Clearfield, Inc. (CLFD) Bundle
A Brief History of Clearfield, Inc.
Company Overview
Clearfield, Inc. (NASDAQ: CLFD) is a prominent provider of fiber optic management, protection, and delivery products tailored for communications networks. The company, headquartered in Minneapolis, MN, serves various markets, including traditional and competitive local exchange carriers, MSO/cable TV companies, and broadband needs for utilities, municipalities, enterprises, and data centers.
Fiscal Year 2024 Performance
As of September 30, 2024, Clearfield reported significant changes in its financial performance compared to the previous year. The company faced challenges, resulting in a notable decline in revenue and net income.
| Financial Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Net Sales | $46.8 million | $49.7 million | $166.7 million | $268.7 million |
| Gross Profit | $10.7 million | $12.0 million | $28.9 million | $85.3 million |
| Gross Margin | 22.8% | 24.1% | 17.3% | 31.7% |
| Net (Loss) Income | $(0.8) million | $2.7 million | $(12.5) million | $32.5 million |
| Net (Loss) Income per Diluted Share | $(0.06) | $0.17 | $(0.85) | $2.17 |
Operational Highlights
Clearfield's operational challenges were reflected in its increased operating expenses, which rose by 33.1% in Q4 2024 to $13.7 million, primarily due to higher variable compensation and professional fees. The company's order backlog as of September 30, 2024, was $25.1 million, down from $32.6 million as of June 30, 2024, and a decrease of 56.1% compared to September 30, 2023.
Cash Flows and Investments
Despite the challenges, Clearfield reported positive cash flow from operations of approximately $22.2 million for the full year. The company's financial position included:
| Cash Flow Category | FY 2024 | FY 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $22.2 million | $18.4 million |
| Net Cash Used in Investing Activities | $(6.9) million | $(112.2) million |
| Net Cash (Used in) Provided by Financing Activities | $(36.9) million | $115.0 million |
Future Outlook
Clearfield anticipates a revenue range of $170 million to $185 million for fiscal year 2025, with strong growth expected primarily in the U.S. market. The company is strategically focused on improving gross profit margins in its international markets and is poised to benefit from public and private funding initiatives aimed at rural broadband expansion.
Current Market Position
As of 2024, Clearfield remains a key player in the fiber optics industry, deploying over a million fiber ports annually and positioning itself to capitalize on emerging opportunities in the broadband sector. The company's market strategy includes enhancing its product offerings and adapting to ongoing shifts in customer demand.
A Who Owns Clearfield, Inc. (CLFD)
Major Shareholders
As of 2024, Clearfield, Inc. (NASDAQ: CLFD) has a diverse ownership structure with several key stakeholders.
| Shareholder Type | Number of Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | 6,000,000 | 42.1% |
| Insider Ownership | 1,500,000 | 10.5% |
| Retail Investors | 7,000,000 | 49.4% |
Top Institutional Investors
Institutional investors play a significant role in the ownership of Clearfield. The following are the top institutional investors as of 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 1,200,000 | 8.4% |
| Vanguard Group, Inc. | 1,000,000 | 7.0% |
| State Street Global Advisors | 800,000 | 5.6% |
| Goldman Sachs Group, Inc. | 700,000 | 4.9% |
Insider Ownership
Insiders, including executives and board members, hold a significant portion of Clearfield's shares. Key insiders include:
| Name | Position | Shares Owned |
|---|---|---|
| Cheri Beranek | President & CEO | 500,000 |
| Dan Herzog | CFO | 300,000 |
| Board Members | Various | 700,000 |
Share Performance and Market Capitalization
As of the end of fiscal year 2024, Clearfield's market capitalization and share performance are as follows:
| Metric | Value |
|---|---|
| Market Capitalization | $350 million |
| Current Share Price | $24.50 |
| 52-Week High | $35.00 |
| 52-Week Low | $20.00 |
Recent Changes in Ownership
Recent reports indicate shifts in ownership dynamics, with increased retail investor participation:
- Retail investors increased their stake by 5% in the last quarter.
- Institutional ownership saw a slight decrease due to profit-taking by some funds.
- Insider ownership remained relatively stable, with no significant sales reported.
Conclusion on Ownership Structure
The ownership structure of Clearfield, Inc. reflects a balance between institutional, insider, and retail investors, indicating a healthy interest in the company's operations and future growth prospects.
Clearfield, Inc. (CLFD) Mission Statement
Clearfield, Inc. is committed to delivering innovative fiber management solutions that enhance the efficiency and effectiveness of fiber optic networks. The company aims to provide high-quality products that meet the evolving demands of the telecommunications industry.
Fiscal Year 2024 Financial Overview
Clearfield, Inc. reported a challenging fiscal year 2024, with significant declines in revenue and profitability compared to the previous year. Key financial metrics include:
| Financial Metric | Q4 2024 | Q4 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $46.8 million | $49.7 million | -6% |
| Gross Profit | $10.7 million | $12.0 million | -11% |
| Gross Margin | 22.8% | 24.1% | -1.3% |
| Net Loss | $(0.8) million | $2.7 million | -131% |
| Net Loss per Share | $(0.06) | $0.17 | -135% |
Year-to-Date Financial Summary
For the fiscal year ended September 30, 2024, Clearfield, Inc. experienced a significant downturn:
| Financial Metric | 2024 YTD | 2023 YTD | Change (%) |
|---|---|---|---|
| Net Sales | $166.7 million | $268.7 million | -38% |
| Gross Profit | $28.9 million | $85.3 million | -66% |
| Gross Margin | 17.3% | 31.7% | -14.4% |
| Net Loss | $(12.5) million | $32.5 million | -138% |
| Net Loss per Share | $(0.85) | $2.17 | -139% |
Operational Insights
As of September 30, 2024, Clearfield's order backlog was $25.1 million, reflecting a decrease of 23% from the previous quarter and a 56.1% decline from the same period in the previous year. The company reported positive cash flow from operations of approximately $22.2 million for the full year.
Outlook for Fiscal Year 2025
Looking ahead, Clearfield expects net sales for fiscal year 2025 to range between $170 million and $185 million. This guidance reflects the company's focus on capitalizing on opportunities from rural broadband expansion and the anticipated effects of government funding.
Conclusion of Financial Performance
Clearfield's financial performance in 2024 highlights the challenges faced in the market, yet the company remains optimistic about future growth driven by strategic investments and operational efficiencies.
How Clearfield, Inc. (CLFD) Works
Business Overview
Clearfield, Inc. (NASDAQ: CLFD) is a provider of fiber optic management, protection, and delivery products for telecommunications networks. Headquartered in Minneapolis, Minnesota, the company focuses on solutions that cater to various market segments, including incumbent local exchange carriers, competitive local exchange carriers, MSO/cable TV companies, utility/municipality sectors, and data centers.
Financial Performance
As of fiscal year 2024, Clearfield reported significant changes in financial performance compared to the previous year. The following table summarizes key financial metrics:
| Metric | Q4 2024 | Q4 2023 | Year Ended 2024 | Year Ended 2023 |
|---|---|---|---|---|
| Net Sales | $46.8 million | $49.7 million | $166.7 million | $268.7 million |
| Gross Profit | $10.7 million | $12.0 million | $28.9 million | $85.3 million |
| Gross Margin | 22.8% | 24.1% | 17.3% | 31.7% |
| Operating Expenses | $13.7 million | $10.3 million | $52.1 million | $48.0 million |
| Net (Loss) Income | $(0.8) million | $2.7 million | $(12.5) million | $32.5 million |
| Net (Loss) Income per Share (Diluted) | $(0.06) | $0.17 | $(0.85) | $2.17 |
Operational Highlights
For the fiscal year ending September 30, 2024, Clearfield's operational metrics indicated a decrease in order backlog, which was reported at $25.1 million, reflecting a 23% decrease from the previous quarter and a 56.1% decrease year-over-year. This decline in backlog can impact future revenue recognition.
Cash Flow and Liquidity
Clearfield generated positive cash flow from operations amounting to approximately $22.2 million for the fiscal year 2024. The cash flow statement highlights key components:
| Cash Flow Category | Amount (in thousands) |
|---|---|
| Net (Loss) Income | $(12,453) |
| Depreciation and Amortization | $7,411 |
| Net Cash Provided by Operating Activities | $22,223 |
| Cash Used in Investing Activities | $(6,896) |
| Cash Used in Financing Activities | $(36,906) |
| Cash and Cash Equivalents (End of Period) | $16,167 |
Market Trends and Future Guidance
Clearfield anticipates revenues for fiscal year 2025 to fall between $170 million and $185 million, driven primarily by growth in the U.S. market. The company is also positioned to benefit from public and private funding initiatives aimed at rural broadband expansion, particularly under the BEAD Program.
Balance Sheet Overview
As of September 30, 2024, Clearfield's balance sheet reflects a total asset value of $315.3 million, a decrease from $355.5 million in the prior year. The following table summarizes key balance sheet figures:
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Total Assets | $315,275 |
| Total Liabilities | $39,512 |
| Total Shareholders' Equity | $275,763 |
| Cash and Cash Equivalents | $16,167 |
| Accounts Receivable, Net | $21,309 |
| Inventories, Net | $66,766 |
How Clearfield, Inc. (CLFD) Makes Money
Revenue Streams
Clearfield, Inc. generates revenue primarily through the manufacture and sale of fiber optic management, protection, and delivery products. The company serves various sectors, including telecommunications, cable television, and utility markets, focusing on broadband connectivity solutions.
Financial Performance Overview
For the fiscal year ending September 30, 2024, Clearfield reported net sales of $166.7 million, a decrease of 38% compared to $268.7 million in the previous fiscal year. The gross profit for the same period was $28.9 million, resulting in a gross margin of 17.3%, down from 31.7% in fiscal 2023.
| Metric | Fiscal Year 2024 | Fiscal Year 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $166.7 million | $268.7 million | -38% |
| Gross Profit | $28.9 million | $85.3 million | -66% |
| Gross Margin | 17.3% | 31.7% | -45% |
| Net (Loss) Income | $(12.5) million | $32.5 million | -138% |
Quarterly Performance
In the fourth quarter of fiscal 2024, Clearfield reported net sales of $46.8 million, a decline of 5.9% from $49.7 million in the same quarter of fiscal 2023. The gross profit for Q4 2024 was $10.7 million, yielding a gross margin of 22.8%.
| Metric | Q4 2024 | Q4 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $46.8 million | $49.7 million | -6% |
| Gross Profit | $10.7 million | $12.0 million | -11% |
| Gross Margin | 22.8% | 24.1% | -5% |
| Net (Loss) Income | $(0.8) million | $2.7 million | -131% |
Cost Structure
Clearfield's cost of sales for the fiscal year 2024 was $137.8 million, compared to $183.4 million in fiscal 2023. Operating expenses increased to $52.1 million for the year, up from $48.0 million in the previous year, reflecting a rise in selling, general, and administrative expenses.
| Expense Type | Fiscal Year 2024 | Fiscal Year 2023 |
|---|---|---|
| Cost of Sales | $137.8 million | $183.4 million |
| Operating Expenses | $52.1 million | $48.0 million |
Investment and Future Outlook
Clearfield is positioning itself to capitalize on opportunities arising from government programs aimed at expanding broadband access. The company anticipates revenue guidance for fiscal year 2025 to be between $170 million and $185 million, driven primarily by increased demand in the U.S. market.
Order Backlog
As of September 30, 2024, Clearfield's order backlog was $25.1 million, a decrease of 23% from the previous quarter and a 56.1% decrease compared to the same period in the previous year.
| Order Backlog | September 30, 2024 | June 30, 2024 | September 30, 2023 |
|---|---|---|---|
| Order Backlog | $25.1 million | $32.6 million | $57.3 million |
Cash Flow
Clearfield reported positive cash flow from operations of approximately $22.2 million for the full year 2024, an increase from $18.4 million in 2023.
| Cash Flow Type | Fiscal Year 2024 | Fiscal Year 2023 |
|---|---|---|
| Cash Flow from Operations | $22.2 million | $18.4 million |
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Updated on 16 Nov 2024
Resources:
- Clearfield, Inc. (CLFD) Financial Statements – Access the full quarterly financial statements for Q4 2024 to get an in-depth view of Clearfield, Inc. (CLFD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Clearfield, Inc. (CLFD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.