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Jun 30, 2023
Clearfield Q3 2023 Earnings Report
Reported a decrease in net sales and net income compared to the same quarter last year, while reiterating fiscal year 2023 revenue guidance and raising net income per share guidance.
Key Takeaways
Clearfield reported a decrease in net sales by 14% to $61.3 million and a decrease in net income to $5.2 million, or $0.33 per diluted share, compared to the same quarter last year. The company is reiterating its fiscal year 2023 revenue guidance of $260 to $275 million and raising its net income per share guidance to $2.05 to $2.15.
Net sales decreased by 14% year-over-year to $61.3 million.
Organic revenue decreased 33% year-over-year to $47.9 million, while Nestor Cables generated revenue of $13.4 million.
Net income totaled $5.2 million, or $0.33 per diluted share, compared to $12.7 million, or $0.92 per diluted share, in the same year-ago quarter.
The company reiterates its fiscal 2023 revenue guidance and is raising its net income per share guidance.
Forward Guidance
Clearfield continues to expect its full year fiscal 2023 net sales to be within a range of $260 to $275 million, and now expects net income per share to be in the range of $2.05 to $2.15, up from $1.80 to $2.10 previously.
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