Q3 2024 Clearfield Inc Earnings Call Transcript
Key Points
- Total net sales for the third quarter of fiscal 2024 were $48.8 million, above the high end of the guidance range.
- Strong sales in the international customer segment and higher than expected sales from community broadband customers.
- Growing interest in active cabinets for new applications in adjacent markets, including transportation support and traffic monitoring.
- Positive feedback for the recently introduced 3D interactive fiber installation tool on the BILT mobile app.
- Healthy balance sheet with $148 million of cash, short-term and long-term investments, and just $2.1 million of debt.
- Consolidated net sales in the third quarter of fiscal 2024 were down 20% from the same year-ago period.
- Order backlog decreased 31% to $32.6 million on June 30, 2024, from $47.2 million on March 31, 2024.
- Gross profit margin in the third quarter was 21.9% of net sales, down from 31.1% in the same year-ago quarter.
- Net loss in the third quarter was $447,000, compared to net income of $5.2 million in the same year-ago period.
- Visibility remains limited beyond the fourth quarter, as the industry is working through remaining inventory-related challenges.
Good afternoon, and welcome to the Clearfield fiscal third quarter 2024 conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Greg McNiff, Investor Relations for Clearfield. Please go ahead.
Thank you. Joining me on the call today are Cheri Beranek, Clearfield's President and CEO; and Dan Herzog, Clearfield's CFO. As a reminder, the slides in this presentation are controlled by you, the listener. Please advance forward through the presentation as the speaker presents their remarks. Please note that during this call, management will be making remarks regarding future events and the future financial performance of the company.
These remarks constitute forward-looking statements for purposes of the Safe Harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward
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