Core Viewpoint - Cavco Industries, Inc. reported financial results for the third fiscal quarter ended December 27, 2025, highlighting a significant acquisition and mixed performance in various segments [1][4]. Acquisition Details - On September 29, 2025, Cavco completed the acquisition of American Homestar Corporation, which includes two manufacturing lines, nineteen retail locations, and a financial services operation. The results of American Homestar are now included in Cavco's consolidated financial statements [2]. Quarterly Highlights - Industry shipments slowed during the quarter, particularly in HUD shipments, prompting Cavco to maintain production through backlog management and holiday downtime. The market sentiment remains optimistic regarding affordable housing [4]. - The financial services segment showed strong results, with improved profitability in the insurance operation. The first full quarter with American Homestar reflected deal costs and integration expenses, but future benefits from the acquisition are anticipated to exceed expectations [4]. Financial Results - Net revenue for the 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, driven by home sales volume and average selling price growth [6]. - Factory-built housing revenue was $558.5 million, up 11.5% from $500.9 million, while financial services revenue increased by 6.2% to $22.5 million [5][6]. - Gross profit as a percentage of net revenue for factory-built housing decreased to 21.7% from 23.6% year-over-year, while financial services gross profit increased to 65.2% from 55.5% [6][8]. Operational Metrics - Factory-built modules sold increased by 5.3% to 8,818 units, with a net revenue per home sold rising by 8.0% to $106,971 [5][7]. - Backlogs totaled $160 million at the end of the quarter, representing 4-6 weeks of production [6]. Income and Expenses - Income before income taxes was $58 million, down 16.9% from $69 million in the prior year, with net income per diluted share at $5.58, a decrease of 19.1% from $6.90 [6][10]. - Selling, general, and administrative expenses increased by 23.3% to $81.4 million, primarily due to the addition of American Homestar and associated deal costs [8][11]. Long-term Outlook - The company anticipates that the integration of American Homestar will yield positive impacts as the investment phase concludes, with expectations for increased production in the upcoming Spring selling season [4].

Company Overview - Champion Homes, Inc. is a leading producer of factory-built housing in North America, employing approximately 9,000 people [4] - The company has over 70 years of homebuilding experience and operates 46 manufacturing facilities across the United States and western Canada [4] - Champion Homes offers an innovative portfolio of manufactured and modular homes, ADUs, park-models, and modular buildings for various sectors including single-family, multi-family, and hospitality [4] Business Operations - In addition to home building, Champion Homes provides construction services for the installation and setup of factory-built homes [5] - The company operates a factory-direct retail business with 82 retail locations throughout the United States [5] - Champion Homes also runs Star Fleet Trucking, which offers transportation services to the manufactured housing and other industries from multiple dispatch locations across the United States [5] Brand Portfolio - Champion Homes builds homes under several well-known brand names in the factory-built housing industry, including Champion Homes, Genesis Homes, Skyline Homes, and others in the U.S. and western Canada [6]

Core Viewpoint - Cavco Industries, Inc. reported strong financial results for the second fiscal quarter ended September 27, 2025, with significant growth in net revenue and net income, alongside the successful acquisition of American Homestar Corporation and the addition of Lisa Daniels to the Board of Directors [1][3][4]. Financial Performance - Net revenue for the quarter was $556.5 million, an increase of $49 million or 9.7% compared to $507.5 million in the same quarter of the previous year, driven by higher home sales volume and average selling price per home [5][19]. - Net income for the quarter was $52.4 million, up 19.6% from $43.8 million in the prior year, with diluted net income per share increasing by 24.1% to $6.55 from $5.28 [9][20]. - The factory-built housing segment saw a gross profit margin of 22.9%, consistent with the same period last year, while the financial services segment's gross profit margin increased significantly to 55.6% from 21.8% [5][12]. Operational Highlights - Factory-built modules sold increased by 7.1% to 8,699 units, and factory-built homes sold rose by 5.4% to 5,178 units [5][6]. - Backlogs at the end of the quarter totaled $210 million, representing approximately 5-7 weeks of production [5]. - The company executed stock repurchases totaling approximately $36 million during the quarter, with $142 million remaining available for future repurchases [5]. Segment Performance - In the factory-built housing segment, net revenue increased due to higher home sales volume and an increase in net revenue per home sold [7][12]. - The financial services segment's net revenue grew due to higher insurance premiums, reflecting improved underwriting and lower claims losses compared to prior periods [12]. Management Commentary - The CEO highlighted the strong performance across all business segments and expressed gratitude for the commitment of the American Homestar team during the acquisition integration [3][4]. - The addition of Lisa Daniels to the Board of Directors was noted as a positive development for the company, bringing valuable experience and a good personal fit [4].

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].