Cavco Industries Reports Fiscal 2024 Fourth Quarter and Year End Results

Core Insights - Cavco Industries, Inc. reported financial results for the fourth quarter and fiscal year ended March 30, 2024, showing a decline in net revenue and net income compared to the previous year [1][4]. Quarterly Highlights - Net revenue for the three months ended March 30, 2024, was $420.1 million, down 11.8% from $476.4 million in the same period last year [5][6]. - Net income attributable to Cavco common stockholders for the quarter was $33.9 million, a decrease of 28.3% from $47.3 million in the prior year [9][24]. - The gross profit margin for the quarter was 23.6%, down from 25.3% in the previous year [6][24]. - Factory-built housing revenue decreased by 12.6% to $398.5 million, primarily due to lower sales volume [5][10]. Full Fiscal Year Highlights - For the fiscal year ended March 30, 2024, net revenue was $1.795 billion, a decrease of 16.2% from $2.143 billion in the previous year [6][12]. - Net income for the year was $157.8 million, down 34.4% from $240.6 million in the prior year [16][24]. - The gross profit margin for the full year was 23.8%, compared to 25.9% in the previous year [13][24]. - The factory-built housing segment saw a revenue decline of 17.1% year-over-year, attributed to lower home sales volume and selling prices [12][13]. Operational Insights - The company successfully integrated the Solitaire acquisition and launched new products, including the Anthem series, which is the first nationally available HUD-approved manufactured duplex [4][10]. - Backlogs increased to $191 million, up 19.4% from $160 million three months prior, but down from $244 million a year ago [6][12]. - The financial services segment reported a revenue increase of 6.7% year-over-year, primarily due to more insurance policies in force [12][7]. Cost Management - Selling, general, and administrative expenses decreased by 7.5% for the quarter and 4.9% for the fiscal year, reflecting lower non-recurring expenses and reduced compensation [10][13]. - The company repurchased approximately $110 million in shares during the fiscal year, indicating a commitment to returning value to shareholders [4][6].