- Clearfield, Inc (NASDAQ:CLFD) reported fourth-quarter net sales growth of 110% year-on-year to $95 million, beating the consensus of $71.4 million.
- Clearfield’s organic revenue grew to $88 million, representing an increase of 94%, while Nestor Cables generated $7 million in revenue .
- EPS of $1.22 beat the consensus of $0.86.
- “As reflected in its record financial performance in the fiscal fourth quarter, Clearfield continues to convincingly execute on its strategic growth plan to capitalize on the market demand for fiber-fed broadband,” said CEO Cheri Beranek.
- “Our backlog currently stands at an unprecedented $165 million, including $4 million from Nestor Cables, with roughly two-thirds of that total scheduled for customer deployments in the next two quarters.”
- Clearfield sees FY23 net sales of $380 million – $393 million, above the consensus of $299.5 million.
- Price Action: CLFD shares traded higher by 25.98% at $117.25 on the last check Friday.
S&P 500 Settles Lower But Records Weekly Gain, Market Volatility Decreases
The S&P 500 closed lower on Friday following the release of mixed economic reports.
All three major stock indices, however, recorded gains last week. Retail sales in the U.S. dropped 1% month-over-month in March versus a revised 0.2% decline in February. The University of Michigan consumer sentiment rose to 63.5 in April from 62 in the prior month.
