Loading...
•
Dec 31, 2020
Clearfield Q1 2021 Earnings Report
Clearfield reported strong Q1 2021 results, marked by revenue growth and improved profitability.
Key Takeaways
Clearfield's Q1 2021 revenue reached $27.1 million, a 40% increase year-over-year, driven by strong growth in the Community Broadband and MSO markets. The company achieved a gross profit margin of 42.0%, the highest in over two years, and net income was $3.2 million, or $0.23 per diluted share. The company also secured a near million-dollar order for Home Deployment Kits by an electric Co - op within Community Broadband market.
Revenue increased by 40% year-over-year to $27.1 million, driven by Community Broadband and MSO markets.
Gross profit increased by 47% to $11.4 million, representing 42% of revenue.
Net income improved to $3.2 million, or $0.23 per diluted share.
Order backlog increased 55% to $8.9 million.
Clearfield
Clearfield
Forward Guidance
Due to the ongoing volatility from COVID-19 Clearfield is currently in a position to provide only limited financial guidance. Clearfield anticipates second quarter to be consistent with the traditional seasonality of revenue being slightly down on a sequential basis.
Positive Outlook
- Demand for fiber-fed broadband will continue throughout fiscal 2021 and beyond.
- Enhanced ‘Comes of Age’ Plan which targets growth in fiber-fed broadband and 5G access fiber positions us for continued success for Clearfield in the years ahead.
Challenges Ahead
- Ongoing volatility from COVID-19