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Cavco Industries Reports Fiscal 2024 Third Quarter Results and Announces New $100 Million Stock Repurchase Program
PHOENIX, Feb. 01, 2024 (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, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) (\"we,\" \"our,\" the \"Company\" or \"Cavco\") today announced financial results for the third fiscal quarter ended December 30, 2023. Third Quarter Summary Net revenue was $447 million, down $54 million or 10.8% compared to $501 million in the third quarter of the prior year.Factory-built housing Gross profit as a percentage of Net revenue was 22.4%, compared to 25.5% in the prior year. Financial services Gross profit as a percentage of Net revenue was 36.8%, compared to 46.6% in the prior year. Income before income taxes was $44 million, down $32 million or 42.1% compared to $76 million in the prior year period.Net income per diluted share attributable to Cavco common stockholders was $4.27 compared to $6.66 in the prior year quarter.Backlogs totaled $160 million at the end of the quarter, with modules in backlog growing 3% from the September quarter. Due to a decrease in backlog average selling price, the backlog value was down $10 million, or 5.9%, sequentially from $170 million.Stock repurchases were approximately $50 million in the quarter. Commenting on the quarter, President and Chief Executive Officer Bill Boor said, \"Despite winter months typically being slower, our orders written this quarter, on a same plant basis, were the highest in the last six quarters. Dealer orders continue to improve while the return of community orders still lies ahead. Our manufacturing and retail operations have executed very well through this downturn, and each of our plants is positioned to respond to improving conditions.\" He continued, \"Our continuing strong cash flow has enabled us to remain focused on the underlying critical need for quality, affordable homes. To that end, in December we were excited to announce our new Anthem series, the first nationally available HUD-approved manufactured duplex. This is a great example of how we are working with developers and community operators on innovative solutions to improve housing affordability.\" Financial Results Three Months Ended ($ in thousands, except revenue per home sold)December 30,2023 December 31,2022 ChangeNet revenue Factory-built housing$426,939 $481,193 $(54,254) (11.3)%Financial services 19,830 19,410 420 2.2% $446,769 $500,603 $(53,834) (10.8)% Factory-built modules sold 6,806 7,544 (738) (...