Clearfield Inc: Set for best day in over 8 months on upbeat Q2 results

Clearfield

23/04/2021 16:14

** Shares of fiber management services provider  CLFD.O  up 
14.1% at $34.18 and set their best day since early Sept 2020
    ** CLFD's Q2 adj profit of $0.27/shr on revenue of $29.7 mln
beat Refinitiv est. for EPS of 17 cents on revenue of $25.80 mln
    ** Results driven by higher sales in its community broadband
and multiple system operators, or Cable TV, markets  urn:newsml:reuters.com:*:nGNX2TJpCJ
    ** Co also forecast FY 21 rev of $120 mln-$125 mln, higher
than est. of $117.55 mln, with net income to be at or above 12%
as a percentage of net sales for the remaining quarters of
fiscal 2021
    ** Order backlog surged 115% to $19.2 mln as of March 31
from a year earlier
   ** CLFD beats rev est. for fourth straight qtr, exceeds EPS
expectations for fifth consecutive qtr - Refinitiv data
    ** Northland Capital upgrades the stock to "outperform" with
a PT of $36
    ** Shares up 21.2% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))