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Jun 30, 2024
Clearfield Q3 2024 Earnings Report
Clearfield's Q3 2024 performance saw a decrease in net sales but an improvement in gross margin due to better capacity utilization and lower inventory reserve costs, with strategic efforts focused on customer retention and market share growth amidst an industry-wide recovery.
Key Takeaways
Clearfield reported a decrease in net sales to $48.8 million, a net loss of $0.4 million, and a gross margin of 21.9% for Q3 2024. The company repurchased $5.5 million in shares and is focusing on customer retention and multi-year supply agreements.
Net sales decreased by 20% to $48.8 million compared to the same quarter last year.
Gross margin improved significantly from the previous quarter to 21.9% due to better capacity utilization and lower inventory reserve costs.
Net loss totaled $0.4 million, or ($0.04) per diluted share, compared to net income of $5.2 million, or $0.33 per diluted share, in the same quarter last year.
The company repurchased $5.5 million in shares under the share buyback program.
Revenue by Segment
Forward Guidance
The Company expects net sales for the fourth quarter of fiscal 2024 to be in the range of $40 million to $43 million and net loss per share to be in the range of $0.17 to $0.22.
Challenges Ahead
- Net sales for the fourth quarter of fiscal 2024 are expected to be in the range of $40 million to $43 million.
- Net loss per share is expected to be in the range of $0.17 to $0.22.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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