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Cavco(CVCO) - 2025 Q2 - Earnings Call Transcript
2024-11-01 19:43
Cavco Industries, Inc. (NASDAQ:CVCO) Q3 2024 Earnings Call Transcript November 1, 2024 1:00 PM ET Company Participants Mark Fusler - Corporate Controller and IR Bill Boor - President and CEO Allison Aden - EVP and CFO Paul Bigbee - CAO Conference Call Participants Daniel Moore - Daniel Moore Greg Palm - Craig-Hallum Capital Group Jay McCanless - Wedbush Daniel Moore - CJS Securities Operator Good day, and thank you for standing by. Welcome to the Second Quarter Fiscal Year 2025 Cavco Industries, Inc. Earnin ...
Cavco (CVCO) Q2 Earnings and Revenues Top Estimates
ZACKS· 2024-10-31 22:26
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 ...
Cavco Industries Reports Fiscal 2025 Second Quarter Results and Announces New $100 Million Stock Repurchase Program
GlobeNewswire News Room· 2024-10-31 20:05
Core Insights - Cavco Industries, Inc. reported strong financial results for the second fiscal quarter ended September 28, 2024, with net revenue of $507 million, an increase of $55 million or 12.3% compared to the same period last year, driven primarily by home sales volume growth [1][4] - The company experienced a 15.7% increase in home sales volume and improved capacity utilization, rising to approximately 70% from 60% in the prior year [1][4] - Backlogs reached $276 million, up $44 million or 19% from the previous quarter, indicating strong demand for factory-built housing [1][4] Financial Performance - Net revenue for factory-built housing was $486.3 million, a 12% increase from $434.1 million in the prior year [4] - Financial services segment revenue increased by 17.6% to $21.1 million, up from $18 million [4] - Gross profit as a percentage of net revenue for factory-built housing was 22.9%, slightly down from 23.2% in the prior year [1][6] Income and Earnings - Income before income taxes was $55 million, a 6.4% increase from $51.7 million in the prior year [1][4] - Net income attributable to Cavco common stockholders was $43.8 million, compared to $41.5 million in the prior year, resulting in a diluted net income per share of $5.28, up from $4.76 [1][8] Operational Highlights - The company repurchased approximately $44 million in stock during the quarter and announced an additional $100 million stock repurchase program [1] - The financial services segment showed improvement following $4 million in claims related to Hurricane Beryl [2] - The company emphasized the resilience of its workforce in the face of challenges posed by recent hurricanes, maintaining operations to meet customer needs [3] Market Position - Cavco is one of the largest producers of manufactured and modular homes in the U.S., with a diverse range of products marketed under various brand names [10] - The company also operates a finance subsidiary, CountryPlace Mortgage, and an insurance subsidiary, Standard Casualty, enhancing its market presence [10]
Webcast Alert: Cavco Industries, Inc. Announces Fiscal 2025 Second Quarter Earnings Release and Conference Call Webcast
GlobeNewswire News Room· 2024-10-24 01:23
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 ...
Cavco Industries Releases 2024 Enviornmental, Social and Governance
GlobeNewswire News Room· 2024-10-22 17:16
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 ...
Cavco's Future Looks Bright as Affordable Housing Demand Soars
MarketBeat· 2024-10-16 11:00
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 ...
Cavco Industries Isn't AI
Seeking Alpha· 2024-09-20 20:08
After 43+ years working for one investment research company or another, I finally retired. So now, I'm completely independent. And for the first time on Seeking Alpha, I won't be working based on anybody else's product agenda. I have only one goal now… to give you the best actionable investment insights I can.I have long specialized in rules/factor-based equity investing strategies. But I'm different from others who share such backgrounds. I don't serve the numbers. Instead, the numbers serve me… to inspire ...
Cavco(CVCO) - 2025 Q1 - Quarterly Report
2024-08-02 20:37
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(CVCO) - 2025 Q1 - Earnings Call Transcript
2024-08-02 19:15
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 ...
Cavco (CVCO) Q1 Earnings and Revenues Miss Estimates
ZACKS· 2024-08-02 01:15
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]