Cavco(US:CVCO)2026-01-29 21:53Revenue Performance - Net revenue for the third fiscal quarter was $581.0 million, an increase of $59 million or 11.3% compared to $522.0 million in the same quarter of the previous year[8]. - Net revenue for the three months ended December 27, 2025, was $580,994,000, an increase of 11.2% compared to $522,040,000 for the same period in 2024[21]. Profitability - Gross profit as a percentage of net revenue for factory-built housing was 21.7%, down from 23.6% in the same period last year[8]. - Financial services gross profit as a percentage of net revenue was 65.2%, up from 55.5% in the same period last year[8]. - Gross profit for the three months ended December 27, 2025, was $135,921,000, representing a gross margin of 23.4%, compared to $129,950,000 and a gross margin of 24.9% for the same period in 2024[21]. - Income before income taxes was $58 million, a decrease of $11 million or 16.9% compared to $69 million in the same period last year[8]. - Net income for the three months ended December 27, 2025, was $44,067,000, a decrease of 22% from $56,462,000 in the same period in 2024[21]. - Net income per diluted share attributable to common stockholders was $5.58, down 19.1% from $6.90 in the prior year quarter[8]. - Basic net income per share for the three months ended December 27, 2025, was $5.65, down from $6.97 for the same period in 2024[21]. Sales and Backlogs - Home sales volume increased by 3.2%, while capacity utilization decreased to approximately 70% from 75% in the same quarter of the prior year[8]. - Backlogs totaled $160 million at the end of the quarter, representing 4-6 weeks of production[8]. - American Homestar contributed $42 million to net revenue with 343 homes sold, alongside $6.9 million in incremental SG&A expenses[8]. Financial Position - Total assets increased to $1,472,195,000 as of December 27, 2025, compared to $1,406,645,000 as of March 29, 2025[19]. - Total liabilities rose to $382,976,000 as of December 27, 2025, up from $342,063,000 as of March 29, 2025[19]. - Cash and cash equivalents decreased to $224,616,000 as of December 27, 2025, from $356,225,000 as of March 29, 2025[19]. - Capital expenditures for the nine months ended December 27, 2025, were $27,360,000, compared to $15,253,000 for the same period in 2024[23]. Stock and Shareholder Returns - Stock repurchases amounted to approximately $44 million in the quarter, with about $98 million remaining for future repurchases[8]. - The company reported a total of 7,801,698 basic weighted average shares outstanding for the three months ended December 27, 2025[21]. Financial Services - The financial services segment showed strong results, reflecting improved profitability in the insurance operation[9]. - The company’s finance subsidiary, CountryPlace Mortgage, continues to offer conforming and non-conforming mortgages, contributing to its overall financial performance[16].