Cavco (CVCO) came out with quarterly earnings of $5.28 per share, beating the Zacks Consensus Estimate of $4.70 per share. This compares to earnings of $4.76 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.34%. A quarter ago, it was expected that this homebuilder would post earnings of $4.97 per share when it actually produced earnings of $4.11, delivering a surprise of -17.30%.Over the last four quarters, the company has s ...

PHOENIX, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the second fiscal quarter ended September 28, 2024. Quarterly Highlights Net revenue was $507 million, up $55 million or 12.3% compared to $452 million in the second quarter of the prior year, primarily on home sales volume growth.Home sales volume is up 15.7% and capacity utilization is up to approximately 70% from approximately 60% in the second qua ...

PHOENIX, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) will release earnings for the second quarter ended September 28, 2024 on Thursday, October 31, 2024 after the close of market. Senior management will discuss the results in a live webcast the following day, Friday, November 1, 2024 at 1:00 p.m. Eastern Time. Date:   November 1, 2024 Time:   1:00 p.m. ET            Listen via Internet: https://investor.cavco.com/ Listen via Telephone: To participate in the call, please register ...

Plano, TX, Oct. 22, 2024 (GLOBE NEWSWIRE) -- For additional information, contact:Mark FuslerCorporate Controller and Investor Relationsinvestor_relations@cavco.comNews ReleasePhone: 602-256-6263On the Internet: www.cavcohomes.com FOR IMMEDIATE RELEASE CAVCO INDUSTRIES RELEASES 2024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT Cavco Industries unveils its 2024 Environmental, Social and Governance Report, emphasizing its dedication to affordable housing solutions, environmental sustainability and transparent g ...

After dropping to their lowest level in two years following the Federal Reserve's September rate cut announcement, 30-year fixed-rate mortgages have climbed higher once again. Nonetheless, the environment is looking more favorable for homebuilding companies, as buyers are incentivized to make offers, and companies are better able to access loans to fund development projects and growth. The top homebuilder stocks include major operations like D.R. Horton Inc. NYSE: DHI and Lennar Corp. NYSE: LEN, each of whi ...

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Financial Performance - For the three months ended June 29, 2024, net factory-built housing revenue increased to $477.6 million, a 0.4% increase from $475.9 million in the same period last year[72]. - Gross profit for factory-built housing decreased to $103.5 million, an 8.7% decline from $113.4 million in the prior year[76]. - Selling, general and administrative expenses increased to $64.9 million, a 5.1% increase from $61.7 million in the same period last year[77]. - The average net revenue per factory-built home sold was $97,024, down 2.7% from $99,762 in the previous year[72]. - Financial services net revenue increased to $19.6 million, a 4.2% increase from $18.8 million in the same period last year[72]. - The gross profit margin as a percentage of net revenue for factory-built housing was 22.6%, down from 24.8% in the previous year[76]. Backlog and Shipments - The backlog at June 29, 2024, was $232 million, up $41 million from $191 million at March 30, 2024, and up $55 million compared to $177 million at July 1, 2023[71]. - The manufactured housing industry saw a 19.4% increase in home shipments year-to-date through May 2024, totaling 42,650 shipments compared to 35,714 in the same period last year[64]. Cash Flow and Financing - Net cash provided by operating activities decreased by $34,900,000 to $368,753,000 for the three months ended June 29, 2024, compared to $283,490,000 for the same period in 2023[85][86]. - Cash, cash equivalents, and restricted cash at the end of the period increased by $12,558,000 to $378,937,000 compared to $366,379,000 at the end of the same period in 2023[85]. - Net cash used in financing activities was primarily for the repurchase of common stock, totaling $31,863,000 for the three months ended June 29, 2024[87]. - The company maintains a $50 million Revolving Credit Facility with no amounts outstanding as of June 29, 2024, and may seek additional financing depending on operating results and strategic opportunities[82]. Tax and Interest - Income tax expense decreased by $4,834,000, or 33.9%, to $9,432,000 due to lower profit before tax and a lower effective tax rate of 21.5% compared to 23.5% in the prior year[80][81]. - Interest income increased by $893,000, or 19.3%, to $5,511,000 for the three months ended June 29, 2024, compared to $4,618,000 for the same period in 2023[80]. Strategic Focus and Operations - The company operates 31 homebuilding production lines across various states and has a significant retail presence with 79 Company-owned stores[63]. - The company is focused on building energy-efficient homes and expanding its market presence through niche opportunities and commercial loan programs[66]. - The company expects to continue evaluating potential acquisitions and strategic investments to support growth opportunities[82]. Accounting and Controls - There were no significant changes to critical accounting estimates during the three months ended June 29, 2024[88]. - The company’s disclosure controls and procedures were deemed effective as of June 29, 2024[91]. Consumer Loans - Consumer loan originations decreased by $15.9 million to $20.8 million for the three months ended June 29, 2024, from $36.7 million for the same period in 2023[86].

Cavco Industries, Inc. (NASDAQ:CVCO) Q1 2025 Earnings Conference Call August 2, 2024 1:00 PM ET Company Participants Mark Fusler – Corporate Controller and Investor Relations Bill Boor – President and Chief Executive Officer Allison Aden – Executive Vice President and Chief Financial Officer Paul Bigbee – Chief Accounting Officer Conference Call Participants Daniel Moore – CJS Securities Greg Palm – Craig-Hallum Jay McCanless – Wedbush Operator Good day and thank you for standing by. Welcome to the First Qu ...

Company Performance - Cavco reported quarterly earnings of $4.11 per share, missing the Zacks Consensus Estimate of $4.97 per share, and down from $5.29 per share a year ago, representing an earnings surprise of -17.30% [1] - The company posted revenues of $477.6 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2.09%, and slightly up from $475.88 million year-over-year [2] - Over the last four quarters, Cavco has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [2] Stock Performance and Outlook - Cavco shares have increased approximately 19.6% since the beginning of the year, outperforming the S&P 500's gain of 15.8% [3] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $5.35 for the coming quarter and $19.77 for the current fiscal year [7] Industry Context - The Building Products - Mobile Homes and RV Builders industry, to which Cavco belongs, is currently ranked in the bottom 4% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Cavco's stock may be influenced by the overall outlook for the industry, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

For additional information, contact: Mark Fusler Corporate Controller and Investor Relations investor_relations@cavco.com News ReleasePhone: 602-256-6263 On the Internet: www.cavcoindustries.com FOR IMMEDIATE RELEASE CAVCO INDUSTRIES REPORTS FISCAL 2025 FIRST QUARTER RESULTS Improving Factory-built housing Results; High Claims in Insurance Operation PHOENIX, August 1, 2024 (GLOBE NEWSWIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for t ...