Clearfield Inc. (NASDAQ:CLFD) Q3 2023 Earnings Call Transcript August 3, 2023 5:00 PM ET

Company Participants

Greg McNiff - Investor Relations

Cheryl Beranek - CEO, President and Director

Kevin Morgan - Chief Marketing Officer

Daniel Herzog - Chief Financial Officer

Conference Call Participants

Ryan Koontz - Needham

Scott Searle - ROTH MKM

Greg Mesniaeff - WestPark Capital

Operator

Good day, and welcome to the Clearfield Fiscal Third Quarter 2023 Conference Call. All participants will be in a listen-only mode for the duration of the call. [Operator Instructions.] Please note that this event is being recorded today. And as a reminder, the slides in this presentation are controlled by you, the listener. Please advance forward through the presentation as the speakers present their remarks.

I would now like to turn the conference over to Greg McNiff, Investor Relations for Clearfield. Please go ahead, sir.

Greg McNiff

Thank you. Joining me on the call today are Cheri Beranek, Clearfield's President and CEO, Dan Herzog, Clarus Hill's CFO and Kevin Morgan, Clearfield's CMO.

Please note that during this call, management will be making remarks regarding future events and the future financial performance of the company. These remarks constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. It is important to note also that the company undertakes no obligation to update such statements. Except as required by law, the company cautions you to consider risk factors that could cause actual results to differ materially from those in the forward-looking statement contained in today's press release, earnings presentation and on this conference call.

The Risk Factor section in Clearfield's most recent Form 10-K filing with the Securities and Exchange Commission and its subsequent filings on Form 10-Q provide a description of these risks.

With that, I would like to turn the call over to Clearfield's President and CEO, Cheri Beranek. Cheri?

Cheryl Beranek

Good afternoon, everyone, and thank you for joining us today to discuss Berfield results for the third quarter of fiscal 2023. We also intend to provide an update on our business and current market trends. Our third quarter of fiscal 2023 reflects the commentary we provided on our prior two earnings calls. Total net sales for the third quarter were $61 million, which includes a record $13 million contributed from Nestor Cables. While visibility remains limited, we are reiterating our revenue guidance and increasing our net income per share guidance for the year ending September 30, 2023, based upon our backlog and current ordering trends.