CLFD - Clearfield rallies after over doubled earnings bullish outlook: FQ3 Results

• Clearfield ( NASDAQ: CLFD ) is up 11% on Friday after post 84% year-over-year growth in third quarter's revenue to $71M .
• The telecom equipment company attributed top-line growth to 73% increase in community broadband sales when compared with year-ago figure.
• Backlog increased 16% sequentially to set record at $157M at the quarter-end. The growth was 289% when compared with Q3 2021.
• Gross profit for the quarter rose 71% to $29.3M while margin came in at 41.1% vs. 44.2% in prior year quarter.
• "Alongside real estate costs, increased shipping costs and inflationary increases in some components negatively affected margins," Clearfield said.
• Q3 2022 GAAP EPS doubled down to $0.92 vs. $0.44 a year-ago.
• Raised Outlook: "With our third quarter performance and current visibility for the rest of this quarter, we are raising our fiscal year 2022 net sales guidance to a range of $243 million to $247 million (excluding Nestor Cables), representing 72% to 75% growth over fiscal year 2021,” the company statement.
• Clearfield further added its acquisition of fiber optic cable maker - Nestor Cables - to be accretive to earnings in fiscal 2023.

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