Shares of fiber optics company Clearfield, Inc. (NASDAQ: CLFD) fell as much as 15.2% in trading on Friday after reporting fiscal first-quarter 2023 financial results. Shares closed the day down 12.9%.

Revenue was up 68% from a year ago to $85.9 million, and net income rose 37% to $14.3 million, or $1.00 per share. What got investor attention was backlog falling 17% from just a quarter ago to $136 million, which management said was in large part due to a return to normal ordering patterns. 

Management did reaffirm fiscal 2023 sales guidance of between $380 million and $393 million with net-income guidance of $4.30 to $4.50 per share. The average analyst estimate was $4.31 per share in earnings, so this was in line with expectations. 

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Source Fool.com