Clearfield, Inc. (NASDAQ:CLFD) Q1 2023 Results Conference Call February 2, 2023 5:00 PM ET
Company Participants
Jackie Keshner - Investor Relations
Cheri Beranek - President and Chief Executive Officer
Daniel Herzog - Chief Financial Officer
Kevin Morgan - Chief Marketing Officer
Conference Call Participants
Paul Silverstein - Cowen and Company
Jason Schmidt - Lake Street Capital Markets
Ryan Koontz - Needham & Company
Tim Savageaux - Northland Capital Markets
Scott Searle - Roth Capital Partners
Operator
Good afternoon and welcome to Clearfield’s Fiscal First Quarter 2023 Earnings Conference Call. My name is Paul, and I will be your operator this afternoon.
I will now pass the call over to Jackie Keshner from Gateway Group.
Jackie Keshner
Thank you. Please note that during this call, management will be making Forward-Looking Statements regarding future events and the future financial performance of the Company. 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 Statements contained in today’s press release, Field Report, and in this conference call.
The Risk Factors section in Clearfield’s most recent Form 10-Q filing with the Securities and Exchange Commission and its subsequent filings on Form 10-Q, provide description of those risks. As a reminder, the slides in this presentation are controlled by you, the listener. Please advance forward through the presentation as the speaker presents their remarks.
With that, I would like to turn the call over to Clearfield’s President and CEO, Cheri Beranek. Cheri.
Cheri Beranek
Good afternoon, everyone and thank you joining us today. It is a pleasure to speak with our new and returning investor and analysts this afternoon to share Clearfield’s results for the first quarter fiscal 2023 as well as provide an update on our business and current market trends.
Our strong financial performance in the first quarter of fiscal 2023 reflects our ongoing execution on our strategic growth plan, as well as the robust and sustained demand for high speed broadband.
Total net sales for the first quarter were $86 million, which includes an $8 million contribution from Nestor Cables. Our organic net sales growth continues to be driven by our leadership and community broadband, an expansion across each of our core end markets.