Clearfield, Inc. - CLFD STOCK NEWS

Clearfield, Inc. (NASDAQ: CLFD) announced impressive first-quarter fiscal 2023 results, highlighting a 68% increase in revenue year-over-year to $86 million and a net income of $14.3 million, or $1.00 per diluted share, up 37% from the prior year. The company reaffirmed its fiscal 2023 net sales guidance of $380 to $393 million, indicating 40% to 45% growth. Gross profit margin declined to 35.7% from 44.9%, attributed to increased operational costs and investments in capacity expansion. Clearfield aims to improve delivery lead times, now targeted at 8 to 10 weeks, enhancing its competitive position in the growing high-speed broadband market.

Clearfield, Inc. (NASDAQ:CLFD) has announced that it has supplied over 50 million fiber ports from its craft-friendly, Labor Lite product line. This achievement includes a record-setting deployment of 8.5 million ports in 2022. These connections are crucial for converting 'Homes Passed' into 'Homes Connected' revenue for service providers, facilitating high-speed broadband access, particularly in Multi-Dwelling Units. The company has improved its manufacturing and supply chain over the last two years, aligning with federal and state funding efforts. Clearfield’s strategy includes expanding U.S. and Mexico manufacturing capabilities and acquiring Nestor Cables to enhance supply chain integration.

Clearfield, Inc. (NASDAQ: CLFD) is set to hold a conference call on February 2, 2023, at 5:00 p.m. Eastern time to discuss its financial results for the fiscal first quarter ended December 31, 2022. The results will be released via a press release and a detailed FieldReport before the call, providing insights into financial and operational performance. The conference call will feature CEO Cheri Beranek and CFO Dan Herzog, followed by a Q&A session. Replay details will be available after the call.

Clearfield, Inc. (NASDAQ: CLFD) will participate in the 25th Annual Needham Growth Conference on January 10-11, 2023, at the Lotte New York Palace Hotel. Clearfield's President and CEO, Cheri Beranek, will engage in a fireside chat on January 10 at 11:00 a.m. ET. The discussion will be webcast and available for replay. Additionally, Clearfield will conduct one-on-one investor meetings during the conference. Interested parties can schedule meetings through their Needham representatives or contact Clearfield’s investor relations.

Clearfield, Inc. (NASDAQ:CLFD) announces that Kevin Morgan, its Chief Marketing Officer, has been appointed to the Fiber Broadband Association’s Senior Council. Morgan's appointment, which follows his term as 2022 Chairman, acknowledges his significant contributions over two decades. He aims to help close the Digital Equity Gap in the U.S. while advancing fiber broadband deployment. Clearfield has been an FBA member since 2002, emphasizing its commitment to fiber management solutions for communication service providers.

Clearfield, Inc. (NASDAQ: CLFD) announced a public offering of 1,200,000 shares at $100.00 per share, aiming for gross proceeds of approximately $120 million. The offering, which includes a 30-day option for underwriters to purchase an additional 180,000 shares, is set to close on December 9, 2022, pending customary conditions. Proceeds will support working capital and general corporate purposes. The offering follows a shelf registration statement effective since April 28, 2022.

Clearfield, Inc. (NASDAQ: CLFD) has announced a public offering of $100 million of its common stock, with a 30-day option for underwriters to purchase an additional 15%. The net proceeds will be allocated for working capital and general corporate purposes. The offering is subject to market conditions with no guarantee on timing or terms. Cowen and Needham & Company are the joint book-running managers. The shares are offered under a shelf registration statement effective since April 28, 2022.

Clearfield reported a record revenue of $95 million for Q4 2022, a 110% year-over-year increase, contributing to a full-year revenue of $271 million (+92%). Net income rose 143% to $49 million, translating to $3.55 per diluted share. The backlog also surged by 148% to $165 million. For FY 2023, the company expects net sales of $380 million to $393 million, indicating a growth of 40% to 45%. The acquisition of Nestor Cables contributed $7 million to Q4 revenue but incurred a loss of approximately $200,000 due to integration costs.