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Mar 31, 2023
Clearfield Q2 2023 Earnings Report
Clearfield's Q2 2023 financial results were reported, with revenue increasing but tempered by customer inventory digestion and updated guidance.
Key Takeaways
Clearfield reported a 34% increase in net sales to $71.8 million for Q2 2023. However, the company is experiencing a lull in demand due to customer inventory digestion, leading to a revised full-year revenue guidance of $260 to $275 million and net income per share guidance of $1.80 to $2.10.
Net sales increased by 34% to $71.8 million compared to the same quarter last year.
Organic revenue grew by 13% to $60.4 million, while Nestor Cables contributed $11.4 million in revenue.
Order backlog decreased by 21% sequentially to $107.6 million.
Net income totaled $10.4 million, or $0.67 per diluted share, compared to $9.2 million, or $0.66 per diluted share, in the same year-ago quarter.
Clearfield
Clearfield
Forward Guidance
Clearfield updated its fiscal 2023 guidance, expecting net sales to be within a range of $260 to $275 million and net income per share to be $1.80 to $2.10.