Business
Cavco Industries Reports Fiscal 2024 First Quarter Results and Announces New $100 Million Stock Repurchase Program
PHOENIX, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for
About this update from Cavco Industries, Inc.
[{"type":"text","content":"PHOENIX, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) (\"we,\" \"our,\" the \"Company\" or \"Cavco\") today announced financial results for the first fiscal quarter ended July 1, 2023. First Quarter Summary Net revenue was $476 million, down 19% compared to $588 million in the first quarter of the prior year.Factory-built housing Gross profit as a percentage of Net revenue was 24.8%, compared to 24.4% in the prior year. The current year period was impacted by purchase accounting adjustments on acquired inventory related to Solitaire Homes, which reduced Factory-built housing margins by 40 basis points.Financial services Gross profit as a percentage of Net revenue was 24.0% compared to 32.6% in the prior year. The decrease was the result of higher insurance claims from weather related events.Income before income taxes was $61 million, down 23% compared to $79 million in the prior year period.Net income per diluted share attributable to Cavco common stockholders was $5.29 compared to $6.63 in the prior year quarter.Backlogs were $177 million at the end of the quarter, down $67 million from $244 million three months prior. Commenting on the quarter, President and Chief Executive Officer Bill Boor said, \"Demand during the quarter continued to show the effects of diminished affordability. Despite the challenging market environment, strong management across our businesses generated solid cash flow again this quarter. Our plants continue to demonstrate their ability to maintain margins by keeping costs as variable as possible, which is core to our operating philosophy. Our healthy financial position enables us to maintain our strategic focus throughout the cycle and we expect to emerge from this downturn stronger due to our focus on the undeniable need for affordable housing.\" He continued, \"I'm also encouraged by the success of our digital marketplace, www.cavcohomes.com. We recently surpassed one million visitors in just six months since its launch, which is enabling us to funnel quality leads to our retailers. This shows that customers are out there shopping and the platform is another example of how we are executing our strategy of helping them buy homes.\" Financial Results Three Months Ended ($ in thousands, except revenue per home sold)July 1,2023 July 2,2022 ChangeNet revenue Factory-built housing$...