Cavco Industries announced financial results for the fourth quarter, fiscal year ended April 2 and provided updates on other business items.
On Sept. 24, 2021, the company completed the acquisition of certain assets and liabilities of The Commodore Corporation (“Commodore”), which operates six manufacturing plants and two retail locations. Since the acquisition date, the results of Commodore are included in Cavco’s consolidated financial statements.
Quarterly highlights included record-breaking net revenue and net income of $505 million and $54 million, respectively. Earnings per diluted share was $5.80 compared to $2.71 in last year’s fourth quarter. Backlogs were $1.1 billion on April 2, compared to $603 million on April 3, 2021, of which Commodore contributed $264 million of the year over year growth. Backlog levels in the fourth fiscal quarter were consistent with the third quarter.
“We are extremely proud of the successful year that all of our operations have had. Our manufacturing teams have found innovative ways to increase manufacturing output and efficiencies, and plant for plant, we are producing more homes than before the pandemic, despite continuing labor and supply challenges. We also continue to deliver on projects designed to further expand our manufacturing capabilities, including two new manufacturing facilities that are expected to open later this year,” said Bill Boor, president and CEO of Cavco Industries.
“Demand for our homes continues to be strong, despite the recent rise in interest rates. As an affordable home builder, we can provide the potential of home ownership that many people aspire to achieve. With these rising interest rates and other inflationary pressures, we believe that our products become more attractive to other forms of home ownership. That is why we continually strive to increase the number of homes we build and deliver on our commitment to provide high-quality, energy efficient and affordable homes to our customers,” Boor added.