Cavco Industries Inc. Announces Q2 Performance Results – RVBusiness – Breaking RV Industry News

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PHOENIX – Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial results for the second fiscal quarter ended Sept. 30, 2023.

Second Quarter Summary

Net revenue was $452 million, down 21.7% compared to $577 million in the second quarter of the prior year.
Factory-built housing gross profit as a percentage of Net revenue was 23.2%, compared to 26.7% in the prior year.
Financial services Gross profit as a percentage of Net revenue was 35.9% compared to 44.6% in the prior year.
Income before income taxes was $52 million, down 44.1% compared to $93 million in the prior year period.
Net income per diluted share attributable to Cavco common stockholders was $4.76 compared to $8.25 in the prior year quarter.
Backlogs were $170 million at the end of the quarter, down $7 million from $177 million three months prior.
Returned nearly $47 million to shareholders through stock repurchases.

Commenting on the quarter, President and Chief Executive Officer Bill Boor said, “Backlogs have stabilized at about 6 weeks, reflecting modest improvement in wholesale orders, while capacity utilization remained essentially unchanged from Q1. Our plants, and operations overall, continue to do an outstanding job maintaining healthy margins and generating strong cash flow despite market conditions.”

He continued, “Prospective homeowners have gotten no relief from the impact of rising interest rates and the affordable housing crisis is intensifying. At Cavco, we continue to manage the near-term challenges with a steady focus on improving the customer experience, deepening our distribution partnerships and developing innovative products and finance solutions so we can get more families into homes.”

Conference Call Details

Cavco’s management will hold a conference call to review these results at 1:00 p.m. (Eastern Time), Nov. 3, 2023. Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 90 days at https://investor.cavco.com.

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. It is one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Its products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry and Solitaire. The company is also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco’s finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Its insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Click here for the full financial results for the second fiscal quarter.

Source: https://rvbusiness.com/cavco-industries-inc-announces-q2-performance-results/