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Mar 31, 2022
Clearfield Q2 2022 Earnings Report
Clearfield's financial results for the second quarter of fiscal year 2022 were shared, highlighting significant revenue growth and a substantial increase in sales order backlog.
Key Takeaways
Clearfield reported record net sales of $53 million for Q2 2022, an 80% increase year-over-year. The company's sales order backlog grew to a record $136 million. Due to this strong performance, Clearfield raised its fiscal year 2022 net sales guidance to a range of $204 million to $218 million.
Net sales reached a record $53 million, an 80% increase year-over-year.
Sales order backlog grew to a record $136 million, up 605% year-over-year.
The company raised its fiscal year 2022 net sales guidance from $177-$183 million to $204-$218 million.
Gross profit increased 79% to approximately $23 million, or 43% of net sales.
Clearfield
Clearfield
Forward Guidance
Clearfield raised its fiscal year 2022 net sales guidance to a range of $204 million to $218 million, representing growth of 45% to 55% over fiscal year 2021 revenues. The majority of the record backlog is scheduled to ship in the next 6 months.
Positive Outlook
- Substantial order backlog provides strong visibility for future revenue.
- Demand for high-speed broadband, especially fiber-led broadband, remains very strong.
- The company is scaling its operations to meet increasing demand.
- Clearfield is an expert in Community Broadband and is designed for the opportunity in front of us and built to scale.
- Strong execution of proven growth strategy enables Clearfield to maintain market leadership.
Challenges Ahead
- Supply chain for some materials continues to be challenging.
- Labor requirements and availability at customers may pose additional challenges to deployments.
- Potential labor challenges over the build season could impact customer deployments.
- Fiber availability continues to be challenged.
- Supply chain issues persist across all industries.