Manufactured housing company Cavco announced financial results for the fourth quarter and fiscal year ended March 30.
Quarterly Highlights
- Net revenue and net income of $420 million and $34 million, respectively.
- Gross profit as a percentage of net revenue was 23.6% with factory-built housing gross profit as a percentage of net revenue at 22.4%, down 170 bps and 200 bps, respectively, from last year’s fourth quarter.
- Net income per diluted share attributable to Cavco common stockholders was $4.03 compared to $5.39 in last year’s fourth quarter.
Full Fiscal Year Highlights
- Net revenue was $1,795 million, down $348 million or 16.2% compared to $2,143 million last year.
- Factory-built housing gross profit as a percentage of net revenue was 23.2%, compared to 25.3% in the prior year.
- Income before income taxes was $199 million, down $108 million or 35.2% compared to $307 million in the prior year.
- Net income per diluted share attributable to Cavco common stockholders was $18.37 compared to $26.95 last year.
- Backlogs at March 30 were $191 million, up $31 million or 19.4% compared to $160 million three months ago and down from $244 million at April 1, 2023.
- Stock repurchases were approximately $110 million in the year.
Commenting on the results, Bill Boor, president and chief executive officer, said, “The quarter started with several plants missing operating days due to thin backlogs coming out of the holidays. However, as the quarter progressed, order rates improved and almost all plants were back to 5-day operations.”
Boor continued, “Against the backdrop of higher interest rates and economic challenges, our team continued to deliver solid margins and cash flow. During the year, we significantly increased capacity through the successful integration of the Solitaire acquisition and the Hamlet and Glendale plant startups; we expanded our retail distribution footprint; we rolled out our new Anthem series, the first nationally available HUD-approved manufactured duplex; and we responsibly managed our balance sheet with approximately $110 million of share repurchases. Affordable housing remains a pressing need and our ability to provide affordable homes for families has never been stronger.”
View the full report here.
