Clearfield, Inc. - CLFD STOCK NEWS

Clearfield, Inc. (NASDAQ: CLFD) reports superior deployment efficiency using its FastPass™ method, allowing operators to nearly double homes connected to fiber broadband. A recent study covering 159 installations revealed:

• Outside installation time reduced to 1 hour 5 minutes, saving 38%.
• Inside installation time cut to 35 minutes, a 35% reduction.
• Technicians can add one to two installation appointments daily.

This efficiency is vital for closing the digital equity gap and optimizing customer service.

Clearfield, Inc. (NASDAQ: CLFD) has launched the CraftSmart FiberFirst Pedestal, the first pedestal for fiber-only deployments, aimed at addressing the market shortage as planning for federally funded fiber broadband networks commences. This cost-effective, non-metallic enclosure is designed for outdoor use and enhances reliability and strength. The product aims to streamline installations and improve efficiency for operators in rural markets. Production has started, and orders are currently being accepted.

Clearfield, Inc. (NASDAQ: CLFD) reported a record revenue of $71 million for Q3 2022, marking an 84% year-over-year growth. The community broadband segment drove 73% growth compared to the previous year. The company achieved net income of $12.7 million ($0.92/share), up 109% from Q3 2021. The quarter-end backlog increased 16% to $157 million. Clearfield raised its 2022 sales guidance to $243-$247 million, reflecting 72%-75% growth year-over-year.

Clearfield, Inc. (NASDAQ: CLFD) has successfully completed its acquisition of Nestor Cables Ltd., a Finnish fiber optic cable solutions manufacturer, for approximately USD $23 million. This acquisition, funded mainly through Clearfield's credit facility, positions Clearfield to enhance its FieldShield product line and meet growing customer demand in North America. Clearfield anticipates the acquisition to be accretive to earnings in fiscal 2023, with plans to expand fiber optic cable production in Mexico leveraging Nestor's expertise.

Clearfield, Inc. (NASDAQ: CLFD) will hold a conference call on July 28, 2022, at 5:00 p.m. ET to discuss its financial results for the third quarter ending June 30, 2022. The call will feature President and CEO Cheri Beranek and CFO Dan Herzog, followed by a Q&A session. Financial results will be shared via a press release and the company’s FieldReport, accessible on their website. A replay of the call will be available from 8:00 p.m. ET on the same day until August 11, 2022.

Clearfield (NASDAQ: CLFD) has announced its agreement to acquire Finnish company Nestor Cables Oy for approximately US $23 million. This strategic move aims to vertically integrate Clearfield’s fiber optic cable supply, enhancing the production of its FieldShield products closer to North American customers. Nestor has been a partner for over a decade, contributing €31.7 million in revenue in 2021. The acquisition is expected to bolster Clearfield's operations with fiber optic production set to begin in Mexico in early 2023. The deal awaits customary regulatory approvals.

Clearfield reported a remarkable 80% year-over-year revenue growth to a record $53 million for the fiscal second quarter 2022, largely driven by a 94% surge in Community Broadband revenue. Their backlog increased 34% sequentially to $136 million, demonstrating strong demand. The company achieved a 43.3% gross profit margin and net income rose 154% to $9.2 million, or $0.66 per diluted share. Additionally, Clearfield raised its net sales guidance for fiscal 2022 to between $204 million and $218 million, indicating year-over-year growth of 45% to 55%.

Clearfield, Inc. (NASDAQ: CLFD) will hold a conference call on April 28, 2022, at 5:00 p.m. ET to discuss its financial results for the second quarter ended March 31, 2022. The results will be shared via a press release and a FieldReport available in the Investor Relations section of the company's website. The call will feature President and CEO Cheri Beranek and CFO Dan Herzog, followed by a Q&A session. The conference will be webcast live with a replay available after the call.

Clearfield, Inc (NASDAQ:CLFD) has introduced its innovative FastPass Fiber Distribution system, which reduces installation time for fiber broadband by 50% through in-cassette splicing. This method allows operators to double the number of homes passed within the same timeframe compared to traditional methods, significantly lowering costs and meeting stringent deployment deadlines linked to federal and state funding. Industry experts emphasize that this competitive advantage is crucial as fiber deployment ramps up, with expectations of surpassing previous deployment levels in the next five years.