Manufactured housing company Cavco announced financial results for the fourth quarter and fiscal year ended March 29.
Quarterly Highlights
- Net revenue of $508 million up 21% from $420 million in the prior year quarter.
- Gross profit as a percentage of net revenue was 22.8% with factory-built housing Gross profit as a percentage of net revenue at 22.3%, down 80 basis points and 10 bps, respectively, from last year’s fourth quarter.
- Net income and adjusted net income (non-GAAP)* were $36 million and $44 million, respectively. Net income per diluted share attributable to Cavco common stockholders was $4.47 and adjusted net income (non-GAAP) per diluted share* was $5.40 compared to $4.03 in last year’s fourth quarter.
Full Fiscal Year Highlights
- Net revenue was $2,015 million, up $221 million or 12.3% compared to $1,795 million last year.
- Factory-built housing gross profit as a percentage of net revenue was 22.9%, compared to 23.2% in the prior year.
- Income before income taxes was $211 million, up $12 million or 6.0% compared to $199 million in the prior year.
- Net income per diluted share attributable to Cavco common stockholders was $20.71 compared to $18.37 last year. Adjusted net income (non-GAAP) per diluted share* for the year ended was $21.63.
- Backlogs at March 29 were $197 million, up from $191 million at March 30, 2024.
- Stock repurchases were approximately $150 million in the year.
- On May 20, 2025, the company’s board of directors approved an additional $150 million stock repurchase program.
Commenting on the results, Bill Boor, president and chief executive officer, said, “A significant pickup in activity in March helped close out a solid quarter after unusually harsh weather across the southern states in February impacted the transition into the Spring selling season. We held production levels throughout the quarter and are well positioned to increase from here as the market allows.”
He continued, “As previously announced, in the fourth quarter, we significantly improved our go-to-market position by unifying our 31 manufacturing facilities under the Cavco name. Going forward, national product lines will logically segment our homes based on specific characteristics, simplifying the home search process for our home buyers. All of this leverages our national marketing efforts and the strength we have built in our Cavco name.”
*Adjusted net income (non-GAAP) and adjusted net income (non-GAAP) per diluted share exclude a $10.0 million non-cash charge related to the abandonment of indefinite-lived assets associated with the company’s prior brands.
View the full report here.
