Cavco (CVCO) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual investor ...

Most of us have heard the dictum "the trend is your friend." And this is undeniably the key to success when it comes to short-term investing or trading. But it isn't easy to ensure the sustainability of a trend and profit from it.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock alive.Inves ...

PHOENIX, March 08, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ:CVCO) is proud to announce that it was recognized by the 2024 Training APEX Awards as one of the top 105 training organizations in the world, receiving a Best Practice award for our Master of Craft program. This annual award given by Training magazine at the Training APEX Awards Gala in Orlando, Florida places Cavco at the forefront of employee training and development. It showcases the Company's steadfast commitment to fostering ski ...

PHOENIX, March 06, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ:CVCO) ("we," "our," the "Company" or "Cavco") is pleased to announce that we have successfully reached agreement on a revised collective bargaining agreement between Pennwest TCC and The International Association of Machinists, which represents employees at the Company's Emlenton, Pennsylvania manufacturing plant. The new collective bargaining agreement was ratified by the Union members today and employees will be back to work tomorr ...

PHOENIX, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ:CVCO) announced today that the first homes have been purchased by two graduates of its unique Homes for Our Own (HFOO) program. The program is a six-week, interactive workshop to help educate company employees on how to budget, how to buy a home and then, if they choose to move forward, to help them purchase their first home. The self-funded program invites Cavco employees to voluntarily donate money through automatic payroll deductio ...

PHOENIX, Feb. 02, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ:CVCO) ("we," "our," the "Company" or "Cavco") is pleased to announce that effective February 13, 2024, Seth Schuknecht will be the company's Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer. Mr. Schuknecht brings a strong background in securities law, corporate governance, mergers and acquisitions, regulatory compliance, risk management and complex commercial transactions. Most recently from ...

Cavco Industries, Inc. (NASDAQ:CVCO) Q3 2024 Earnings Conference Call February 2, 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 - Chief Accounting Officer Conference Call Participants Daniel Moore - CJS Securities Danny Eggerichs - Craig-Hallum Jay McCanless - Wedbush Securities Camden Roberts - University of South Carolina Operator Good day, and thank you for standing by. Welcome to the Third Quarter Fisca ...

Cavco (CVCO) came out with quarterly earnings of $4.27 per share, missing the Zacks Consensus Estimate of $4.36 per share. This compares to earnings of $6.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.06%. A quarter ago, it was expected that this homebuilder would post earnings of $5.31 per share when it actually produced earnings of $4.76, delivering a surprise of -10.36%.Over the last four quarters, the company has s ...

PHOENIX, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ:CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the third fiscal quarter ended December 30, 2023. Third Quarter Summary Net revenue was $447 million, down $54 million or 10.8% compared to $501 million in the third quarter of the prior year.Factory-built housing Gross profit as a percentage of Net revenue was 22.4%, compared to 25.5% in the prior year. Financial services Gross profit as a percentage ...

Part I [Financial Information](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's financial statements, management's analysis, market risks, and internal controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements and notes, showing a revenue and net income decrease [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Balance Sheet Highlights (as of December 30, 2023 vs. April 1, 2023) | Account | Dec 30, 2023 ($ in thousands) | April 1, 2023 ($ in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $352,808 | $271,427 | | Total current assets | $833,047 | $804,579 | | Total assets | $1,326,596 | $1,307,975 | | Total current liabilities | $271,172 | $293,391 | | Total stockholders' equity | $1,008,700 | $976,286 | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Income Statement Summary (Unaudited, $ in thousands) | Metric | Three Months Ended Dec 30, 2023 | Three Months Ended Dec 31, 2022 | Nine Months Ended Dec 30, 2023 | Nine Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | $446,769 | $500,603 | $1,374,674 | $1,666,333 | | Gross Profit | $103,051 | $131,968 | $327,887 | $434,291 | | Income from Operations | $39,739 | $73,064 | $141,389 | $242,357 | | Net Income | $35,987 | $59,589 | $123,971 | $193,481 | | Diluted EPS | $4.27 | $6.66 | $14.34 | $21.55 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Nine Months Ended) | Cash Flow Activity | Dec 30, 2023 ($ in thousands) | Dec 31, 2022 ($ in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $206,104 | $230,119 | | Net cash used in investing activities | ($26,543) | ($29,199) | | Net cash used in financing activities | ($96,443) | ($73,860) | | Net increase in cash | $83,118 | $127,060 | [Notes to Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's operating segments, revenue disaggregation, recent acquisitions, goodwill adjustments, and stock repurchase activities - The company operates in two segments: (1) factory-built housing and (2) financial services, which includes consumer finance and insurance[17](index=17&type=chunk) Net Revenue by Segment (Nine Months Ended) | Segment | Dec 30, 2023 ($ in thousands) | Dec 31, 2022 ($ in thousands) | | :--- | :--- | :--- | | Factory-built housing | $1,318,114 | $1,613,392 | | Financial services | $56,560 | $52,941 | | **Total** | **$1,374,674** | **$1,666,333** | - On January 3, 2023, the company acquired Solitaire Homes for **$110.8 million**. On November 15, 2023, it acquired Kentucky Dream Homes for **$23.8 million**[65](index=65&type=chunk)[68](index=68&type=chunk) - Goodwill increased from **$114.5 million** to **$120.7 million** during the nine months ended December 30, 2023, primarily due to the acquisition of Kentucky Dream Homes (**$4.6M**) and adjustments related to the Solitaire acquisition (**$1.1M**)[41](index=41&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting Q3 revenue decrease and the company's strong liquidity [Company and Industry Outlook](index=24&type=section&id=Company%20and%20Industry%20Outlook) - Industry-wide home shipments decreased by **22.2%** for the calendar year through November 2023 compared to the prior year, reflecting tempered demand from higher interest rates and inflation[75](index=75&type=chunk) - The company's order backlog was **$160 million** at December 30, 2023, a significant decrease from **$427 million** at December 31, 2022[82](index=82&type=chunk) - The company maintains a strong balance sheet and conservative cost structure to navigate market challenges and act on opportunities[78](index=78&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q3 FY2024 vs Q3 FY2023 Performance | Metric | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Net Revenue** | | | | | Factory-built housing | $426,939 | $481,193 | (11.3)% | | Financial services | $19,830 | $19,410 | 2.2% | | **Gross Profit** | | | | | Factory-built housing | $95,756 | $122,923 | (22.1)% | | Financial services | $7,295 | $9,045 | (19.3)% | - The decrease in factory-built housing revenue was due to a **6.3%** decrease in homes sold and a **5.3%** decrease in net revenue per home sold[85](index=85&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **7.5%** for the quarter, primarily due to higher legal expenses and costs from the Solitaire acquisition[91](index=91&type=chunk) - Interest income increased by **46.2%** in Q3 YoY to **$5.2 million**, mainly due to higher interest rates on cash balances[93](index=93&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) - The company believes its cash and cash equivalents of **$352.8 million**, along with operating cash flow, are sufficient to fund operations and growth for the next 12 months[95](index=95&type=chunk)[10](index=10&type=chunk) - Net cash from operating activities for the nine months ended Dec 30, 2023, was **$206.1 million**, a decrease from **$230.1 million** in the prior-year period, primarily due to lower net income[97](index=97&type=chunk) - The company has a **$50.0 million** Revolving Credit Facility with no outstanding balance as of December 30, 2023[95](index=95&type=chunk) - Net cash used in financing activities was primarily for the repurchase of common stock, totaling **$96.8 million** for the nine months ended Dec 30, 2023[101](index=101&type=chunk)[14](index=14&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk disclosures from the previously filed Form 10-K - There have been no material changes from the quantitative and qualitative disclosures about market risk previously disclosed in the Form 10-K[103](index=103&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The company's President and CEO and its CFO concluded that disclosure controls and procedures were effective as of December 30, 2023[105](index=105&type=chunk) - No change in the company's internal control over financial reporting occurred during the quarter that has materially affected, or is reasonably likely to materially affect, these controls[106](index=106&type=chunk) Part II [Other Information](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and other corporate information [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company reports pending lawsuits are not expected to materially affect its financial position - The company is party to certain lawsuits in the ordinary course of business but does not believe they will have a material adverse effect on its consolidated financial position, liquidity, or results of operations[56](index=56&type=chunk)[109](index=109&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company refers to its Form 10-K for risk factors, with no new risks identified in this filing - The report refers to the Risk Factors section in the previously filed Form 10-K for a discussion of potential risks, with no new risk factors added in this filing[110](index=110&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details Q3 FY2024 stock repurchases and a new $100 million repurchase program Q3 FY2024 Stock Repurchase Activity | Period | Total Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | October 1, 2023 to November 4, 2023 | 190,593 | $262.34 | | **Total Q3** | **190,593** | **$262.34** | - On August 3, 2023, the Board approved a **$100 million** stock repurchase program. On February 1, 2024, the Board approved another **$100 million** program[111](index=111&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) This section reports a key executive's resignation and details amendments to the company's bylaws - Mickey R. Dragash, Executive Vice President, General Counsel, Corporate Secretary & Chief Compliance Officer, resigned effective February 12, 2024[114](index=114&type=chunk) - On January 30, 2024, the Board approved the Fourth Amended and Restated Bylaws, which revise provisions related to stockholder meetings, director nominations to align with universal proxy rules, and director/officer indemnification[115](index=115&type=chunk)[119](index=119&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended bylaws and officer certifications - Filed exhibits include the Fourth Amended and Restated Bylaws, CEO and CFO certifications (Sections 302 and 906), and Inline XBRL documents[118](index=118&type=chunk)