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Dec 31, 2023
Clearfield Q1 2024 Earnings Report
Clearfield's financial performance declined due to industry inventory overhang, reporting a decrease in net sales and a net loss for the quarter.
Key Takeaways
Clearfield reported a significant decrease in net sales for the first quarter of fiscal year 2024, falling to $34.2 million from $85.9 million in the same quarter last year. The company experienced a net loss of $5.3 million, or $0.35 per diluted share, compared to a net income of $14.3 million, or $1.00 per diluted share, in the prior year. The results were impacted by industry-wide inventory overhang and reduced demand.
Net sales decreased by 60.2% to $34.2 million compared to the same quarter last year.
Order backlog decreased by 68.1% year-over-year to $43.5 million.
Gross margin decreased to 13.7% due to excess production capacity and increased inventory reserves.
Net loss totaled $5.3 million, or $0.35 per diluted share, a significant downturn from the previous year's net income of $14.3 million, or $1.00 per diluted share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company expects net sales for the second quarter of fiscal 2024 to be in the range of $29 million to $33 million and net loss per share to be in the range of $(0.49) to $(0.55).
Challenges Ahead
- Net sales for the second quarter of fiscal 2024 are expected to be between $29 million and $33 million.
- Net loss per share for the second quarter of fiscal 2024 is expected to be between $(0.49) and $(0.55).
- Loss per share range is based on the number of shares outstanding at the end of the first quarter and does not reflect share repurchases in the second quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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