Clearfield, Inc. (NASDAQ: CLFD) is engaged within the design, manufacture, and distribution of fiber optic management, installation, and delivery for communications networks. In addition to serving consumer cable & broadband providers, the company’s technology is applicable for utilities, government agencies, military, enterprises, data centers, and more. Shares of the fiber communications company are rallying 16% through early trading on Friday, January 28, 2022. Over the past three months, Clearfield has seen average daily volume of 197,940 shares. However, volume of 323,230 shares or dollar volume of around $18.33 million, has already exchanged hands through early trading Friday.
Shares of Clearfield are gaining after the company reported record fiscal first quarter 2022 financial results. For the period ended December 31, 2021, Clearfield reported an 89% growth in revenue to a record $51 million. Net income came in at a record $10.4 million, or $0.75 earnings per diluted share. This net income result represents year-over-year growth of 228%. Gross profit margins came in at an impressive 44.9% and its quarter-end backlog surged 53% to a record $101 million by the end of the fiscal first quarter.
On a forward-looking basis, Clearfield has increases its fiscal 2022 net sales guidance to a new range of $176 million to $183 million. Furthermore, management says it has reinstated its share repurchase program and will increase the authorized amount.
“Clearfield delivered another record-setting financial performance in the fiscal first quarter of 2022, in a market that continues to evolve and grow with each passing quarter.“ said Company President and CEO Cheri Beranek. “We are well-positioned to continue benefitting from the growing demand for fiber to the home and fiber to the business due to our steadfast commitment to best-in-class customer service, high-quality products, and our ability to swiftly adapt to the needs of our customers. Our product offerings, which are designed to reduce the time and skill required for the delivery of optical cable, are now being recognized by a growing group of customers, as a means by which to accelerate moving existing subscribers off copper and adding subscribers due to the bandwidth and low latency that fiber-fed broadband enables.”
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