35.7% due to excess capacity and inventory reserves; backlog $43.5M, down 24% sequentially.
Repurchased ~$12M in shares under buyback program, leaving $21M available; Q2 FY24 revenue guidance $29-33M, net loss per share $(0.49)-(0.55).
Expects full Build America, Buy America Act compliance by end of 2024; launched new smaller vault product.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Clearfield, Inc. reported first quarter of fiscal 2024 ended December 31, 2023 results: revenue $34.2 million, net income $5.3 million, EPS $0.35 per diluted share. Guidance initiated.

Period: first quarter of fiscal 2024 ended December 31, 2023
Revenue: $34.2 million
Net income: $5.3 million
EPS: $0.35 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

share repurchases in the second quarter.” Financial Results for the Three Months Ended December 31, 2023 Net sales for the first quarter of fiscal 2024 decreased 60.2% to $34.2 million from $85.9 million in the same year-ago quarter. As of December 31, 2023, order backlog (defined as purchase orders received but not yet fulfilled) was $43.5 million, a decrease

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Source: SEC EDGAR

accession 0001171843-24-000519

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