Cavco Industries Inc. announced financial results for the fourth quarter and fiscal year ended March 28.
Quarterly Highlights
- Net revenue of $550 million up 8% from $508 million in the prior year quarter.
- Gross profit as a percentage of Net revenue was 23.1%, up 30 basis points (bps), with factory-built housing Gross profit as a percentage of Net revenue at 21.2%, down 110 bps.
- Net income was $42 million. Net income per diluted share was $5.42 compared to $4.47
Full Fiscal Year Highlights
- Net revenue was $2,245 million, up $230 million or 11.4% compared to $2,015 million last year.
- Factory-built housing Gross profit as a percentage of Net revenue was 22.1%, compared to 22.9%.
- Income before income taxes was $245 million, up $34 million or 15.9% compared to $211 million.
- Net income per diluted share was $23.98 compared to $20.71.
- Backlogs at March 28 were $195 million, down from $197 million at March 29, 2025.
- Stock repurchases were approximately $160 million in the year.
- On May 18, the company’s Board of Directors approved an additional $150 million stock repurchase program
Commenting on the results, Bill Boor, president and CEO, said, “Cavco made a lot of progress across many fronts in fiscal year 2026. In addition to continuing a progression of digital marketing, branding and product line transformations, all aimed at improving the customer and retailer experience, we sold a record number of homes. We also joined forces with American Homestar which is exceeding expectations for tangible synergies and operating performance. Finally, as announced yesterday, in Q4 we broke ground on a new, state-of the art production facility in El Mirage, Ariz. This expansion reflects our consistent capital allocation approach focused on the long-term need for factory-built solutions to the worsening housing crisis in America.”
He continued, “Wholesale orders in the fourth quarter were up significantly from both the third quarter of this year and the fourth quarter of last year, with the bulk of that pick-up and the accompanying backlog increase happening in March. Additionally, both our insurance and lending operations posted strong results in the quarter. Despite an environment that has not materially improved and remains uncertain, we continued to perform well and invest in the future.”
