Clearfield, Inc. reported net sales for the fourth quarter of fiscal 2024 decreased 5.9% to $46.8 million from $49.7 million in the same year-ago quarter. The company's gross margin for the quarter was 22.8%, compared to 24.1% in the prior year, though it improved slightly from the previous quarter due to lower excess inventory charges.
The company reported a net loss of $0.8 million, or ($0.06) per diluted share, for the fourth quarter of fiscal 2024, a decline from net income of $2.7 million, or $0.17 per diluted share, in the same year-ago quarter. For the full fiscal year 2024, Clearfield reported a net loss of $12.5 million, or ($0.85) per share, on total revenue of $166.7 million.
Despite the net loss, Clearfield generated positive cash flow from operations of approximately $22.2 million for the full year, reflecting efforts in cost control and inventory reduction. The company provided guidance for the first quarter of fiscal 2025, expecting net sales between $33 million and $38 million and a net loss per share between ($0.28) and ($0.35).
For the full fiscal year 2025, Clearfield anticipates net sales in the range of $170 million to $185 million, with growth primarily driven by the U.S. market. The company also noted its NTIA recognition for self-certification to Build America Buy America (BABA) requirements, positioning it for opportunities from the Broadband Equity, Access, and Deployment (BEAD) Program, with initial revenue expected in late 2025.
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