CLFD - Clearfield slumps 24% on FQ2 topline miss

2023-05-04 16:10:26 ET

• Clearfield press release ( NASDAQ: CLFD ): Q2 GAAP EPS of $0.67 beats by $0.02 .
• Revenue of $71.8M (+34.2% Y/Y) misses by $0.18M .
• Shares -24% .
• Outlook : Due to customer order trends and an anticipated normalization of inventory carrying practices at customer sites, the Company is updating its fiscal 2023 guidance. Clearfield now expects its full year fiscal 2023 net sales guidance to be within a range of $260 to $275 million, down approximately $120 million from the previous guidance at the mid-point, and net income per share guidance to be $1.80 to $2.10, down $2.45 per share from the previous guidance at the mid-point, respectively. The updated net sales guidance at the midpoint is consistent with fiscal 2022 and the updated net income guidance represents a 45% decrease at the midpoint compared to fiscal 2022.

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