Clearfield Q2 net sales $36.9M, down 49% YoY; net loss $0.40 EPS; guides Q3 sales $40-44M

Clearfield, Inc.

2024-Q2 EPS reported -$0.75 revenue$71,140,000

Q2 net sales $36.9M vs $71.8M YoY (-49%); net loss $0.40 EPS vs income $0.67.
Gross margin collapsed to 7.7% from 32.8% due to excess capacity and inventory reserves.
Backlog $47.2M, up 8.6% sequentially but down 56% YoY.
Board increased share repurchase authorization to $65M; $30.4M available after $15.5M repurchased in Q2.
Q3 guidance: net sales $40-44M, net loss per share $0.31-$0.38.

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