Clearfield Inc. reported first-quarter FY22 net sales of 89 percent year-on-year to $51.1 million, beating the consensus of $41.3 million.
The increase in net sales was due to higher sales across its core end markets, most notably its Community Broadband and MSO markets.
The backlog rose 53 percent Q/Q to record $101 million.
The gross margin expanded 290 bps to 44.9 percent due to a favorable product mix associated with higher net sales in the company’s Community Broadband market and improved manufacturing efficiencies realized with higher sales volumes.
Income from operations increased 251 percent Y/Y to $13 million.
EPS of $0.75 beat the consensus of $0.44.
Outlook
Clearfield raised the FY22 net sales guidance from $162 million – $169 million to $176 million – $183 million, above the consensus of $167.6 million.By Anusuya Lahiri
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