Cavco Industries Reports Record Fiscal 2022 Second Quarter Results

About this update from Cavco Industries, Inc.

[{"type":"text","content":"PHOENIX, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial results for the second fiscal quarter ended October 2, 2021 and provided updates on other business items. On September 24, 2021, we completed the acquisition of certain assets and liabilities of The Commodore Corporation (\"Commodore\"), which operates six manufacturing plants and two retail locations. Since the acquisition date, the results of Commodore are included in Cavco's consolidated financial statements. Quarterly Highlights Record breaking Net revenue and Net income of $360 million and $38 million, respectivelyGross profit as a percentage of Net revenue increased to 25.0% with factory-built housing gross profit as a percentage of Net revenue at 24.1%Earnings per diluted share was $4.06 compared to $1.62 in last year's quarterBacklogs were $1.1 billion at the end of the quarter, up $315 million from three months earlier. Of this increase, Commodore contributed $279 millionReturned $7.6 million to shareholders through stock repurchases Commenting on the quarter, Bill Boor, President and Chief Executive Officer said, \"Our businesses continue to do an outstanding job of managing through an extremely volatile period. The impressive results this quarter were achieved while managing persistent labor and supply challenges. We were also able to close on the Commodore acquisition ahead of schedule and are well into the combination of two strong organizations. We’re excited about the improvements that will come from leveraging the best of both.\" Mr. Boor continued, \"With continuing strong demand drivers and our solid operating foundation we remain focused on our long-term strategies. We have a tremendous opportunity to provide affordable homes at a faster and faster pace by investing in manufacturing improvements in our existing plants and growing our capacity through new operations and acquisitions.\" Financial Results Three Months Ended ($ in thousands, except revenue per home sold)October 2,2021 September 26,2020 ChangeNet revenue Factory-built housing$342,094 $240,967 $101,127 42.0%Financial services17,449 17,009 440 2.6% $359,543 $257,976 $101,567 39.4%Factory-built modules sold6,256 5,739 517 9.0%Factory-built homes sold (consisting of one or more modules)3,597 3,427 170 5.0%Net factory-built housing revenue per home...

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