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Sep 30, 2021
Clearfield Q4 2021 Earnings Report
Clearfield delivered record-setting financial performance, driven by strong growth in the Community Broadband market and strategic investments.
Key Takeaways
Clearfield reported a 66% year-over-year increase in net sales for Q4 2021, reaching $45.2 million, and a record $140.8 million for the full fiscal year. The growth was primarily driven by the Community Broadband market, which increased 64% in Q4. Net income for the quarter increased 144% to $7.4 million.
Net sales increased 66% year-over-year to $45.2 million in Q4 2021.
Community Broadband market sales grew 64% year-over-year, comprising 67% of total revenue.
Net income increased 144% year-over-year to $7.4 million in Q4 2021.
Backlog grew to a record $66.4 million, up from $10.7 million in the previous year.
Clearfield
Clearfield
Forward Guidance
Clearfield projects annual net sales of $162 million to $169 million in fiscal year 2022, representing growth of 15-20% over fiscal year 2021 revenues.
Positive Outlook
- Demand for high-speed broadband, especially fiber-led broadband, continues to be very strong.
- Making meaningful progress towards the goals set in the ‘Now of Age’ plan.
- Culture focused on customer service and delivering high quality, craft-friendly product.
- Gains within the Tier 2 market as well as other strategic accounts that have multi-year builds.
- The nature of these purchase orders in our sales backlog not only enhances our visibility but strengthens our relationships with service providers on their longer - term strategic multi - year initiatives.
Challenges Ahead
- Fiscal year 2022 outlook does not reflect significant sales volume using funding from government programs like RDOF or the infrastructure package in Congress.
- Supply chain and capacity challenges.
- Timing of some of these Government funding programs become more clear.