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Mar 31, 2024
Clearfield Q2 2024 Earnings Report
Clearfield's Q2 2024 performance saw sales exceeding the high end of guidance, driven by Community Broadband customers, signaling a gradual recovery with increased quoting activity across markets.
Key Takeaways
Clearfield reported a decrease in net sales by 48.6% to $36.9 million compared to the same quarter last year. The company experienced a net loss of $5.9 million, or ($0.40) per diluted share, contrasting with a net income of $10.4 million, or $0.67 per diluted share, in the year-ago quarter. Despite these challenges, backlog increased by 8.6% compared to the previous quarter, and the company repurchased $15.5 million in shares, increasing the buyback authorization to $65 million.
Net sales decreased by 48.6% to $36.9 million compared to the same quarter last year.
Order backlog increased by 8.6% to $47.2 million compared to December 31, 2023.
Net loss totaled $5.9 million, or ($0.40) per diluted share, compared to a net income of $10.4 million, or $0.67 per diluted share, in the same year-ago quarter.
The company repurchased $15.5 million in shares and increased the share buyback authorization to $65 million.
Clearfield
Clearfield
Forward Guidance
The Company expects net sales for the third quarter of fiscal 2024 to be in the range of $40 million to $44 million and net loss per share to be in the range of $0.31 to $0.38.
Challenges Ahead
- Net sales for the third quarter of fiscal 2024 are expected to be in the range of $40 million to $44 million.
- Net loss per share for the third quarter of fiscal 2024 is expected to be in the range of $0.31 to $0.38.
- Loss per share range is based on the number of shares outstanding at the end of the second quarter and does not reflect share repurchases completed in the third quarter.
- Industry conditions remain uncertain
- Company is still expecting a net loss