Why Clearfield Stock Jumped 26% Today
Shares of fiber internet specialist Clearfield (NASDAQ: CLFD) jumped by 28.2% in early trading Friday after the company reported third-quarter 2022 financial results. As of 12:37 p.m. ET, the stock is up 26%.
Revenue soared 110% from a year ago to $95 million, including $7 million from the acquisition of Nestor Cables, and net income was up 129% to $17 million, or $1.22 per share. Analysts were expecting $71.4 million in revenue and $0.86 in earnings per share, so the results were far better than expected.
Management said backlog is $165 million and it expects the first half of 2023 to be strong. There's uncertainty about the second half of the year as customers scramble to find enough staff to expand networks, but guidance is still for revenue of $380 million to $393 million in 2023, which would be up 40% to 45% from this year.
Source Fool.com
