- Clearfield Inc (NASDAQ:CLFD) reported first-quarter FY22 net sales of 89% 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% Q/Q to record $101 million.
- The gross margin expanded 290 bps to 44.9% 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% 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.
- Price Action: CLFD shares traded higher by 13.6% at $55.27 in the premarket session on the last check Friday.
