Cavco(US:CVCO)2025-10-30 22:52Financial Performance - Net revenue for Q2 2026 was $556.5 million, an increase of $49 million or 9.7% compared to $507.5 million in Q2 2025, driven by home sales volume and average selling price growth[6]. - Income before income taxes rose to $67 million, up $12 million or 22.4% compared to $55 million in the same period last year[6]. - Net income per diluted share attributable to common stockholders was $6.55, reflecting a 24% increase from $5.28 in the prior year quarter[6]. - Net revenue for the three months ended September 27, 2025, was $556.5 million, an increase of 9.7% compared to $507.5 million for the same period in 2024[19]. - Net income for the three months ended September 27, 2025, was $52.4 million, representing a 19.4% increase from $43.8 million in the same quarter of 2024[19]. - Basic net income per share for the six months ended September 27, 2025, was $13.12, compared to $9.48 for the same period in 2024, reflecting a 38.0% increase[19]. - The company reported a 26.6% increase in income from operations for the three months ended September 27, 2025, totaling $62.2 million compared to $49.1 million in the prior year[19]. Sales and Production - Home sales volume increased by 5.4%, with factory capacity utilization rising to approximately 75% from 70% in the prior year[6]. - Backlogs at the end of the quarter totaled $210 million, representing 5-7 weeks of production[6]. Profitability - Gross profit margin for factory-built housing remained flat at 22.9%, while financial services gross profit margin surged to 55.6% from 21.8% in the prior year[6]. - Gross profit for the six months ended September 27, 2025, reached $263.9 million, up 20.2% from $219.5 million in the prior year[19]. Financial Services - The financial services segment's net revenue increased due to higher insurance premiums, contributing to a gross profit increase of 158.9%[8][11]. Capital and Investments - Capital expenditures for the three months ended September 27, 2025, were $9.9 million, significantly higher than $4.9 million in the same period of 2024[21]. Corporate Developments - The company successfully closed the acquisition of American Homestar Corporation, enhancing operational success and integration efforts[5]. - Lisa Daniels was appointed to the Board of Directors, bringing valuable experience to the company[6]. Assets and Liabilities - Total assets as of September 27, 2025, amounted to $1.449 billion, an increase from $1.407 billion as of March 29, 2025[17]. - Total liabilities increased to $362.9 million as of September 27, 2025, compared to $342.1 million as of March 29, 2025[17]. - The current portion of consumer loans receivable, net, was $33.5 million as of September 27, 2025, down from $35.9 million as of March 29, 2025[17]. Outlook - The company’s outlook remains positive, with expectations for continued growth in the manufactured housing business despite potential risks and uncertainties[15]. Stock Activity - Stock repurchases amounted to approximately $36 million during the quarter, with $142 million remaining available under the Board's authorization[6].