Cavco Industries Reports Fiscal 2026 First Quarter Results

Core Viewpoint - Cavco Industries, Inc. reported strong financial results for the first fiscal quarter ended June 28, 2025, with significant growth in net revenue and net income, driven by increased home sales volume and operational efficiency [1][5]. Financial Performance - Net revenue reached $557 million, an increase of $79 million or 16.6% compared to $478 million in the same quarter of the previous year [5]. - Net income was $51.6 million, up 50% from $34.4 million in the prior year, with diluted net income per share rising to $6.42, a 56% increase from $4.11 [9][19]. - Income before income taxes was $65.3 million, reflecting a 48.9% increase from $44 million in the same period last year [5]. Segment Performance - In the factory-built housing segment, net revenue increased to $535.7 million, up 17% from $458 million, driven by a 14.7% increase in factory-built homes sold [4][6]. - The financial services segment saw net revenue rise to $21.2 million, an 8.2% increase from $19.6 million, attributed to higher insurance premiums [4][6]. Operational Highlights - Factory-built modules sold increased to 8,900, a 16% rise from 7,671 in the previous year [4]. - Capacity utilization improved to approximately 75%, up from 65% in the same quarter last year [5]. - Backlogs totaled $200 million, representing 5-7 weeks of production [5]. Strategic Initiatives - The company announced a definitive agreement to acquire American Homestar Corporation, aiming to expand its reach in the South Central US market [3]. - Stock repurchases amounted to approximately $50 million during the quarter, with $178 million remaining available under previously announced Board authorizations [5].