Core Viewpoint - Legacy Housing Corporation reported a decline in net revenue and income for the third quarter of 2024, while experiencing an increase in book value and book value per share, indicating mixed financial performance [2][3]. Financial Performance - Net revenue for Q3 2024 was $44.3 million, down 11.4% from Q3 2023 [2]. - Income from operations for Q3 2024 was $15.3 million, a decrease of 19.4% from Q3 2023 [2]. - Net income for Q3 2024 was $15.8 million, a decrease of 1.8% from Q3 2023 [2]. - Basic earnings per share for Q3 2024 were $0.65, down 1.5% from Q3 2023 [2]. - Book value for Q3 2024 was $479.3 million, an increase of 11.6% from Q3 2023 [2]. - Book value per share for Q3 2024 was $19.84, an increase of 12.7% from Q3 2023 [2][4]. Market and Strategic Initiatives - The company hosted a record number of customers at its 2024 Fall Show, showcasing updated home designs that appealed to younger buyers [3]. - Orders from the Fall Show increased the company's backlog into Q1 2025, suggesting positive market reception [3]. - The management believes that the market for manufactured homes will strengthen as housing affordability remains low [3]. Company Overview - Legacy Housing Corporation is the fourth largest producer of manufactured homes in the U.S., focusing on homes ranging from approximately 395 to 2,667 square feet and priced between $33,000 and $180,000 [6].
Legacy Housing Corporation Reports Third Quarter 2024 Financial Results