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Clearfield Inc. (CLFD-1.47%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net sales of $35,476,000 for the three months ended December 31, 2024, an increase from $34,230,000 in the same period the previous year. The increase was primarily attributed to higher sales to National Carrier and Community Broadband customers.
Cost of sales decreased to $27,294,000 from $29,533,000, resulting in a gross profit of $8,182,000, up from $4,697,000 in the previous year. The improvement in gross margin was due to reduced excess inventory charges.
Selling, general, and administrative expenses decreased to $12,158,000 from $12,859,000, reflecting cost management efforts.
The company reported a net loss of $1,906,000, compared to a net loss of $5,268,000 in the previous year. Basic and diluted loss per share was $0.13, down from $0.35.
Clearfield's order backlog as of December 31, 2024, was $26,028,000, a decrease from $43,451,000 in the previous year, aligning with anticipated service provider ordering patterns.
The Clearfield segment's net sales increased by 6% to $29,698,000, driven by demand from National Carrier and Community Broadband customers. The segment's net loss decreased significantly.
The Nestor Cables segment's net sales decreased by 6% to $5,778,000, with a reduced net loss compared to the previous year.
The company maintains a strong liquidity position with cash, cash equivalents, and short-term investments totaling $113,014,000 as of December 31, 2024.
Clearfield does not anticipate any material changes in its unrecognized tax positions over the next 12 months.
The company repurchased 213,809 shares of its common stock during the quarter, under its stock repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Clearfield Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.