Cavco Industries said it had net revenue of $588 million and net income of $60 million in the recent quarter, and both were all-time records for the company.
“All of our operations had another very successful quarter, highlighted by achieving greater than 85% capacity utilization in our production plants,” said Bill Boor, president and CEO. “In an environment of rising interest rates and general inflation, we remain very well positioned. With the extreme housing shortage facing our country, the benefits of factory-built solutions and the need for what we do have never been greater.”
The producer of manufactured housing said its backlog at the end of the quarter was $1 billion, and increase of $206 million a year.
“Home order rates have moderated from the extreme highs we saw during the summer of 2020 to the summer of 2021,” the company said. “Our backlog at July 2, 2022, was $1.0 billion compared to $1.1 billion last quarter and up $206 million, or 26.3%, compared to $792 million at July 3, 2021. The year- over year increase is essentially attributable to Commodore.
“Our efforts in product simplification and production staffing improvement have increased our total average plant capacity utilization to over 85% during the first fiscal quarter of 2023, a record level over the last 10 years.”