Clearfield Inc. reported first-quarter FY22 net sales of 89 percent year-on-year to $51.1 million, beating the consensus of $41.3 million. The increase in net sales was due to higher sales across its core end markets, most notably its Community Broadband and MSO markets. The backlog rose 53 percent Q/Q to record $101 million. The gross margin expanded 290 bps to 44.9 percent due to a favorable product mix associated with higher net sales in the company’s Community Broadband market and improved manufacturing efficiencies realized with higher sales volumes. Income from operations increased 251 percent Y/Y to $13 million. EPS of $0.75 beat the consensus of $0.44. Outlook Clearfield raised the FY22 net sales guidance from $162 million – $169 million to $176 million – $183 million, above the consensus of $167.6 million. By Anusuya Lahiri © 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.