Cavco Industries Inc. announced financial results for the first fiscal quarter ended June 27.
Quarterly Highlights
- Net revenue was $610 million, up $53 million or 9.5% compared to $557 million in the first quarter of the prior year.
- Home sales volume was up 4.4% and capacity utilization remained consistent year over year at approximately 75%.
- Factory-built housing Gross profit as a percentage of Net revenue was 20.8%, compared to 22.6% in the same period in the prior year.
- Financial services Gross profit as a percentage of Net revenue was 52.4%, compared to Gross profit of 40.9% in the prior year.
- Income before income taxes was $55.8 million, down $9.5 million, or 14.6% compared to $65.3 million in the same period in the prior year.
- Net income per diluted share attributable to Cavco common stockholders was $5.43 compared to $6.42 in the prior year quarter.
- Backlogs totaled $298 million at the end of the quarter representing 7-9 weeks of production compared to $195 million at the end of the prior year.
- Stock repurchases were approximately $30 million in the quarter. At the end of the first quarter, $188 million remains available for repurchases under our previously announced board authorizations.
Commenting on the quarter, President and Chief Executive Officer Bill Boor said, “This quarter saw the continuation of strong order momentum we saw at the end of Q4 2026. In Q1, we saw record shipments and grew our backlog by over 50%. These results don’t happen with just one or two plants doing well. They are a reflection of order growth and the excellent job all of our teams have done responding to the market.”
He continued, “Externally, we saw progress on the regulatory front with the passing of the bipartisan 21st Century ROAD to Housing Act. The law highlights the role factory-built homes need to play in the housing affordability crisis with major sections dedicated to manufactured housing. It will enable innovation, provide regulatory clarity, improve access to financing and encourage states and local authorities to reduce zoning barriers. Importantly, we are also seeing an increasing number of states passing legislation to improve zoning access at the local level. While we continue to manage through a challenging macroeconomic environment for prospective home buyers, the future is bright for factory-built housing solutions to help more families achieve home ownership.”
