Shares in Clearfield Inc., a Minneapolis company that saw its stock quadruple over the past year, fell 25 percent Thursday after it latest quarterly results showed a decline in its order backlog.
The company, which deploys fiber networks in commercial and multi-residence buildings, reported a profit of $1.2 million on revenue of $13.2 million for the January-to-March period, the second quarter of its fiscal year. Both numbers were in line with expectations.
It also said that its order backlog fell to $2.7 million from $5.0 million at the start of the quarter, a sign it was not lining up new business as quickly as it was completing projects.
The company’s shares fell $5.29 to $15.49 on the Nasdaq Stock Market. A year ago, Clearfield shares were trading around $6 before beginning a climb that peaked at $26.59 in early February.
Evan Ramstad • 612-673-4241