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Legacy Housing Corporation Reports Second Quarter 2024 Financial Results
Legacy HousingLegacy Housing(US:LEGH) GlobeNewswire News Roomยท2024-08-08 20:30

Financial Performance - Net revenue for Q2 2024 was $42.5 million, a decrease of 19.3% from Q2 2023 [2] - Income from operations for Q2 2024 was $16.0 million, a decrease of 8.4% from Q2 2023 [2] - Net income for Q2 2024 was $16.2 million, an increase of 7.8% from Q2 2023 [2] - Basic earnings per share for Q2 2024 was $0.67, an increase of 8.7% from Q2 2023 [2] - Book value for Q2 2024 was $463.2 million, an increase of 12.1% from Q2 2023 [2] - Book value per share for Q2 2024 was $19.17, an increase of 13.2% from Q2 2023 [2] - The Company repurchased 170,342 shares of common stock at an average price of $20.53 during Q2 2024 [2] - An additional $10.0 million of common stock repurchase was authorized by the Board of Directors on August 6, 2024 [2] Company Overview - Legacy Housing Corporation builds, sells, and finances manufactured homes and "tiny houses" through a network of independent retailers and company-owned stores [5] - The Company is the fourth largest producer of manufactured homes in the United States based on the number of homes manufactured [5] - Current operations are primarily focused in the southern United States, offering homes ranging from approximately 395 to 2,667 square feet with prices from approximately $33,000 to $180,000 [5] Management Commentary - The President and CEO stated that the team is making progress across all aspects of the business, with improving demand and a focus on accelerating sales volume [3] - The Company continues to monetize non-core assets and manage expenses diligently, positioning itself well for the future [3]